Another Firm Raises Salaries Right Before Labor Day
The base salary bump isn't great, but if you bill a ton...
Lost in the shuffle of the Labor Day holiday and the Kavanaugh circus, we got another Biglaw firm raising salaries. Consider it something of a Labor Day present.
Loeb & Loeb is joining the $190K club for first-year associates, but the older you get, the less exciting the news… at least when it comes to base salary. Let’s take a look:
The Business Case For AI At Your Law Firm
So things match up until the third year and then get a little crunched. The third year comes up $10K short, fourth is $35K short, fifth and sixth are both $55K under, seventh is $60K light, and the eighth year falls $65K shy. But just when you think this is bad news for Loeb associates, let’s check out the bonus side:
When I first saw this and thought these were summer bonuses, which would be wonderful news. However, these are the firm’s end-of-year bonuses, which are actually below market too until roughly the 2100 hour mark. The heavy billers are getting a decent chunk of change though.
[This story was updated to correct the misperception that the chart addressed summer bonuses]
Sponsored
The Business Case For AI At Your Law Firm
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
Early Adopters Of Legal AI Gaining Competitive Edge In Marketplace
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
(Check out the memo on the next page…)
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] Matches”). 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.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.
Sponsored
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
Legal AI: 3 Steps Law Firms Should Take Now
