Biglaw Salary Hike: Not All Offices Are Created Equal
Talk about a gut punch, but at least you can't accuse the firm of being opaque about its compensation decisions.
The text of Covington’s email is below:
We are aware of the recent announcement by several New York-based firms that they are increasing their associate salary scale. At this point, our view is that this increase in New York salaries does not reflect the prevailing market in Washington or other cities outside New York. Traditionally, associate salaries in New York have been somewhat higher than in other markers around the country. With the recent increase in associate bonuses to match New York levels (which we announced earlier this year), we see this recent move by some New York firms as reinstating the modest differential that we’ve traditionally seen in New York vis-à-vis other markets around the country. To some extent, this may reflect cost-pf-living differences, and it may also reflect a slight premium for working in highly leveraged firms with quite limited partnership and promotion opportunities. At this stage, we are not planning to increase associate salaries in any market outside New York, though of course we will continue to study these issues carefully.
Earlier: NY To $180K, The Bad News — Who Won’t Be Matching?
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