Top 50 Biglaw Firm Announces Big-Money Raises For Associates
Counsel are getting in on the action, too!
Another day, another announcement made in the 2021 race to raise associate salaries across the Biglaw landscape. There are just a few Am Law top 50 firms that have yet to match the new market salary scale, but one by one, slowly but surely, they’re making salary moves to remain viable as competition to attract and retain associates in this hot lateral market. Which firm is up next in this financial beauty pageant?
It’s Perkins Coie, a firm that brought in $1,001,498,000 gross revenue in 2020, which helped it to land at No. 42 in the most recent Am Law 100 ranking. The Seattle-based firm let associates and counsel know yesterday afternoon that salary increases would be coming in July:
In all our offices, first-year and second-year associate salaries will be increased by $15,000, third-year and fourth-year salaries will be increased by $20,000, and fifth-year and more senior associate and counsel salaries will be increased by $25,000.
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In Perkins Coie offices where associates were receiving market salaries, their new salary scale look like something this, otherwise known as the Davis Polk scale:
- 2020: $205,000
- 2019: $215,000
- 2018: $240,000
- 2017: $275,000
- 2016: $305,000
- 2015: $330,000
- 2014: $350,000
- 2013: $365,000
As noted in the firm’s memo, salaries aren’t the only thing that’s being worked on. Other changes at Perkins Coie may soon include:
- consideration of moving to a uniform 1950-hour expectation in all offices for some or all practice groups;
- continuing to reduce the differences in compensation among our various markets as the market for talent becomes more national in many practice areas;
- reviewing our current parental leave policies to ensure they continue to be competitive in the market; and
- reinforcing policies and best practices that support and encourage time away from work.
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Congratulations to everyone at Perkins Coie!
(Flip to the next page to see the full memo from Perkins Coie.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
