To: All Associates
From: Michael B. Ray
Managing Director
I am pleased to inform you that Sterne Kessler is making a $20K market-adjustment to associate salaries. Billing rates will not be changed.
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As a leading intellectual property specialty firm, our associates are incredibly valuable to us and to our clients. And it is important that each associate is fairly compensated in view of his/her contributions and in view of market salaries. Consistent with this goal and in line with recent market changes, Sterne Kessler is increasing associate salaries, effective July 1.
Sterne Kessler continues to be proud of its meritocratic culture and compensation systems and, unlike some other firms, we do not publish an associate lockstep compensation ladder. That said, for comparison purposes, Sterne Kessler first-year associate salaries are being increased to $180K at 2000 billable hours. And the firm is proud to continue its balanced hours program, which allows each of our attorneys to choose his/her personal billable hour goal in view of his/her needs and lifestyle.
Each associate will receive a salary memo in the next few days specifying his/her new salary. Please see me or your Practice Group Leader with any questions. Thank you.