Soon-To-Be Mega Firm Announces Salary Raises
Merger news isn't the only big thing happening here.
Fresh off of the news that Holland & Knight and Thompson & Knight are due to merge, effective August 1 (no, they will not be called Knights Unlimited or something similarly catchy, much to my dismay), the firm has more news to announce.
Yesterday, Steven Sonberg, the firm’s managing partner, let associates know there’s a new pay scale in town for the soon-to-be combined firm which will shortly boast 1,600 lawyers in 30 global offices. Yes, it’s the familiar DPW compensation grid for associates. Welcome to the top of the market.
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Back in May, the firm announced it was moving to a lockstep compensation system for all its U.S. offices. So, yes, this is for all those offices. The raises will be effective August 1st, though as Sonberg notes, there’s a slight (two month) catch:
The effective date for the increases will be August 1, the same date as the effective date for the merger with Thompson & Knight. Because of the timing of the merger and a number of other related factors, while the increases will be retroactive to August 1, the actual date on which payment will occur will be delayed until on or about September 30. This delay will enable the firm to ensure that associates and other impacted senior counsel and advisors, from both firms are treated in a consistent manner, allow for appropriate individual communication, and finalize financial matters associated with the merger.
Still, mighty good news for associates.
You can read the full memo from the firm on the next page.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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