Latest Firm To Match Offers Small Bumps For Senior Associates
A firm with some very, very senior associates offered a peek into what long-in-the-tooth non-partners are getting.
One of the biggest questions we’re getting around here is, “What’s become of counsel and other ‘off-grid’ senior lawyers?” Honestly, we don’t know much. We do know that at least one firm is offering its counsel $335K/$345K/$355K/$360K, corresponding generally to the Class of ’06/’05/’04/’03 and senior. But beyond that, we’re largely in the dark, either because counsel compensation is individualized or the relatively small ranks of counsel are afraid to leak for fear of being exposed. (If we get enough tips, we’ll do a story on comp for counsel.)
One firm that boasts some very, very senior associates offered a peek into what long-in-the-tooth non-partners are getting in its system. Kramer Levin just announced its raises. It matches Cravath up through $325K/’07 in its New York and Silicon Valley offices, but then carries on with its model:
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So those super-seniors are getting only a $5,000 raise every year. That’s not a lot to write home about. On the other hand, if you’re hanging around the firm without having made partner, how much can you really complain? Kramer values experience, even if they don’t think a lawyer quite has what it takes to land on the letterhead. Most firms would show an attorney like that the door and rely on younger folks they can leverage better.
The memo is silent on summers, but one presumes they’re receiving a separate communique from the firm. You can read it in full on the next page.
Congratulations to everyone at Kramer Levin, especially those older lawyers still on the job.
Remember, when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). 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.
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Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.
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