(Photo
via
Getty
Images)
One
by
one,
top-performing
Biglaw
firms
have
either
committed
to
matching
the
prevailing
salary
scale,
or
actually
announced
a
match.
Today,
one
of
the
top
10
firms
in
the
country
let
its
associates
know
that
they’d
soon
be
seeing
Cravath
cash
in
their
bank
accounts.
Hogan
Lovells
—
a
firm
that
brought
in
$2,308,401,000
gross
revenue
in
2020,
ranking
in
at
No.
9
in
the
most
recent
Am
Law
100
—
announced
this
morning
that
it
would
be
matching
the
Cravath
salary
scale,
retroactive
to
January
1.
The
majority
of
the
firm’s
US
associates
(across
12
of
its
offices)
can
expect
to
see
their
new
compensation
later
this
month,
but
three
offices
are
being
left
out.
As
noted
in
the
firm’s
memo
(available
in
full
on
the
next
page),
“Base
compensation
will
not
be
adjusted
in
Colorado
Springs,
Miami,
and
Minneapolis.”
Of
the
three
offices,
Miami
has
the
most
associates
of
all,
and
we
can’t
imagine
they’re
pleased
right
now.
Here’s
the
new
salary
scale
looks
like
at
Hogan
Lovells:
| Class |
Previous base salary |
Adjusted base salary |
|||
|
Class of 2021 |
$205,000 | $215,000 | |||
|
Class of 2020 |
$215,000 | $225,000 | |||
|
Class of 2019 |
$240,000 | $250,000 | |||
|
Class of 2018 |
$275,000 | $295,000 | |||
|
Class of 2017 |
$305,000 | $345,000 | |||
|
Class of 2016 |
$330,000 | $370,000 | |||
|
Class of 2015 |
$350,000 | $400,000 | |||
|
Class of 2014+ |
$365,000 | $415,000 |
In
addition
to
increasing
its
salaries,
the
firm
has
also
revamped
its
year-end
bonus
program.
US
associates
will
now
have
the
opportunity
to
pump
up
their
bonuses
by
putting
in
more
billable
hours
(including
diversity
&
inclusion
hours
as
well
as
pro
bono
hours).
Take
a
look:
|
Total billable hours |
Additional % of Year-end bonus |
| 2100-2199 | 5% |
| 2200-2299 | 10% |
| 2300-2399 | 15% |
| 2400+ | 20% |
Congratulations
to
everyone
at
the
firm
on
the
raises
—
well,
almost
everyone.
(Flip
to
the
next
page
to
see
the
full
memo
from
Hogan
Lovells.)
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]
Matches
Milbank”).
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.
And
if
you’d
like
to
sign
up
for
ATL’s
Bonus
Alerts
(which
is
the
alert
list
we’ll
also
use
for
salary
announcements),
please
scroll
down
and
enter
your
email
address
in
the
box
below
this
post.
If
you
previously
signed
up
for
the
bonus
alerts,
you
don’t
need
to
do
anything.
You’ll
receive
an
email
notification
within
minutes
of
each
bonus
announcement
that
we
publish.
Staci
Zaretsky is
a
senior
editor
at
Above
the
Law,
where
she’s
worked
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.
