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Associate salary wars enter round two

One of the first major firms to offer increased associate salaries in 2006, Quinn Emanuel Urquhart Oliver & Hedges, has done it again. Quinn Emanuel has announced new pay scales for associates, with first-years now making $145,000 annually. Fourth-years will receive $190,000, while salaries will vary for senior associates. The move comes in the wake of the firm’s reported 21% revenue growth in 2005.

After being at the forefront of the Southern California associate pay raises that eventually spread nationwide, Quinn Emanuel is now entering a second wave of salary increases. The firm offered $10,000 dollar raises to first-year associates late in 2005. Other major firms followed suit, and now, Quinn Emanuel is raising entry level salaries an additional $10,000.

Top competitors such as Irell & Manella; Munger, Tolles & Olson; Gibson, Dunn & Crutcher; O’Melveny & Myers; and Latham & Watkins are expected to analyze what could potentially become the next round of associate raises before making further salary determinations.

02-28-2006

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Cleary Gottlieb initiates salary increases in its U.K. branch

New York-based Cleary Gottlieb Steen & Hamilton is the first American law firm to raise associate salaries in its London office.

First-year associates at Cleary Gottlieb will now earn $147,904 (£85,000), an increase from the previous salary of $128,727 (£74,000). The move puts these U.K. associates marginally ahead of their New York counterparts.

Experts speculate that this may mark the beginning of an associate salary war in Europe.

02-28-2006

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Kelley Drye and Collier Shannon finalize merger

The highly publicized merger between New York-based Kelley Drye & Warren and Washington DC-based Collier Shannon took place last week. The new firm will be called Kelley Drye & Warren nationally and Kelley Drye Collier Shannon in Washington, DC.

Collier Chairman Paul Rosenthal will be the managing partner of the merged firms’ DC office. Kelley’s present office in DC will be eventually closed and its operations moved. The firm feels the merger will not affect profits per partner but will definitely enhance its revenue.

The deal more than doubles Kelley Drye’s DC presence to 125 lawyers and adds to Collier Shannon’s renowned advertising, international trade and antitrust groups.

02-28-2006

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Shartsis Friese toes the associate salary line

San Francisco-based Shartsis Friese has increased associate salaries across the board in keeping with the market average following pay hikes across California.

The 53-lawyer firm's new structure will raise first- and second-year salaries to $135,000 and $140,000, respectively. Third-years will receive $145,000, fourth-years $150,000 and fifth-years $165,000. Finally, sixth- and seventh-year associates will earn $175,000 and $185,000, respectively.

A seniority-based merit reward program for hours billed above the 1,850-hour requirement is also applicable. Under the current bonus program, an associate billing 1,950 hours or more a year is eligible for a $5,000-$25,000 bonus, depending on seniority.

"We've always committed to employing high-quality attorneys, and we've always paid market rates," said the firm's Chief Operating Officer Paul Feasby.

02-27-2006

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Vinson & Elkins announces strong revenues for 2005

Major Texas firm Vinson & Elkins posted strong earnings for the last fiscal year. Breaking the one million dollar mark, Vinson's average profits per partner jumped 20% from $895,000 in 2004 to $1.07 million in 2005. The Houston-based firm also declared a gross revenue of $510 million-a 12% increase from 2004.

The firm suffered losses in recent years due to the 2001 collapse of one of its largest clients, Enron Corp. Consequently, its performance last year is significant. Vinson also launched an office in Shanghai last April, its third office in Asia.

Baker Botts, another leading Texas firm, also disclosed end-of-year figures for 2005, reflecting an increase of 4% and partner profits touching $905,000. The results represent a leveling off for the firm, which last year saw a 7% rise in profits.

02-27-2006

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Vinson & Elkins announces strong revenues for 2005

Major Texas firm Vinson & Elkins posted strong earnings for the last fiscal year. Breaking the one million dollar mark, Vinson's average profits per partner jumped 20% from $895,000 in 2004 to $1.07 million in 2005. The Houston-based firm also declared a gross revenue of $510 million-a 12% increase from 2004.

The firm suffered losses in recent years due to the 2001 collapse of one of its largest clients, Enron Corp. Consequently, its performance last year is significant. Vinson also launched an office in Shanghai last April, its third office in Asia.

Baker Botts, another leading Texas firm, also disclosed end-of-year figures for 2005, reflecting an increase of 4% and partner profits touching $905,000. The results represent a leveling off for the firm, which last year saw a 7% rise in profits.

02-27-2006

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More students to spend summer with leading law firms this year

Some of the largest national law firms are increasing the number of available summer associate positions this year. For this summer, Latham & Watkins has hired 276 law students, an increase of 28% from the firm’s 2004 total of 216 summer associates. Skadden, Arps, Slate, Meagher & Flom has recruited 216 law students, a 17% increase from 2005, when the firm brought in 184 students. Morrison & Foerster will add 109 positions to their summer associate program for 2006, 15% more than last year’s roster of 95 students.

Also adding a handful of summer associate positions is DLA Piper Rudnick Gray Cary, which will greet 100 students, up from 92 in 2004. Greenberg Traurig is boosting its summer associate ranks to 75 law students, an increase from last year’s class of 67. Morgan, Lewis & Bockius has announced 94 summer associate positions this year, an increase from last year’s 80 students. Meanwhile, 65 summer associates will work at the New York office of White & Case, compared to 59 in 2005.

The increase in summer associate positions comes in the wake of recent gains in gross revenues at the nation’s 100 most profitable law firms. While these firms have raised pay for first-year associates in recent weeks, they are still evaluating increase in pay for summer associates.

02-24-2006

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