Reed Smith matched starting salaries in NYC ($160K) and other markets (i.e., $145K in DC and SF). the "latest" version of the list of shame is out of date.

any word on any clerkship bonus matches?

-----Original Message-----
From: Poor, Stephen
Sent: Wednesday, March 28, 2007 11:05 AM
To: FIRM Associates
Cc: FIRM Partners - Equity; Braun, Judy; Maremont, Linda J.; McAveeney, Jay
Subject: Associate Compensation

On behalf of the Equity Partners, the Executive Committee is pleased to announce that starting salaries for associates are being set at $145,000 (Los Angeles, San Francisco, Chicago, Washington, DC, and Boston); $160,000 (New York); $135,000 (Houston and Sacramento) and $130,000 (Atlanta). This change in starting salaries is accompanied by some additional compensation adjustments across all class levels. By Thursday, you will receive notification of any adjustment to your individual salary. In addition, there will be meetings in each office with your Office Managing Partner to discuss the adjustments in the salary scale. There will be no changes to the Firm's minimum expected chargeable hour requirements. We share the view noted by many of you in the focus groups that maintaining the Firm's culture and atmosphere is essential. We will continue to work towards that shared goal.

We recognize that the talents of our Firm's associates are among our greatest assets. Thank you for the efforts you expend on behalf of the Firm and our clients and thank you for your patience as we worked our way through this process. We are proud to invest in some of the country's finest legal talent.

Thanks,
Steve

We need a thread about philadelphia - what is going on there?

That's too rich: the Seyfarth partner making the announcement is Poor.

the only thing worth talking about in Philly is Ryan Howard

SSD definitely raised in PHX again, if you go on www.nalpdirectory.com and look at the form for this office, you will see they have raised to $120K, which is highest in PHX.

What a condescending letter!!! "We are proud to invest in some of the country's finest legal talent." Thanks, Uncle Reed for "investing" in the associates who pay for your house and gas your yachts. I guess that this is proof that sheer size alone does not make an elite law firm.

I agree about Philadelphia. Are Dechert and Morgan the only ones at 145,000? Did Woodcock make a move yet?

sigh. *masturbates under the table during evidence*

I guess Loyola 2L is creating his own while learning about it.

Funny 2:36, but I don't like the new crude Loyola 2L.

1:42, Can you confirm that Reed Smith raised? Do you have a memo?

1:42, Can you confirm that Reed Smith raised? Do you have a memo?

Someone PLEASE confirm Reed Smith raised in NY

Where is McGuire Woods? Fiscal year starts April 1? Are they going to announce anything or did they think that by telling us to wait until the fiscal year that we'd forget about what every other law firm has done by the time April came around?

Dear "In the Know"

I just went to nalpdirectory.com

It still says SSD is at $115k in Phoenix.

what about reed smith in philly. I did hear morgan and dechert went to 145, and i know drinker is going to 145 - but not until the summer - not sure how that will affect the summer associates. I think cozen announced they will not be raising. Im wondering about the other philly firms, like wolf block schorr, blank rome (i think went to 135), saul ewing, DLA, etc

I don't understand why people are OK with a firm merely saying we don't raise until start of fiscal as an excuse for not meeting the market when it shifts. It's clearly a tool to save the partners 3+ months of higher associate salaries.

Consider this hypothetical: McGuireWoods bumps to $140K April 1 in Richmond to "meet" Hunton. On April 2, Hunton decides to bump to $160K in Richmond (I know, it'll NEVER happen anytime soon). Is McGuireWoods going to say well, "We raise salaries April 1 so we'll wait a YEAR before doing anything?" Of course not. It has summer associate hiring to worry about and can't play that kind of game.

Now extend this scenario to the larger markets. In NYC or DC (or even Charlotte now, apparently), a firm can't seriously think it's OK for the overall prosperity of the firm to be that far behind its competitors for an entire year.

I don't have a problem with trying to save a few *thousand* bucks, but I think it's beyond disingenuous for a firm to use its fiscal year to explain its delay in adjusting its salaries. It's only plausible b/c the national raises typically come around Jan. 1 after 2Ls have accepted to firms for the summer (and 3Ls for their first year out) and before firms are making offers to 2Ls or post-clerkship lawyers.

Boo McGuireWoods.

HUNTON HAS NOT RAISED EITHER, in case you didn't know, saying you're going to raise, and raising are two entirely different things.

In follow up to 5:10's point. They have already done their summer hiring. And no one is leaving based on missing out on 2 months salary bump. I say good for them, they got to save some money, not look like idiots (i.e. troutman, who is now going to have to raise for a THIRD time in two months or still be below the line after two raises in ATL), and when all is said and done, they're going to be at the same place as everyone else anyway.

Well played McGW, well played.

http://www.law.com/jsp/article.jsp?id=1173703113064&rss=newswire

Drinker announced recently that their salary hikes will be moved up to March 1, 2007 instead of over the summer - which was what they originally announced. Anyone have any idea what Drinker pays second years and beyond? I don't think they're lockstep so I wonder.