We’re a week past the date when associates across the Biglaw landscape saw their salaries climb to fantastic new heights thanks to Milbank and Davis Polk. But there are still firms that have yet to raise salaries, and these days, each one that throws its hat into the ring seems to have an interesting interpretation of the new pay scale.
For example, let’s take a look at what Loeb & Loeb is doing. The firm, ranked at No. 99 in the most recent Am Law 100, with $385,271,000 gross revenue in 2020, announced its new salary scale yesterday. While it’s a match for first-and second-years, every other class year (or tier, in Loeb parlance) is a few thousand to tens of thousands of dollars away from a true match. This is what the salary tiers at the firm will look like, effective August 1 (with the Davis Polk scale noted parenthetically):
T1: $205,000 ($205,000)
T2: $215,000 ($215,000)
T3: $230,000 ($240,000)
T4: $245,000 ($275,000)
T5: $260,000 ($305,000)
T6: $275,000 ($330,000)
T7: $290,000 ($350,000)
T8: $300,000 ($365,000)
Kenneth Florin, the firm’s chair, states in his memo (available on the next page) that they’ll also be reviewing the bonus structure to remain competitive in the market. “Our intent is to have a total compensation system that is both consistent and fair as well as meaningfully rewards our most productive associates,” he notes.
The new salary scale will apply to associates in all of the firm’s offices (New York, DC, Chicago, San Francisco, and Los Angeles) save for Nashville, where salaries will be discussed separately. Despite the fact that these aren’t exact matches for the prevailing market rate, associates still seem positively thrilled. After all, a raise is a raise is a raise. Congratulations!
(Flip to the next page to see the memo from Loeb & Loeb.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.