‘Where’s my elevate?’

For the second time in lower than a 12 months, money compensation in Biglaw is rising. Eager to draw and retain associates throughout this scorching lateral market, many companies have already adopted the brand new wage scale set by Milbank simply final week. It’s nonetheless early within the cycle, however with salaries now starting from $215,000 to $385,000, we suspected that some companies would look ahead to compensation leaders like Cravath and Davis Polk to make their very own bulletins prior to creating a transfer, whereas different companies would merely not be capable of match what the market would bear.

Some of Biglaw’s highest-grossing companies have already adopted Milbank’s new wage scale, however one top-ranked agency simply isn’t within the temper but.

Yesterday, associates at Norton Rose Fulbright — a agency that introduced residence $1,877,933,000 gross income in 2020, rating it at No. 13 on the latest Am Law 100 — acquired a memo from U.S. managing associate Jeff Cody informing them {that a} Milbank match was not but on the way in which.

With a brand new wage scale that appears like this, associates weren’t precisely happy:

Class Salary
2021 $215,000
2020 $225,000
2019 $250,000
2018 $285,000
2017 $325,000
2016 $350,000
2015 $370,000
2014+ $385,000

Here’s what Cody needed to say (full memo obtainable on the subsequent web page):

“I wanted to let you know that we are monitoring these changes while recognizing that, as was the case in May and December last year, an additional increase may be forthcoming. We discussed the increase with the National NPAC and appreciated its members sharing their comments and concerns. As always, while we believe that other considerations drive retention, we understand that compensating our talented lawyers at market is essential. Rest assured that if and when we announce an increase, it will be retroactive to January 1, 2022.”

A supply from contained in the agency stated, “Norton Rose is sitting out until DPW or Cravath (re)establishes dominance, I guess. Bonus memos regarding 2021 bonuses and 2022 compensation come out any day… guess they don’t want to have to update them.” Indeed. NRF is meant to distribute compensation letters to associates this week, and in his memo, Cody famous that they may “not be reflective of any potential change in 2022 base compensation.”

On the brilliant facet, Cody concluded his memo by stating, “We hope to be back in touch by the end of the week.” All eyes, after all, are actually on Cravath and DPW. Are they ready to fulfill Norton Rose’s deadline? We — together with hundreds of Biglaw associates at companies throughout the nation — will probably be ready.

(Flip to the subsequent web page to learn the total memo from Norton Rose Fulbright.)

Remember everybody, we rely in your tricks to keep on high of these things. So when your agency matches, please textual content us (646-820-8477) or electronic mail us (topic line: “[Firm Name] Matches Milbank”). Please embody the memo if obtainable. You can take a photograph of the memo and ship it through textual content or electronic mail when you don’t wish to ahead the unique PDF or Word file.

And when you’d like to join ATL’s Bonus Alerts (which is the alert checklist we’ll additionally use for wage bulletins), please scroll down and enter your electronic mail handle within the field under this publish. If you beforehand signed up for the bonus alerts, you don’t must do something. You’ll obtain an electronic mail notification inside minutes of every bonus announcement that we publish.

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to electronic mail her with any ideas, questions, feedback, or critiques. You can observe her on Twitter or join along with her on LinkedIn.

Enter your electronic mail handle to join ATL’s Bonus & Salary Increase Alerts.

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