Skaddenfreude: The Paul Hastings Memo
This is the Paul Hastings memo that went out earlier today (and previously posted in the comments). We have verified it with several sources at the firm.
Date: January 29, 2007
To: Stamford and New York Associates
cc: Stamford and New York Partners, All Office Chairs and AD Chairs, All Recruiting & Development
From: Jim Owens and Elizabeth Noe
Co-Chairs, Attorney Development
Subject: FY2008 Compensation Structure for Associates, New York and Stamford Offices
We are pleased to announce the Firm will be increasing base-level salaries for U.S. associates in Stamford and New York effective as of the new fiscal year which commences February 1, 2007.
FY2008 Compensation by Class Year is as follows:
Seniority Year / Class year
Stamford & New York
Entering 2007 160,000
1st / 2006 160,000
2nd / 2005 170,000
3rd / 2004 185,000
4th / 2003 210,000
5th / 2002 230,000
6th / 2001 250,000
7th / 2000 265,000
8th+ / 1999 280,000
These increases reflect the Firm’s commitment to paying at the top tier of the market in New York. The commitment to compete at the top tier extends to all of our markets. We will be making salary determinations in our other markets over the next several days. In all cases, any increase in base salary levels will made retroactive to February 1.
We thank you for and commend your performance, commitment and hard work throughout the year and your contributions to our success.
Please feel free to contact us or your local Attorney Development Committee Chair or Office Chair if you have any questions.
(18) Comments
MEMORANDUM
TO: All U.S. Associates
FROM: The Management Committee
RE: Associate Salaries
DATE: January 29, 2007
We value highly our associates and your contributions to the Firm’s continued success. We also recognize the need to remain competitive with market conditions in order to recruit and retain the talent required to serve our clients. Accordingly, we are announcing increases in our standard salaries as follows, effective January 1, 2007.
Associates in our domestic offices other than New York will receive increases bringing standard salaries to the following levels:
Class of 2006 – $145,000
Class of 2005 – $155,000
Class of 2004 – $170,000
Class of 2003 – $190,000
Class of 2002 – $210,000
Class of 2001 – $225,000
Class of 2000 – $240,000
For New York associates standard salaries are as follows:
Class of 2006 – $160,000
Class of 2005 – $170,000
Class of 2004 – $185,000
Class of 2003 – $210,000
Class of 2002 – $230,000
Class of 2001 – $250,000
Class of 2000 – $265,000
Class of 1999 – $280,000
The differential between New York and offices other than New York is a reflection of market and cost-of-living factors.
As we have done in the past, we will address, on an individual basis, compensation for Counsel and associates in class years more senior than those listed above.
With your continued dedication and effort, we look forward to another strong year.
thats sidley above
Am I to read this correctly as to conclude that first year associates in Stamford, CT are now making $160k? I don't know anything about Stamford, but seriously! Who needs that much money in Connecticut?
6:59 - you don't know shit about that part of CT then - Fairfield County, CT has one of the highest per capita incomes in the US
PH's effective date is February 1st. How cheap are they?!!!
Hahahaha Feb 1st... Has any other firm tried to pull this "effective at beginning of the fiscal year" crap?
They get to pay 1 month less in raises than other firms, yet get branded a cheapskate for a long time to come. I doubt the trade-off will end up having been truly worth it...
HA HA!! I know...how cheap can you get. It's ridiculous.
Not only cheap, but sloppy too:
"In all cases, any increase in base salary levels will made retroactive to February 1."
Firm's fiscal year ends on Jan. 31. So it doesn't seem so crazy to hear that the salary changes will take effect on 2/1.
Firm's fiscal year ends on Jan. 31. So it doesn't seem so crazy to hear that the salary changes will take effect on 2/1.
Oh please! They are not the only ones whose fiscal year ends Jan. 31. One has nothing to do with the other. Paul Hastings just came up with what they thought would be a clever excuse not to pay an increased salary until they absolutely have to. We've got news for PH: we all saw right through it!
Oh please! They are not the only ones whose fiscal year ends Jan. 31. One has nothing to do with the other. Paul Hastings just came up with what they thought would be a clever excuse not to pay an increased salary until they absolutely have to. We've got news for PH: we all saw right through it!
Oh please! They are not the only ones whose fiscal year ends Jan. 31. One has nothing to do with the other. Paul Hastings just came up with what they thought would be a clever excuse not to pay an increased salary until they absolutely have to. We've got news for PH: we all saw right through it!
Do you know how obnoxious, bratty, and self-entitled you sound by whining that any of these firms are stingy considering that they have raised first-year salaries almost 30% in less than 6 months? Why not be gracious about receiving so much more than you were willing to work for in the first place, especially since you didn't even have to ask for or negotiate the raise?
Do you know how obnoxious, bratty, and self-entitled you sound by whining that any of these firms are stingy considering that they have raised first-year salaries almost 30% in less than 6 months? Why not be gracious about receiving so much more than you were willing to work for in the first place, especially since you didn't even have to ask for or negotiate the raise?
to "Not only cheap, but sloppy too" -- it's your reading that's sloppy, not their writing.
Didn't other firms with a February 1 fiscal year backdate to January 1? My firm's fiscal year is Jan 1, but I'm pretty sure some of the other firms that are rasing salaries also have Feb 1 fiscal year but aren't pulling this nickel-and-diming crap.
There are several firms in Hartford that pay on the $160K scale, including Bingham and Dechert.