Yes, yes, I know — billable hours are very important to Biglaw firms. It is, after all, how they make their money. Yet, for the most part, the associate salary increases that are sweeping through Biglaw have been across the board, without reference to a specific billable hour target.
Haynes and Boone, a firm that made $430,200,000 in gross revenue last year ranking it 93rd on the Am Law 100, announced the below raises for associates:
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But there’s a catch — associates will only get these raises if they billed 1,800 hours (with up to 100 pro bono hours counting towards that number) in the 12 months prior as of June 30, 2021 (the class of 2020 is exempt from this requirement). Folks will have an opportunity to get a catch-up payment if they hit that billable hours target by year end.
According to the firm, this will bring *most* associates up to market compensation. You can read the full 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] Raises”). 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).