Subject: Associate Compensation
Following deliberations of the Compensation Committee, JW today informed our 2016 summer clerks and the associates who will start with us this September that our base salary for first year associates will increase to $180,000. This increase will help us compete for the best talent, which helps us deliver the best value to our clients.
The Compensation Committee continues to study how to update our compensation approach with respect to our other associates; again with focus on the need to attract and retain talent. Developing an updated approach to associate compensation is an important decision for the firm and its individual attorneys. The Compensation Committee intends to move as quickly as possible, but wants to take the time necessary to consider the implications of its decisions on a number of firm matters, including our culture, our ability to serve our clients, and our profitability. The Compensation Committee will provide you updates regarding its continued deliberations in the next few weeks.