Look who has decided to finally raise associate base compensation! Arnold & Porter just announced that they were on board with the new normal in attorney salaries, bumping up associate paydays by $10,000 to $25,000, depending on seniority — retroactive to July 1st.
And it came not a moment too soon. Here at Above the Law, we were getting deluged by angry associates wondering where in the hell their money was. Peer firms, including Wilmer and Covington, had already announced their raises, so the anxiety was rising. Savvy associates knew the firm wouldn’t want to start the recruitment season behind the market, so it was only a matter of time — even if that time would be spent fretting.
But now the money has arrived:
But it’s not all good news. The special bonuses many firms are doling out are not coming to A&P, though the firm assures associates the mid-year bonuses paid by other Biglaw firms will be taken into account during end-of-the-year bonus time. Hopefully associates’ overall compensation will match the market standard, but it does suck for associates considering a lateral move this summer — the golden handcuffs will keep them in place until year’s end.
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(Read the full memo from the firms on the next page.)
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).