We’re midway by means of February already, however that doesn’t imply Biglaw is completed giving out raises. Simply as we speak, Perkins Coie, a agency that made $1,163,764,000 in gross income in 2022, making it #42 on the Am Regulation 100, introduced its personal set of affiliate raises.
Right here’s the brand new compensation scale on the agency:
That certain *seems* lots just like the market compensation scale that debuted in late 2023 — and it’s even retroactive to January 1. However there’s a catch. Junior associates, lessons 1-3, will get the raises, no questions requested. Nonetheless, midlevel and senior associates should have met the hours requirement from the earlier 12 months (1950 hours) to get the raises. If an affiliate who misses the increase lower off hits 2000 hours this 12 months (the hours expectation for 2024), they’ll obtain a bonus equal to the increase quantity to be made complete.
Based on insiders on the agency, people will not be happy with the phrases and situations positioned on the agency’s largesse. That’s as a result of there are apparently loads of associates who didn’t hit their hours — not as a result of they didn’t wish to, however as a result of there’s not sufficient work to go round in lots of places of work. As a tipster mentioned, “this coverage is mainly asking them to go away if their follow group doesn’t have sufficient work for them.”
You possibly can learn the agency’s full memo on the next page.
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Kathryn Rubino is a Senior Editor at Above the Regulation, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are one of the best, so please join along with her. Be happy to e mail her with any suggestions, questions, or feedback and comply with her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
