Skaddenfreude: The Weil Memo
We haven't confirmed it 100 percent. But the Weil Gotshal memo reprinted below, which has been posted several times in the comments, strikes us as pretty safe to consider authentic.
(We're waiting to hear back from certain contacts at Weil. When we do, we'll update this post.)
Update (6:30 PM): Official sources at Weil declined to comment: "We're not in the business of confirming internal memos or emails."
But unofficial sources have confirmed, informing us that the "Town Hall Meeting" mentioned below took place at 4:10 PM. So you can regard the memo below as a true copy.
WEIL, GOTSHAL & MANGES
To: US Associates
From: Stephen J. Dannhauser
As announced at today's Town Hall Meeting, effective January 1, 2007, annual U.S. associate base salaries have been increased, as set forth below. You will receive a retroactive adjustment reflecting this increase in your paycheck or direct deposit on February 9th. Bonuses will be paid this Friday, January 26th. As we have previously told you, it is our intention to pay our associates commensurately with our peer firms.
The firm has enjoyed a very good year, and we recognize that your dedication and hard work have contributed, and will continue to contribute, to our success.
Class Year 2007 Salary
2006 $160,000
2005 $170,000
2004 $185,000
2003 $210,000
2002 $230,000
2001 $250,000
2000 $265,000
1999 $280,000
Base salaries for associates in the class of 1998 and more senior will be determined on an individual basis.
Earlier: Previous announcements of law firm associate salary increases (scroll down through "Skaddenfreude" archives)
(15) Comments
Come on Cravath, RAISE! 15 firms already matching? $160k is chump change, leave most of these firms in the dust!
thanks for the raise Weil. now back to work for me ...
Cravath's raised!
Raised? Or matched?
Whats keeping DPW and Latham?
Latham will likely end up raising to 160 in NY and leaving everyone else behind.
The posted memo is authentic. (It was sent today at 5:11 p.m.)
Morgan Lewis partners informed associates that NY salaries will be matched to market raises.
MOFO seems to have only raised NY too. Looks bad for CA...
From: Wetmore, Keith C.
Sent: Wednesday, January 24, 2007 5:21 PM
To: LIST/Non-Partner Atty/NY
Cc: LIST/Partner/NY
Subject: 2007 New York Associate Compensation
I am pleased to announce the 2007 compensation structure for associates in our New York office. Associates eligible to receive an increase to their base compensation as a result of progressing to the next salary class will see the increase reflected in their February 15 paycheck retroactive to January 1, 2007. These step increases will be based on the following schedule:
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
Class of 1998 - $290,000
We will be determining compensation for of counsel on a separate basis and will send individual compensation messages in the next few weeks.
On behalf of the Firm, thank you for your part in making 2006 a great year for the Firm and for your hard work and commitment to the Firm and its clients as we look to the future.
Keith
damn! it's expensive to live here too!
has Mofo announced any raises for its SF office and others, or just NY?
just was at a 1L event for akin gump. does anyone know if they've increased?
don't think so about akin. not yet anyway.
To clarify and earlier post, I think Mofo has not decided on CA yet...
How about the NY patent Bigtiques, such as Kenyon, Fitzpatrick, and Darby? That matched that last round. Gotta wonder if they can afford to match again so soon.
Does this apply to summers too?