associate salaries

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Latest blogosphere posts tagged “associate salaries”

• Weil Gotshal Bonuses

  
  JD Journal — Authority: 481
  Weil Gotshal is paying most of its associates on the Sullivan & Cromwell scale - $7500 for the first years up to $33k for the most senior - but some of the senior associates who are on Santa’s nice list will be getting a bit more.  At the top of the scale, bonuses for about 25% of the most senior associates ...
  1 day ago

• DLA Piper: Taking the Merit Based Model Out for a Spin

  
  Above the Law — Authority: 683
  There has been a lot of talk about DLA Pipers new merit based compensation structure, and a lot of that talk has not been pleasant. Associates are pretty bummed that theyll be starting at $145,000 with 15% of that salary deferred until the end of the year if they hit their performance marks. We noted those concerns ...
  1 day ago

• Salary Thaw Structure: A Chart!

  
  Above the Law — Authority: 683
  As firms start to unfreeze salaries, all in different ways, we at Above the Law have started to notice a lot of confusion about what these unfrozen salary structures look like. Weve been seeing a lot of comments and emails like this one : wtf is a true up vs. a thaw...dude...not everyone reads this blog ...
  2 days ago

• Salary Thaw at Akin Gump

  
  JD Journal — Authority: 481
  Akin Gump has lifted its salary freeze and is planning to pay out bonuses, according to a memo sent out by firm chairman, Bruce McLean.  Of course, that’s based on Akin Gump’s compensation system which isn’t strictly a base salary.  To earn market level salaries, associates must meet quarterly billed hour ...
  3 days ago

• Holland & Knight is the Next to Abandon Lockstep

  
  JD Journal — Authority: 481
  I think it’s time for some new terminology.  Lockstep compensation referred in the past to associates moving up in pay scale in “lockstep” with their contemporaries.  All associates from the same class got the same raise, year after year.  But it also holds another connotation - that all biglaw firms move ...
  6 days ago

• Stroock Pays Bonuses, Lifts Salary Freeze

  
  JD Journal — Authority: 481
  Stroock  is handing out bonuses this year, and like so many before them, they’re paying on the Cravath schedule.  That is, any associate that hit their billable hours target of 1900 will get a Cravath size bonus and the firm says that those that “made extraordinary contributions to the firm” will get a bit ...
  1 week ago

• Seyfarth Shaw Abandons Lockstep

  
  JD Journal — Authority: 481
  Like many firms before it, Seyfarth Shaw  is abandoning lockstep starting in 2011.  Details haven’t been released, not even to the associates who must now spend next year trying to hit performance goals that have not been announced in order to receive salaries that have not yet been determined but that’s just ...
  1 week ago

• Sonnenschein Abandons Lockstep and Cuts Staff

  
  JD Journal — Authority: 481
  There are two unconnected stories coming out of Sonnenschein today.  The first is that the firm has made staff cuts 14 days before Christmas.  The firm has confirmed the staff layoffs to abovethelaw.com but no details were provided on the number of staff cut.  No associates were cut. The firm also laid out ...
  1 week ago

• WilmerHale Ditches Lockstep

  
  JD Journal — Authority: 481
  WilmerHale  is abandoning lockstep compensation and adopting a merit based three tiered system that should look familiar to anyone that’s read these pages over the past few months.  The new compensation plan, cleverly titled “career advancement program” or “CAP” will take effect in 2012.  But not to ...
  1 week ago

• Hope Youre Enjoying the Paycut, Because Its Here to Stay

  
  Above the Law — Authority: 683
  The artifice of the slurpee salary freeze and the "temporary" salary cut can be put to rest. As long as you are not doing keggers with the firm Kool-Aid, you already know that Biglaw will keep associate salaries depressed for as long as they can. Its not hard to see where this is going, as Am Law Daily reports : ...
  1 week ago

• More Bonuses

  
  JD Journal — Authority: 481
  Two more firms have announced bonus schedules.  Fried Frank’s bonuses for New York associates look and feel a lot like the Sullivan & Cromwell bonuses, which were of course a very slight modification to the Cravat scale most firms have been using.  Boies Schiller & Flexner, however, is paying bonuses ...
  2 weeks ago

• DLA Piper Abandons Lockstep

  
  JD Journal — Authority: 481
  DLA Piper has joined the lockstep march away from lockstep compensation.  In a memo today, the firm outlined its new associate compensation package.  In broad terms, it looks familiar.  The overall structure resembles the plan published recently by Orrick, a three tier system with levels within the tiers.  Unlike ...
  2 weeks ago

• Open Thread: Salary Thaw? Anybody?

  
  Above the Law — Authority: 683
  On Wednesday, we reported that Patton Boggs was keeping its salary freeze in place. In November, we told you that Covington & Burling was instituting a salary freeze , even though the firm didnt do it last year. But the news coming out of D.C. isnt putting a damper on the holiday hopefulness of some New ...
  2 weeks ago

• Orrick Moves Away From Lockstep

  
  JD Journal — Authority: 481
  Orrick presented its new compensation plan to its associates today, and there was much rejoicing.  Unlike many firms that cut base salaries with discretionary bonuses, Orrick kept the $160k starting salary for first year associates.  After that associates will be arranged in three tiers, associates, managing ...
  3 weeks ago

• Orricks New Compensation Structure

  
  Above the Law — Authority: 683
  At an all associates meeting today, Orrick, Herrington & Sutcliffe revealed its much talked about new associate compensation structure. Starting in 2010, Orrick will be moving away from lockstep in a big way. Essentially, Orrick has separated associates into three classes: associates, managing associates, ...
  3 weeks ago

• Chadbourne & Parke Restoring Salaries

  
  JD Journal — Authority: 481
  In April , Chadbourne & Parke cut associate salaries and promised that some or all of the money would be returned based on each associates contribution to the firm.  Now it appears that all of the money cut from salaries will be restored in a lump sum payment in early 2010.  On the one hand, this appears to be ...
  3 weeks ago

• Sutherland Ditches Lockstep

  
  JD Journal — Authority: 481
  Atlanta based Sutherland is joining the rush to abandon lockstep compensation and is moving to a merit based system similar to the one other top firms have adopted or are planning to adopt.  Associates will be classified as junior, mid-level and senior, with the levels roughly corresponding to their time in the ...
  4 weeks ago

• Haynes & Boone Cut First Year Salaries

  
  JD Journal — Authority: 481
  First year associates at Haynes & Boone will be starting after Thanksgiving, but at a reduced rate.  The firm emailed its incoming associates and informed them that the salary for first years has been cut to $145k.  The firm says that it has not decided on a pay structure for 2010 yet so this may be a temporary ...
  4 weeks ago

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