Associates Get Raises -- Unclear Whether That's Actually Good News
Associates are happy, but wary.
Usually word of raises is met with jubilation from the rank and file of associates, but things at Boies Schiller Flexner are always difficult. See, they’ve got a rather complicated formula that determines associate bonuses, designed to have associates share in the revenue. As we’ve detailed in the past, sometimes that means an incredibly lucrative payday — with bonuses as high as $350,000, — and sometimes it leads to disappointment unless you’re billing crazy hours.
So associates overall are happy that BSF announced they are matching the new base compensation scale:
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
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But they’re left wondering if the extra money up front will trade off with the eye-popping bonuses come the end of the year. Further complicating the already complicated bonus structure at the firm are the announced “interim” bonuses, in line with the market special bonuses that have been sweeping the ranks of Biglaw firms.
As you can see, associates are skeptical:
No word on whether that means a change in the formula though which is the only way it will actually translate into a raise.
But still glad for the raise and summer bonus:
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BSF is (finally) matching. Emails went out on an office-by-office basis. Summer “interim” bonuses, too. (Still not clear how this will affect overall annual compensation because of the BSF formula.)
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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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).
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