Woohoo! It’s only been a day since the $215,000 associate compensation scale became a thing, and already we are seeing more firms making their own salary news.
The latest firm to announce raises for associates is Steptoe & Johnson, which made $393,914,000 in gross revenue in 2020, making it 97th on the Am Law 100. They’ve matched the scale announced by Milbank yesterday. That means the firm will be working off of the now familiar salary scale below:
| Class | Old Salary | New Salary |
| Class of 2021 | $205K | $215K |
| Class of 2020 | $215K | $225K |
| Class of 2019 | $240K | $250K |
| Class of 2018 | $275K | $285K |
| Class of 2017 | $305K | $325K |
| Class of 2016 | $330K | $350K |
| Class of 2015 | $350K | $370K |
| Class of 2014+ | $365K | $385K |
Plus the firm announced additional discretionary bonuses, on top of the standard year-end ones:
The firm also will award discretionary bonuses, in addition to work effort bonuses, to those associates whose performance and financial contribution to the firm in 2021 substantially exceeded all expectations and most contributed to our success.
I’m sure that makes for some very happy associates. The full email is available on the next page.
Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for all of your help!
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).
