July may be in its death throes but that doesn’t mean Biglaw firms don’t have cash to throw around.
Just today, Bracewell announced in the firm’s Monday meeting they were getting on board with the top-of-the-line associate pay scale, and even though the announced them at the end of the month they are retroactive to July 1. The raises will go to all U.S. associates except those in Seattle and San Antonio (those locales are left to the murky waters of individualized compensation).
In case you don’t have the latest and greatest Biglaw pay scale memorized just yet, here it is:
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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
The bad news is that the firm has declined to provide their associates with special summer bonuses, as many competitor firms are doing this year.
So far, the reaction seems to be lukewarm, but happy with the raises:
We had known for weeks that something along these lines was coming and that it would apply back to July 1, so people weren’t getting too nervous. I can’t speak for Seattle and San Antonio associates, but others are generally happy with this announcement. It seems like a reasonable approach for our firm.
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And sources at the firm say this is what they expected:
For the most part, no summer bonus was expected. For high billers, year end bonus are already above mkt (1.3x), so the firm makes it up on the back end
Though a tipster says those bonuses come at a hefty hours requirement:
Bonuses here are horrible, 25% at 2k hours, generally need 2300 for full ny
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. 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).