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Another day, another firm that’s moving to the $205,000 starting salary scale that was set by new market compensation leader Davis Polk last month. Before associates get too excited, we must caution you that like several other firms that have made this move, this is not a match of the full salary scale. Let’s get into the details.
Schiff Hardin — a firm that brought in $173,956,000 gross revenue in 2020, placing it at No. 163 in the most recent Am Law 100 ranking — made its salary announcement this past Friday. As of September 1, the firm will be moving to a $205K scale for the classes of 2020 and 2021 only. For third-years and up, Schiff Hardin will switch to a lockstep system “based on achieving certain performance thresholds.” The firm is also working on changes to income partner and counsel compensation. Associates seemed pleased about the news, but called the memo “cryptic,” saying, “It may be a two-year lockstep and then black box? No idea.”
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Joseph J. Krasovec, Schiff Hardin’s managing partner, said the firm was changing its compensation scheme for the following reasons: “We recognize the value our many talented associates bring to our clients and the firm and we are committed to recruiting the best and brightest lawyers to Schiff Hardin.”
Come September, please help us open this black box. Until then, congratulations.
(Flip to the next page to see the memo from Schiff Hardin.)
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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.