Latest Raise: This Little Associate Gets More, This Little Associate Gets Less, And This Little Associate Gets Just Market
This memo isn't entirely transparent, but people are making some amount more than they used to at this firm.
In 2016, Lowenstein Sandler matched the prevailing market scale for its young associates, and here we are again. The firm just announced that it would jump first-year salaries to $190K in its New York, Palo Alto, and Washington offices. Its New Jersey office will see a bump to $170K.
Before we get back to compensation though, it’s worth pointing out that Lowenstein also made news today with managing partner Gary Wingens and Paul, Weiss chairman Brad Karp writing a joint op-ed highlighting the good work that their firms and many others are doing to fight the unlawful efforts of the administration at the border. It’s a poignant reminder that in these times, there are more pressing issues than compensation.
And, if you’re an associate making more, maybe you should consider giving to a good cause… like coming to tonight’s Above the Law fundraiser. You can still buy tickets at the door. Details in the linked post.
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Meanwhile, the firm is also offering summer bonuses. For associates in the first three years who are on pace to make their 1800 billable-hour requirement (based on the last 8-month period), the firm will pay $5,000 and for older associates, the firm is offering $10,000. That puts the firm a bit behind its peers for summer bonuses, however, the firm is offering a bump for those associates “working substantially harder than the threshhold pace” that would put everyone in their first five years ahead of the pace (with the exception of third years, who would only match the market with this special bonus), with more senior attorneys matching the market with the special bump.
That’s a jumble to follow. Let’s break it down visually:
Class | Market Bonus | LS Base Bonus | LS Max Bonus |
2017 | $5000 | $5,000 | $10,000 |
2016 | $7500 | $5,000 | $10,000 |
2015 | $10,000 | $5,000 | $10,000 |
2014 | $15,000 | $10,000 | $25,000 |
2013 | $20,000 | $10,000 | $25,000 |
2012 | $25,000 | $10,000 | $25,000 |
2011 | $25,000 | $10,000 | $25,000 |
2010+ | $25,000 | $10,000 | $25,000 |
Associates in the first three years will be getting a $10,000 increase in lockstep. Beyond that, associate compensation is more fuzzy, with associates earning between a $10,000 and $25,000 salary increase based on numerous factors.
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So… people are making money. How much more or less than everyone else in the market is a little fuzzy, but everyone’s making some amount more than they used to and the firm does right by its associates and staff when it comes to benefits, so congratulations to the Lowenstein team.
(Check out the full memo 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.