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Will U.S. salary hikes cross the ocean?

Though major U.S. firms are increasing the number of attorneys in foreign offices, the salaries abroad lag behind.

Top U.S. firms in Munich are offering first-year associates 60,000 to 65,000 euros ($75,000) on average. Starting pay for major U.S. firms in London averages £50,000 ($88,000). American lawyers working overseas, however, often receive an “ex-pat package,” which include housing facilities and cost-of-living adjustments if applicable. Eastern Europe is considered a developing market, and consequently, lawyers there are paid significantly less.

Experts forecast that the effect of the associate salary wars in America will have little effect on European firms. It is believed that higher salaries alone will not lure native European attorneys to European branches of American firms.

02-13-2006

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New pay scale for Chicago-based Foley & Lardner

Chicago-based Foley & Lardner has unveiled a one-scale salary model for their offices across the U.S. According to Chairman Ralf Böer, as more and more attorneys practice on national matters, the pay rates dictated by the home office will become redundant. As he puts it, “The more we succeed in integrating, the more the reason for salary differences, based on some markets having lower hourly rates, disappears over time.”

The firm, ranked as one of the top 25 “go-to” law firms for Fortune 250 companies by the National Law Journal, will be paying $135,000 in major markets and $115,000 in smaller markets.

02-10-2006

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Location dictates associate raises

The recent wave of associate salary increases have widened the gap between the big cities, such as New York and Los Angeles, and smaller markets, including Philadelphia, Atlanta, or Miami.

Some large firms, however, such as Gibson, Dunn & Crutcher and Morrison & Foerster are following the “one-scale” model. Gibson Dunn pays $135,000 to new associates even in secondary markets like Denver and Dallas. Chairman Keith Wetmore of Morrison & Foerster said that there may be a case for paying less in smaller markets; but it could generate uneasiness in instances when associates in smaller offices collaborate on cases with associates in the larger offices.

Gibson Dunn, with a presence mostly in larger markets, argues that it becomes necessary to raise salaries countrywide as practices become integrated across markets. On the other hand, Foley & Lardner Chairman Ralf Böer points out that the overall economics and billing structures are not as robust in secondary markets. Paul Hastings Chairman Seth Zachary believes that other firms can afford to pay less in second-tier markets since there is enough talent to meet the demand.

While a predominance of firms are still evaluating market trends and conducting cost-of-living analyses, experts predict that a flat national salary may be a possibility but not in the immediate future.

02-10-2006

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Womble Carlyle Sandridge & Rice revamps associate salaries

Raleigh-based Womble Carlyle Sandridge & Rice has increased associate salaries in its Carolina and Georgia offices. While first-year associates in North Carolina and Georgia will receive a $15,000 per year raise, those in South Carolina will earn only $5,000 more per year.

Womble Carlyle has 80 lawyers in Charlotte and nearly 500 lawyers in the Carolinas, Georgia, Virginia and Washington, DC. Womble’s managing partner Keith Vaughan says the firm is “very fortunate to have highly talented associates at Womble Carlyle,” and that they “will do what is necessary to reward and retain them with salaries and benefits in keeping with the markets in which we live and work.”

Associates in the firm’s North Carolina and Georgia offices will now earn $115,000 per year, while South Carolina associates will receive $90,000. The Daily Judged recently reported of other major firms that raised first-year associate salaries to $115,000 in Georgia, North Carolina and South Carolina, including Charlotte-based Moore & Van Allen, Atlanta-based Alston & Bird and Columbia, SC-based Nelson Mullins Riley & Scarborough.

02-09-2006

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2006 begins with brisk lateral moves

The first month of the New Year saw attorneys switching firms, particularly in the fields of real estate, intellectual property and finance.

The most noteworthy departure is of 14 real estate finance attorneys from Decherts’ New York office to Atlanta-based Alston & Bird. In another move, four Jones Day attorneys left to open an Atlanta office for intellectual property and litigation firm Fish & Richardson. In addition, nine real estate attorneys left Akin Gump Strauss Hauer & Feld’s San Antonio office to join Drenner Stuart Wolff Metcalfe von Kreisler in Texas. Pillsbury Winthrop Shaw Pittman lost six financial services attorneys to Mayer, Brown, Rowe & Maw’s Washington and New York offices. Heller Ehrman gained eight labor & employment attorneys from New York’s Kelley Drye & Warren.

Studies have shown that lateral moves generally increase in the first weeks of a January, once bonuses for the previous year have been distributed. Legal specialists point out that most attorneys start looking for better job prospects in September or October and notify their firms by December or January. April and May are also popular times for lateral moves for those attorneys who began considering a switch in January.

02-09-2006

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More associate salary increases

Following the trend of other law firms, Heller Ehrman LLP and Howard Rice Nemerovski Canady Falk & Rabkin have raised their associate salaries.

Heller is increasing first- and second-year associate salaries by $10,000. First-year associates will earn $135,000, and second-year associates will receive $145,000. Fourth-years will make $170,000, and seventh-years will receive $210,000. Additionally, after a “listening tour” with associates, Heller has reformed their bonus program. They now award bonuses based on hours worked; the minimum requirement being 2,000 hours. Qualifying lawyers will also be eligible for merit-based bonuses.

One of the first few firms that have raised their associate salaries to the level of Los Angeles firms is Howard, Rice, Nemerovski, Canady, Falk & Rabkin. Managing director Lawrence Rabkin said, “We did it very quickly when we knew very high-quality firms had raised.”

02-08-2006

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U.K.’s magic circle still lags behind its U.S. rivals

U.K. pre-bonus associate salaries are averaging £60,000 ($71,982), lagging behind the average salaries offered by U.S. rivals.

Although London-based global law firm Clifford Chance claims its “best performers can expect a total reward well in excess of their peers at major competitors in London,” junior associates receive just £51,000 ($61,184.7) and bonuses reaching a maximum of £10,000 ($11,997).

Since last year, New York-based Shearman & Sterling has increased their bonuses by 25%. Associates at the firm’s London office can receive as much as £40,000 ($47,980) in merit-based bonuses.

Meanwhile, New York-based Sullivan & Cromwell and Milbank Tweed Hadley & McCloy award their entry-level associates with £17,000 ($20,393.2) in bonuses. Their senior associates receive up to £37,000 ($44,385.2).

“We made a decision in late November to raise bonuses roughly in line with last year,” says Sullivan partner Ben Stapleton. “But after that several other firms went beyond that by about $5,000. We wanted to stay competitive.”

San Francisco-based Morrison & Foerster reportedly awards £17,000 ($20,393.2) to £32,000 ($38,371.2) in merit-based bonuses for associates in its London office. DLA Piper Rudnick Gray Cary also offers discretionary bonuses to London associates. Partner Jeffrey Liss claims “overall bonuses awarded were 30% greater than last year and varied according to performance and productivity.”

02-08-2006

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