Maybe there’s a raise in here…
UPDATE (7/8/16 3:51 p.m.): Read below for some additional clarifying insight on what happened in this meeting… Kay Nash, did say that raises are likely, but also said that it would likely apply ONLY to junior associates, i.e. 1st-3rd years
While most associates learn about their raises from a straightforward announcement, some get these cryptic “heads up” talks. I suppose it puts minds at ease to know that management isn’t playing possum about market trends. But it only introduces another layer of stress as the associates start to wonder about the eventual details of the announcement. And if it’s not set in stone, these announcements run the risk of even more disappointed associates on the back end.
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No, it’s always better to pull this one off like a band-aid.
But Wiley Rein opted for the tentative teaser announcement…
Yesterday, Wiley Rein’s CFO held a session open to associates and summers called “Business of Law 101.” At the start of the session… our head of legal talent, said that she knew we were all “very interested” in associate compensation and said, “As I stand here today, I believe it is likely that we will be moving” but added that the firm is “carefully evaluating” the situation. Obviously, not a sure thing, but it would be very odd if they let [her] make an announcement like that and then changed their minds. Associates are very anxious to know if we will match, so I guess this was an attempt to calm the nerves. We were also painted very rosy pictures of the firm’s finances.
If the firm boasted about its finances and then turned around and didn’t act, that would be some varsity-level trolling. So let’s go ahead and put a marker on Wiley Rein as a firm very likely to match in the next few weeks.
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UPDATE (7/8/16 3:51 p.m.): Ah, but what kind of a match? Another tipster who heard the statement had this to add:
[She] did say that raises are likely, but also said that it would likely apply ONLY to junior associates, i.e. 1st-3rd years.
Hmm. If that’s true, legal recruiters may have a new target in a few weeks.
Also, we have a challenge to the description of the firm’s finances as “rosy”:
I would NOT describe the picture painted by the CFO (former A&P CFO) as “rosy.” The firm does not appear to have much debt, but she seemed to lament the fact that we are below our peers for realization rates and that although we are not highly leveraged (approx 60 associates in a 270-attorney firm), this is hurting the firm’s profitability
So, not perfect, but it still sounds like the meeting wasn’t painting a “repent and pray” picture.
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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.