Biglaw Firm Boosts Salaries, And New York Money Will Play Second Fiddle To Philadelphia
NYC isn't the Big Apple of this firm's eye in terms of cash compensation.
It’s October and that means it’s officially spooky season, and we know of at least one Biglaw firm that’s handing out treats, not tricks, to its associates. Bonus season is nearly upon us, but law firms are still making money moves in terms of salary raises. Which firm is the latest to make to scare up an increase in associate compensation?
That would be Armstrong Teasdale, a Missouri-based firm that came in at No. 174 in the latest Am Law 200 ranking after bringing in $149,239,000 gross revenue in 2020. Last week during an associate town hall presentation, the firm informed associates that salaries would be going up come January 1, 2022.
Not All Legal AI Is Created Equal
Only first-year salary increases have been announced thus far, and yes, you’re reading that correctly: First-years in the firm’s Philadelphia office will be making more than first-years in the firm’s New York office. Opened in 2018, Philadelphia is the site of Armstrong Teasdale’s first East Coast office, and the firm will continue its intense focus there to compete in the hot lateral market.
Insiders at the firm believe that salaries for all other class years will be pushed north for associates in good standing. Armstrong Teasdales’s 1900 billable hours target will remain in place, as will the firm’s current bonus structure.
This salary bump may not match the Davis Polk money that’s become the prevailing rate in most major markets ($202.5K for the Class of 2021 and $205K for the Class of 2020, to be specific), but more money is more money, so congratulations to everyone at Armstrong Teasdale!
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] Matches”). 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.
Sponsored
How Savvy Lawyers Build Their Law Firm Rate Sheet
Trust The Process: How To Build And Manage Workflows In Law Firms
Not All Legal AI Is Created Equal
How Savvy Lawyers Build Their Law Firm Rate Sheet
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.
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.
Sponsored
How To Build And Manage Your Law Firm Rate Sheet
A Law Firm Checklist For Successful Transaction Management
