COZEN O’CONNOR — MEMO — SALARY INCREASES
| From: “Heller, Michael J.” <[email protected]> Date: July 15, 2021 at 3:02:54 PM EDT Subject: Associate CompensationFROM MICHAEL AND VINCEAfter a thorough review and analysis, we are pleased to announce that starting salaries will be increased in all of our United States offices by $20,000 (London and Canada are still under consideration). In connection with this announcement, the Department Chairs have been given the flexibility to increase base compensation paid to the Associates and Counsel for the balance of 2021 in an amount up to the increase in starting salary. This increase will be effective retroactive to July 1, 2021. You will be receiving either today or tomorrow a memo indicating the adjustment being made to your annual compensation for 2021. In addition, we anticipate paying a special bonus at or before the end of the year to all Associates and Counsel, which, consistent with 2020, will be in addition to, and not in lieu of, any Spring 2022 bonus awarded to you, which will still be a discretionary merit-based bonus. The special 2021 bonuses are intended to thank you for your hard work during these crazy times and also help bridge the gap in market compensation until we make further adjustments to your compensation during the annual compensation process next spring, as more fully discussed below.We also recognize the need to make further changes to our compensation structure in 2022 to reflect the market. Therefore, as part of the normal compensation process in 2022, and primarily relating to lawyers who graduated in 2019 or earlier, the Department Chairs will have broad discretion to adjust your total compensation, through larger increases to base compensation than have been typical and/or through bonus compensation. Many factors will be taken into account in making these decisions including, but not limited to, the market for associate attorneys by practice area and geography, quality of lawyering, production, profitability, pro bono efforts and firm citizenship. The Department Chairs will also have the flexibility to develop a more individualized compensation system to reward the behavior most important to that Department, while making sure it recognizes the market.There are many factors that went in to our analysis, not the least of which is making sure we are attracting and retaining the highest quality talent while at the same time positioning you to succeed both professionally and personally. Our ultimate goal is a compensation system which is reflective of the markets in which we operate and incentivizes productivity and rewards great lawyering, while at the same time recognizes the importance of work life balance and, therefore, your mental health and well-being. Work/life balance has always been an essential component of our culture, and we intend to keep it that way.There are many benefits to being a lawyer at Cozen O’Connor. It is critically important that we preserve those benefits and not just follow the market trends which would require many of you to work in a very different way. At Cozen O’Connor, you can become a partner earlier than at many other firms and we believe we provide more career enhancing opportunities sooner in your career than you would receive elsewhere. We also believe, as proven during the pandemic, that our compensation structure does not put a target on your back if there is a downturn in the economy or other unprecedented event. Our primary objective is to have happy, healthy and productive lawyers. We have no interest in being an up or out firm for people that don’t “make their hours.” Those with significant production should expect market based compensation, while those with less can still be rewarded extremely well for their efforts. We are confident that the increased flexibility being given to the Department Chairs will provide permit both of those options. Thank you for all you do for the Firm!
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