If you want to prove to associates that they are well and truly valued — a necessity, given the white-hot lateral market — Biglaw firms know they’re going to have to pony up the top-of-market salary scale.
The latest firm to announce raises is Katten Muchin Rosenman. With profits per equity partner that top $1.9M, and an Am Law 100 ranking of 67, the match of the top of Biglaw scale isn’t much of a surprise.
The scale that Katten announced is as follows:
As you can see there’s a bit of compression at the top. The Cravath scale guarantees $415,000 for the class of 2014, while others are promising $425,000 for the class of 2013. However, Katten’s memo specifies that counsel’s compensation will be individualized. So it may well be that the bulk of those classes fall off the grid and into the murky waters if individualized compensation.
The increases are retroactive to January 1 and will hit associates’ bank accounts with their April 1 paycheck. You can read the full memo on the next page.
*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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