Hey! Guess what? Biglaw raises are still happening! That’s great news if you happen to work at one of the dwindling number of Biglaw firms that has yet to pony up the cash to meet the new market standard for associate compensation set by Davis Polk back in June.
The latest firm to keep up with the DPWs of the industry is Venable, a firm that made $681,864,000 in gross revenue in 2020 taking 65th in the Am Law 100. But there’s a pretty big catch for midlevel and senior associates.
The new salary scale at the firm is as follows:
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So third-year and higher associates will only match the prevailing market rate if they meet their hours target, set at 2,000 hours. 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.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we’ll also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. 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).