It would be mismanagement if somebody at these firms is not thinking about it. If they don’t have an Excel spreadsheet, where they can plug in this raise and see what happens, then they need a new CFO.
— Bruce MacEwan, founder of Adam Smith, Esq., commenting on the financial costs that go along with the latest special bonuses and raises that have spread across Biglaw this spring. For many firms, the new raises won’t be nearly as painful as the special bonuses. “I think they should have been discriminating in which associate years they gave raises too,” said Adam Smith, Esq.’s Janet Stanton, referring to the value some associates are delivering for the salaries they’re receiving.
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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.