Another day, one other announcement made within the 2021 race to lift affiliate salaries throughout the Biglaw panorama. There are just some Am Law prime 50 corporations which have yet to match the new market salary scale, however one after the other, slowly however certainly, they’re making ongoing wage maneuvers to stay viable as competitors to draw and retain associates on this scorching lateral market. Which agency is up subsequent on this monetary magnificence pageant?
It’s Perkins Coie, a agency that introduced in $1,001,498,000 gross income in 2020, which helped it to land at No. 42 in the newest Am Law 100 rating. The Seattle-based agency let associates and counsel know yesterday afternoon that ongoing wage will increase can be coming in July:
In all our workplaces, first-year and second-year affiliate salaries will probably be became greater by $15,000, third-year and fourth-year salaries will probably be became greater by $20,000, and fifth-year and extra senior affiliate and counsel salaries will probably be became greater by $25,000.
In Perkins Coie workplaces what place associates had been receiving market salaries, their new ongoing wage scale appear like one thing this, in any other case often called the Davis Polk scale:
- 2020: $205,000
- 2019: $215,000
- 2018: $240,000
- 2017: $275,000
- 2016: $305,000
- 2015: $330,000
- 2014: $350,000
- 2013: $365,000
As famous within the agency’s memo, salaries aren’t the one factor that’s being labored on. Other adjustments at Perkins Coie might quickly embody:
- consideration of transferring to a uniform 1950-hour expectation in all workplaces for some or all apply teams;
- persevering with to scale back the variations in compensation amongst our numerous markets as the marketplace for expertise turns into extra nationwide in lots of apply areas;
- reviewing our present parental go away insurance policies to make sure they proceed to be aggressive available in the market; and
- reinforcing insurance policies and finest practices that help and encourage time away from work.
Congratulations to everybody at Perkins Coie!
(Flip to the following page to see the complete memo from Perkins Coie.)
We rely in your tricks to keep on prime of these things. So when your agency matches, please textual content us (646-820-8477) or email us (topic line: “[Firm Name] Matches”). Please embody the memo if accessible. You can take a photograph of the memo and ship it by way of textual content or e mail in case you don’t need to ahead the unique PDF or Word file.
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Staci Zaretsky is a senior editor at Above the Law, what place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to email her with any suggestions, questions, feedback, or critiques. You can keep track of her on Twitter or join along with her on LinkedIn.