Back in November, Baker Botts told us that they would be moving away from a lockstep associate compensation system and instituting a new merit-based system. Yesterday the firm released the base salary levels for its new four-tiered system. Here’s the statement from the firm regarding the basic changes: The next phase of a talent management […]
It started with DLA Piper. After offering recession salaries to associates for a while under the guise of merit-based compensation, DLA relented earlier this month and restored the $160K base salary scale to its associates. Yesterday, WilmerHale announced that while it too is going forward with a merit-based compensation plan, it will be offering base […]
Learn legal trust accounting best practices to ensure compliance and protect client funds. Discover expert tips to set your firm up for success.
The heady days of the “mutually assured destruction” approach to associate compensation by Biglaw firms are behind us. But some associates would still like to see how they are doing in comparison to their colleagues at other firms. A tipster recently wrote us: Can you do a post requesting commenters to post grade schedules a […]
Sonnenschein isn’t going to let the recession slow down its expansion. Back during the heart of the recession, Sonnenschein saved around 100 lawyers from the sinking Thacher Proffitt. Today brings news that Sonnenschein has expanded its reach across the Atlantic Ocean. The firm has proposed a merger with U.K.-based Denton Wilde, to form SNR Denton. […]
Back in February, we wrote about various compensation developments over at Pillsbury Winthrop. At the time, the firm said it was considering moving away from a lockstep model in favor of a more performance-based compensation system. The firm has not yet killed killed lockstep — a move that has historically generated mixed to negative reviews […]
Life outside of lockstep is like Forrest Gump’s box of chocolates: you never know what you’re going to get. A lockstep system for compensating and promoting associates has its drawbacks, to be sure. But at least it offers the virtues of transparency and predictability. Earlier this week, we covered the arguably amorphous definition of “merit” […]
Is your firm keeping up with legal finance and tech trends? The 2025 Legal Industry Report shows how firms optimize cash flow, automate payments, and use AI. Download now for key insights.
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London: Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked…. A spokesperson for Clifford Chance said: […]
We have good news for Morgan, Lewis & Bockius associates. Salary information is in and most people are getting raises. True-up raises at that. The class of 2008 pulled the short straw, but everybody else seems relatively happy. A tipster reports: Please post that yesterday MLB essentially unfroze salaries (most ’08 grades only went up […]
When you step into the killing lockstep zone, your bonus disappears into a black box. A while back, we reported that Bingham McCutchen adopted a lockstep-merit hybrid approach to associate compensation. Base salary would still be lockstep, but the bonus would be merit-based. When we reported on the Bingham bonus, we noted that the firm […]
Friday brought good news and bad news for Winston & Strawn associates. The good news is that the double salary freeze, which has apparently resulted in first- through third-year associates at Winston all earning $160,000, may be thawing. Managing partner Thomas Fitzgerald sent a memo — this time to its intended recipients — indicating that […]
Position your firm for long-term growth with better financial visibility and control. Learn how to track performance, manage spending, and plan strategically—download the full e-book now.
Maybe Toyota should take a lesson from Bingham McCutchen: don’t try to cut corners when producing a hybrid. Back in October, Bingham announced that it would be adopting a new “merit-lockstep” hybrid approach to associate compensation. The plan came with the stamp of approval from Bingham partners and associates. And a majority of Above the […]
It looks like Pillsbury is back to communicating important information via firm-wide memo, instead of via cell phone conversation on the Acela. Yesterday, the firm indicated that it is thinking about moving away from lockstep associate compensation, but it is not killing lockstep just yet. Instead, Pillsbury announced lockstep raises — they’ll be true up […]
Add Dickstein Shapiro to the list of firms that have decided to do away with lockstep associate compensation. As of January 22, Dickstein will adopt a new merit-based compensation system. Like many firms that have abandoned lockstep, Dickstein will be using a three-tiered system, similar to Orrick’s compensation structure. Starting salary for new Dickstein associates […]