No Really, Everyone In Biglaw Is Raising Associate Salaries
Another Biglaw firm shares its PPP with associates.
Well, when it rains, it pours. And it seems everyone is getting in on the salary wars. This morning, Schulte Roth & Zabel has decided to share some of its profits per partner — which clock in at $2,330,000 — with the associates that make the firm run.
Schulte is adopting the full Cravath scale for associate compensation, which gives the lawyers a raise of between $20,000 and $35,000, depending on class year. The raise applies to the incoming class of 2016 and summer associates, as well as the rank-and-file attorneys.
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The raises are for associates in the New York and Washington DC offices — those are all of the firm’s U.S. offices, and are effective July 1. All of which put Schulte square with the MoneyLaw market.
We are covering this story as market conditions develop, so please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Matches Cravath”) — when you know of another firm making a compensation move. 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. All sources are kept strictly confidential.
Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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