Promptly at 5 p.m. Eastern (wouldn’t want to ruin a perfectly good work day with associate exuberance), Quinn Emanuel sent around an email to all U.S. associates that they too are among the lucky in elite Biglaw firms that will see their salaries rise this summer.
As you might expect, Quinn has fallen fully in line with the top of the market standard — or as my colleague Joe Patrice calls it “the Milbank, as amended with regard to bonus structure by Simpson, as further modified for senior associates in accordance with Cravath scale.” If you don’t yet have that memorized — for shame! what kind of gunner are you? — here are the numbers Quinn announced today:
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As we predicted, once Cravath threw its hat into the compensation ring the rest of the market — or at least those firms doing well enough to afford it — are having their come to Jesus moment, and ponying up the big bucks. (And the firm waited juuust long enough that they were able to come over the top — barely — of Selendy & Gay, the firm created by two Quinn alumni earlier this year, much to John Quinn’s chagrin.) It remains to be seen how salaries will shake out in those firms outside the Am Law 50 (excepting, of course, select elite boutiques).
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(Read the full email announcing the raises and bonuses on the next page.)
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Kathryn Rubino is an 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).