Forget about the Am Law 100, Hogan Lovells is a top 10 firm on the global ranking, so there was never much doubt that it would be joining the salary hike party. The firm brought in over $2 billion in revenue and it’s not going to let a few bucks keep it from maintaining its elite status.
U.S. associates received a memo communicating the change yesterday. There are some noteworthy details in here but the crux of it is this:
Summers will be bumped to the class of 2021 scale.
The memo notes that this raise applies to associates “on the national scale” and says that those who aren’t will be contacted independently. That sort of talk generally applies to counsel and senior attorneys who’ve outgrown the grid, but the phrasing in this memo makes it sound more like staff attorney positions.
Whether that’s what HoLove meant or not, it raises an important question about the future of the staff attorney market. After all, one Biglaw firm’s staff attorney is another smaller-profile firm’s full-timer. How the salary hikes trickle down through the legal landscape is going to impact the market for these lawyers going forward.
In any event, congrats. Full memo is here.
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Joe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.