Early Salary Adopter Amends Memo To Provide Associates With Cravath Money, Summer Bonuses
It takes a big firm to admit it was wrong (at guessing where the market would land).
This salary increase cycle has seen some twists and turns. After Milbank raised salaries, a handful of firms quickly matched while the rest of the market dawdled behind. Then Simpson threw in summer bonuses and Cravath raised salaries a bit more at senior levels and the floodgates opened.
But what happened to those early adopters?
Milbank fell into line with the market. Selendy & Gay and Hueston Hennigan matched too. Now comes Winston & Strawn.
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Winston & Strawn has now matched the amended salary scale featuring $340K for the class of 2010 and offered summer bonuses for those who’ve met their annualized billable target of 2000 hours — complete with an option to access the bonus if an associate “catches up” to the target by year’s end.
It’s not shocking news to see the firms who matched early jump on the train now, but it’s good to see. Associates at those early movers have no doubt been wondering when this news would arrive.
(Memo available on the next page…)
Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). 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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