Biglaw

Another Biglaw Firm Gets In On The Associate Raise Action, Though Details Are Sparse

Firm is moving to market compensation. Probably.

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It’s always nice to hear official word from your law firm that raises — in line with the market standard — are on the way. Extra points when the firm commits to market special bonuses. But when Haynes & Boone made their announcement, enough details were omitted that associates, especially those outside of the New York market, have been left scratching their heads.

Let’s dig into what the firm actually said:

Base Compensation: Effective July 1, 2018, an increase in the base compensation level of most of our U.S. associates. In making these adjustments, the Firm is adopting a new associate compensation schedule in line with the prevailing market. As has long been our practice in setting the base compensation for each of our associates outside of New York, we are continuing to take into account that associate’s overall contributions to the Firm, including his or her overall performance and productivity. As a result, an associate may have no or a smaller increase, which will leave his or her base compensation below the amount scheduled for his or her class, although that associates generally will be eligible for a “catch-up” bonus in an amount to make up this difference.

So, the firm’s at least aware of what the market standard is — that’s a start. But associates, again at least those outside of New York, are left to the murky waters of individualized compensation. The firm’s offer of “catch-up” bonuses to make up the difference in salary should an associate hit the productivity goals is an encouraging sign for those still worried about how things will shake out.

And on the bonus front, well, associates aren’t getting anything mid-year (sucks if you were hoping to lateral) but come December, there will be a special bonus:

Additional Special Bonuses: In December, we also will pay a special bonus, in line with the prevailing market, to those full-time associates who, for the trailing 12 months ended November 30, 2018, meet our performance and productivity standards.

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] Raises Salaries”). 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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(Read the full memo from the firm on the next page.)

headshotKathryn 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).

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