We have another Am Law 200 firm offering less than a full-throated commitment to raising associate salaries to match the rest of their Biglaw colleagues.
Last night, Lowenstein Sandler announced that it would jump first-year salaries to $180K in its New York, Palo Alto, and Washington offices. Meanwhile, its New Jersey office — note that Lowenstein is New Jersey’s largest and most profitable law firm — will see a bump to $160K. Note that New Jersey only moved to $150K a few months ago.
But what of the rest of the associates? As one tipster put it, the firm opted for the “Reed Smith Plan.” Just like Reed Smith, Lowenstein is trying to cash in on the $180K headline without following through on the rest of the Cravath scale body. According to tipsters, the firm’s new policy remained vague on older associates but expressed that all associates/counsel across all offices will receive raises on a case-by-case basis.
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What’s more, the raises take effect on September 1, as opposed to the July 1 start date most firms are offering.
‘My name is Zweig.’
Whatever that means.
In “Fear of Flying,” Marge Simpson also felt some stress over being left up in the air (behold that seamless f**king transition!) and expressed immense gratitude to the gift of closure she received from her therapist… who was NOT named Lowenstein as much as Marge kept hoping she was.[1]
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Associates at Lowenstein Sandler may feel that, like Marge, the noble romance of “Lowenstein” that they imagine may not live up to the reality.
Be sure to check out the full memo on the next page.
Remember, when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Cravath”). 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.
Earlier: No, You Are Not Matching The Market: 1st Years To $180K Doesn’t Tell The Whole Story
[1] This was a reference to Prince of Tides, one of those movies that people massively overrated just because Barbara Streisand acted in it.
Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.