Biglaw Agency Boosts Salaries For The THIRD Time This 12 months, However…

How badly does your agency wish to compete within the white-hot lateral market? For some corporations, the reply might be evidenced in its compensation. Did your agency increase salaries as soon as this yr? Nice, loads of corporations did that. However did your agency raises salaries twice this yr? Eh, in all probability not, just a few did. Did your agency increase salaries thrice this yr? Solely two corporations that we all know of can say that they did, and one in every of them did it earlier this week.

As famous above, this agency has bumped affiliate salaries thrice to this point in 2021… however it nonetheless hasn’t fairly reached the $205K beginning wage that associates have lengthy been dreaming of. Which agency may it’s?

Stoel Rives — a agency that introduced in $259,328,000 gross income in 2020, rating it at No. 124 in the newest Am Regulation 200 — has dedicated to placing additional cash in associates’ pockets thrice this yr. The agency’s first announcement was made in July, when all associates acquired a $10,000 wage bump. Then, in August, the agency introduced that efficient October 1, beginning salaries would rise as soon as once more, with commensurate raises for extra senior associates (together with a yearly requirement for 1900 billable hours). Right here’s what the agency’s salaries regarded like in October throughout all of its workplace:

  • Anchorage: $125,000
  • Boise: $125,000
  • Minneapolis: $155,000
  • Portland: $155,000
  • Sacramento: $155,000
  • Salt Lake Metropolis: $155,000
  • San Diego: $180,000
  • San Francisco: $180,000
  • Seattle: $180,000
  • Washington D.C.: $180,000

Earlier this week, Stoel Rives stunned associates with a 3rd wage announcement. This time, the agency can be rising affiliate beginning pay by $10,000 or extra, with changes for extra senior associates as nicely, beginning in 2022. In line with managing companion Melissa Jones, these compensation modifications (a “market correction”) are a part of the the agency’s plans to “stay aggressive in a decent marketplace for expertise.”

Congratulations to everybody on the agency. Possibly in 2022, the agency will meet the market with its subsequent spherical of raises.

We rely in your tricks to keep on prime of these items. So when your agency matches, please textual content us (646-820-8477) or e mail us (topic line: “[Firm Name] Matches”). Please embrace the memo if obtainable. You possibly can take a photograph of the memo and ship it by way of textual content or e mail in the event you don’t wish to ahead the unique PDF or Phrase file.

And in the event you’d like to enroll in ATL’s Bonus Alerts (which is the alert checklist we’ll additionally use for wage bulletins), please scroll down and enter your e mail tackle within the field under this put up. In the event you beforehand signed up for the bonus alerts, you don’t must do something. You’ll obtain an e mail notification inside minutes of every bonus announcement that we publish.

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Regulation, the place she’s labored since 2011. She’d love to listen to from you, so please be at liberty to e mail her with any ideas, questions, feedback, or critiques. You possibly can comply with her on Twitter or join together with her on LinkedIn.

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