Good (and early in the day) news for associates at Orrick Herrington & Sutcliffe. The Biglaw firm has gotten on board with other West Coast Biglaw giants like Cooley, Wilson Sonsini, and Fenwick, and moved their associates up to the MoneyLaw scale, established by Cravath last week. Well, for associates in most of their offices at least.
According to an email sent out by firm leadership this morning, U.S. associates in “major markets” will be getting the Cravath scale. But take heart, because associates in Portland, Seattle, and Sacramento will still be getting raises between $20,000 and $45,000 depending on class year.
Another interesting note is that for eighth-year associates, in all U.S. offices, the last $15,000 of compensation is dependent on ratings and hitting billing targets. It’s unclear how difficult attaining those standards will be for senior associates, but one tipster characterized the move as “screwing” senior associates.
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The effective date is July 1, and summer associates get a raise as well. Enjoy the new money, Orrick associates!
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.
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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).