Woohoo! It may have taken three weeks, but O’Melveny & Myers has finally decided to join their peers and raise associate salaries. They, like so many other firms, are also offering special summer bonuses. This news isn’t particularly surprising — after all, the firm is the 38th Biglaw firm by profit per partner and 43rd most profitable firm in the country. With numbers like that, they pretty much had to move with the market.
As is their tradition, OMM announced the raises via voicemail, so there’s no memo to share with everyone. But, we can confirm the firm is paying full market salary and bonuses through the class of 2010 to all U.S. associates, as described below:
Base Compensation:
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Class of 2017: $190,000
Class of 2016: $200,000
Class of 2015: $220,000
Class of 2014: $255,000
Class of 2013: $280,000
Class of 2012: $305,000
Class of 2011: $325,000
Class of 2010: $340,000
Special Bonuses:
Class of 2017: $5000
Class of 2016: $7500
Class of 2015: $10000
Class of 2014: $15000
Class of 2013: $20000
Class of 2012: $25000
Class of 2011: $25000
Class of 2010: $25000
The bonus will be paid on July 31, if the associate is on track for their billing target. But, the firm does offer the opportunity to make up the hours by the end of the year and receive the full special bonus.
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As noted by a tipster, they all pretty much expected this.
Not surprising once Latham announced Friday
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Kathryn Rubino is a senior editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).