‘Ello, what’s all this then? Appears as though a U.K. firm is getting in on the salary bump mayhem for its U.S.-based associates to make sure they are no longer undercompensated relative to the market. If in the 1940s Americans were “oversexed, overpaid and over here,” well now the U.S. Freshfields associates are… well, probably none of the three.
It was only a matter of time, any foreign firm trying to build a competitive practice can’t afford to find itself behind the times. Relatedly, we’ve not yet heard from Allen & Overy, Linklaters, or Clifford Chance. One suspects this announcement lights a fire under them.
Associates at Freshfields were treated to the happy memo from regional managing parter Adam Siegel that adopts the Cravath scale up through the class of ’07 and up earning $325K (not the $315K for ’08 and senior where some firms top out). The firm also raised summer associate salaries accordingly, one more reason why Freshfields boasts a fun summer program.
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So put away those crates of tea, Freshfields Yanks, you’re getting your due.
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Earlier: Is Your Firm On The ‘Most Fun’ Summer Programs List? (2015)
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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