Associates Will Soon Be Making Even More Bank At This Biglaw Firm
But some of them might not be receiving their bonuses...
Guess which Biglaw firm finally decided that it was time to join in on this summer’s salary games, “consistent with recent market changes”? It’s none other than Skadden Arps, hooray! Given the fact that the firm’s partners are bringing in about $3.471 million each, it would’ve been a bit of Skaddenfreude for the firm NOT to have raised all associates salaries and handed out summer bonuses.
Just in case you’ve somehow forgotten what the new salary scale is, we’ll provide it:
- Class of 2017: $190,000 / $5,000
- Class of 2016: $200,000 / $7,500
- Class of 2015: $220,000 / $10,000
- Class of 2014: $255,000 / $15,000
- Class of 2013: $280,000 / $20,000
- Class of 2012: $305,000 / $25,000
- Class of 2011: $325,000 / $25,000
- Class of 2010 and Senior: $340,000 / $25,000
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For what it’s worth, per sources, some associates at Skadden may not receive their summer bonus after all:
I should note that people are confused and upset about having an explicit hours target tied to the special bonus. I’ve already received a half dozen emails and texts from colleagues trying to figure out how this will work. It strikes me as a little unfair and unnecessary; it’s not uncommon to have a slow quarter or two and then bill 700 hours the next quarter. There will certainly be associates who will be screwed out of their summer bonus due to the cyclical nature of their practice and no fault of their own.
Yikes! Hope you’ve got your hours in, Skaddenites. On the bright side, summers are getting more money, so that’s something.
(Flip to the next page to see Skadden’s memo in full.)
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Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Raises Salaries”). 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. Don’t assume someone else has already emailed us. We’ll gladly take redundant emails over no information at all.
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Staci Zaretsky has been an editor at Above the Law since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
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