UPDATE (6/11/16): A clarification about associates in overseas offices.
They may have taken a little longer to make the decision to move to the MoneyLaw scale than some associates may have preferred, but they sure know how to make a splash. We’d heard earlier in the week that Shearman & Sterling was planning on making the announcement of the associate raises at a firm-sponsored party — complete with champagne and tequila.
Turns out that wasn’t quite right, but there’s still a party of sorts going on:
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Shearman just matched. With drinks rolled out on my floor.
So maybe it’s a roving party in the halls. Hey, it’s better than nothing. Shearman has now proudly joined compensation market leaders. The scale matches the now standard Cravath scale for all classes and offices in the U.S. (UPDATE: Many overseas lawyers have complained that their firms lack clarity in how they fit into the raise — not Shearman, who is giving the raise to folks on the U.S. track even if they are serving overseas) effective July 1. Summer associates are also getting a raise.
There’s lots of variety in how firms have handled the raise announcements — we’ve have voicemails, perfunctory emails, and flowery words. But this is the first party we’ve heard of. Well played, Shearman, and have a shot for me.
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We are covering this story as market conditions develop, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file. All sources are kept strictly confidential.
Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).