Hey look! It’s not a picture of cash. Now THAT’s a miracle.
Well, ask and you shall receive. Wow, multiple Biblical references before the first paragraph ends. All we need is Jones Day to pony up full raises and crack open the Seventh Seal, ushering in the End Times.
Whoa. We’ve gotten off track already. This is about raises and you people need to know who just jumped into the compensation game.
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No sooner did we publish the increasingly flustered gripes of Haynes and Boone associates over their employer’s long silence on base salary increases (after becoming a compensation leader last bonus season), than the firm came through big for its long-suffering (it’s been less than a month… medium-suffering at most) associates with a full Cravath match — at least for most associates.
Haynes and Boone just matched the 2016 raises. We have a two-tier system, but those making “market” will have their pay raised effective July 1.
The memo indicates that associates in NY and D.C. are lockstep on the Cravath scale, running from $180K to $325K. All other domestic “HayBoo” associates are eligible for a Cravath match assuming performance requirements are met.
Associates in other offices will receive similar bumps based on performance (2000 billable hours seems to be the mark, at least in Dallas). Everyone in Dallas seems pretty happy and I think most are really grateful to the partners for the match, considering we already have it pretty good.
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For the record, those offices include Austin, Chicago, Dallas, Denver, Fort Worth, Houston, Orange County, Palo Alto, Richardson, and San Antonio. So far every tipster we’ve heard from, regardless of office, is at the appropriate place on the Cravath scale.
Look, we here at Above the Law don’t want to take credit for Haynes and Boone’s response this evening, but let’s face it — we’re totally and completely responsible for this.
You brought your petition to us, dear associates, and your prayers have, at long last, been answered.
Check out the full memo on the next page…
So if and when your firm matches — or if you just want to lodge your complaint about your firm, 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.
Earlier: Let’s Hear From The Furious Associates At Firms That Haven’t Matched!
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.