The good news continues in Biglaw, at least in terms of compensation.
The latest firm to announce largesse to their associates is Loeb & Loeb. The firm made $385,271,000 in gross revenue in 2020, making it 99th on the most recent Am Law 100 ranking.
As you can see from the bonus chart below, it will take quite a few billable hours to match the market standard set by Davis Polk (which includes year-end and special bonus numbers). But, if you hit those super-high billables (core hours include client billable hours and creditable non-billable hours) wow, those are some impressive bonuses. And for ease of comparison, Loeb & Loeb charted out what last year’s bonuses were like, so you can see just how much better associates are doing — monetarily — year over year:
| 2021 | ||||||
| 1900 Core Hours | 2000 Core Hours | 2100 Core Hours | 2200 Core Hours | 2300 Core Hours | 2400 Core Hours | |
| Tier 1 | $7,500 | $15,000 | $22,500 | $30,000 | $37,500 | $52,500 |
| Tier 2 | $15,000 | $25,000 | $35,000 | $45,000 | $55,000 | $75,000 |
| Tier 3 | $25,000 | $45,000 | $65,000 | $85,000 | $115,000 | $150,000 |
| Tier 4 | $50,000 | $75,000 | $100,000 | $125,000 | $180,000 | $220,000 |
| Tier 5 | $65,000 | $90,000 | $115,000 | $140,000 | $210,000 | $250,000 |
| Tier 6 | $80,000 | $105,000 | $130,000 | $155,000 | $235,000 | $275,000 |
| Tier 7 | $90,000 | $115,000 | $140,000 | $165,000 | $250,000 | $290,000 |
| Tier 8/SC | $100,000 | $125,000 | $150,000 | $175,000 | $265,000 | $305,000 |
| 2020 | ||||||
| 1900 Core Hours | 2000 Core Hours | 2100 Core Hours | 2200 Core Hours | 2300 Core Hours | 2400 Core Hours | Tier 1 | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 | $30,000 |
| Tier 2 | $10,000 | $15,000 | $20,000 | $25,000 | $30,000 | $35,000 |
| Tier 3 | $15,000 | $30,000 | $45,000 | $65,000 | $85,000 | $105,000 |
| Tier 4 | $30,000 | $50,000 | $75,000 | $100,000 | $130,000 | $160,000 |
| Tier 5 | $35,000 | $60,000 | $85,000 | $110,000 | $140,000 | $170,000 |
| Tier 6 | $45,000 | $70,000 | $100,000 | $130,000 | $160,000 | $190,000 |
| Tier 7 | $50,000 | $75,000 | $105,000 | $135,000 | $165,000 | $195,000 |
| Tier 8/SC | $55,000 | $85,000 | $115,000 | $145,000 | $175,000 | $205,000 |
However, that was far from the only good news at the firm. Loeb & Loeb also announced raises! The firm wasn’t at market compensation before this round of raises, and well, still isn’t. But seeing as everyone but the most junior associates will see a bump in compensation, that has to make folks at least a little happy.
| New Base as of 2/1/22 | Current Base | Base Increase | |
| Tier 8 | $340,000 | $300,000 | $40,000 |
| Tier 7 | $325,000 | $290,000 | $35,000 |
| Tier 6 | $305,000 | $275,000 | $30,000 |
| Tier 5 | $285,000 | $260,000 | $25,000 |
| Tier 4 | $260,000 | $245,000 | $15,000 |
| Tier 3 | $235,000 | $230,000 | $5,000 |
| Tier 2 | 215,000 | $215,000 | N/A |
| Tier 1 | 205,000 | $205,000 | N/A |
You can read the full email from the firm on the next page.
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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).
