This salary increase cycle has seen some twists and turns. After Milbank raised salaries, a handful of firms quickly matched while the rest of the market dawdled behind. Then Simpson threw in summer bonuses and Cravath raised salaries a bit more at senior levels and the floodgates opened.
But what happened to those early adopters?
Milbank fell into line with the market. Selendy & Gay and Hueston Hennigan matched too. Now comes Winston & Strawn.
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Winston & Strawn has now matched the amended salary scale featuring $340K for the class of 2010 and offered summer bonuses for those who’ve met their annualized billable target of 2000 hours — complete with an option to access the bonus if an associate “catches up” to the target by year’s end.
It’s not shocking news to see the firms who matched early jump on the train now, but it’s good to see. Associates at those early movers have no doubt been wondering when this news would arrive.
(Memo available on the next page…)
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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.