One by one, top-performing Biglaw firms have either committed to matching the prevailing salary scale, or actually announced a match. Today, one of the top 10 firms in the country let its associates know that they’d soon be seeing Cravath cash in their bank accounts.
Hogan Lovells — a firm that brought in $2,308,401,000 gross revenue in 2020, ranking in at No. 9 in the most recent Am Law 100 — announced this morning that it would be matching the Cravath salary scale, retroactive to January 1. The majority of the firm’s US associates (across 12 of its offices) can expect to see their new compensation later this month, but three offices are being left out. As noted in the firm’s memo (available in full on the next page), “Base compensation will not be adjusted in Colorado Springs, Miami, and Minneapolis.” Of the three offices, Miami has the most associates of all, and we can’t imagine they’re pleased right now.
Here’s the new salary scale looks like at Hogan Lovells:
|Class||Previous base salary||Adjusted base salary|
|Class of 2021||$205,000||$215,000|
|Class of 2020||$215,000||$225,000|
|Class of 2019||$240,000||$250,000|
|Class of 2018||$275,000||$295,000|
|Class of 2017||$305,000||$345,000|
|Class of 2016||$330,000||$370,000|
|Class of 2015||$350,000||$400,000|
|Class of 2014+||$365,000||$415,000|
In addition to increasing its salaries, the firm has also revamped its year-end bonus program. US associates will now have the opportunity to pump up their bonuses by putting in more billable hours (including diversity & inclusion hours as well as pro bono hours). Take a look:
|Total billable hours||Additional % of Year-end bonus|
Congratulations to everyone at the firm on the raises — well, almost everyone.
(Flip to the next page to see the full memo from Hogan Lovells.)
Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches Milbank”). 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’ll 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.
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.