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:
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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]
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(Check out the memo on the next page…)
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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.