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More Calif. Firms Follow Orrick's Move to $160K Associate Pay
The dominoes are falling in the latest round of associate salary increases. O'Melveny & Myers and Morrison & Foerster have announced that they'll follow Orrick, Herrington & Sutcliffe's lead and raise pay for California first-years to $160,000. As to whether smaller law firms will do likewise and face up to higher salary costs, one recruiter said, "It puts more pressure on the midsized California firms. This is just another chink in the armor that makes the divide more and more apparent."Judge Finds Little Confusion In Companies Sharing Name
Cooley, Fenwick, DLA, Sheppard Lift Pay
First-years pocket a cool $10,000 each as large and not-so-large California law firms scramble to make sure they're not left behind in the associate salary war.Justices Ponder Heavy Patent Docket
When the U.S. Supreme Court heard arguments in a David vs. Goliath battle over printer ink, the justices sat not only at the intersection of patent and antitrust law but in the middle of their heaviest patent docket in 40 years. So what's happened to awaken the sleeping giant of appellate review? A constellation of factors, according to scholars and litigators, not the least of which is unhappiness with the U.S. Court of Appeals for the Federal Circuit.Associate Salary War Moves to Midwest
The associate salary war has spread from the coasts to the middle of the United States, with law firms boosting starting pay to stay competitive in a market where demand is mounting and the supply of top-notch first-years is waning. Though Midwest law firms aren't matching the $135,000-plus salaries of the big firms on the East and West coasts, some, such as Denver-based Holme Roberts & Owen, are raising salaries by 17 percent, to $105,000, to stay competitive with national firms with local outposts.Sullivan & Cromwell Opens Bonus Season for Associates
Sullivan & Cromwell has kicked off the year-end bonus season by announcing additional compensation starting at $30,000 for first-year associates and ranging up to $50,000 for senior associates. The bonuses are unchanged from last year, a fact likely to disappoint many associates, especially since bonuses for investment bankers are expected to rise considerably this year. It remains possible other firms will pay higher bonuses, forcing Sullivan & Cromwell to pay a matching supplement.Ways To Compete Against the Goliaths
By thinking creatively � and sometimes even counterintuitively � midsize firms can achieve strong profitability, attract and retain top talent, and still preserve their cherished independence. In fact, four strategies can help small and midsize firms distinguish themselves as attractive alternatives to the megafirms.Most Calif. Firms Still Not Matching N.Y. Associates' Pay
More California-based firms are opting for a segmented associate salary scale, hiking pay to $160,000 in New York offices but implementing a $145,000 scale on the West Coast. But a move from another large firm could be enough to force firms that have raised to less than $160,000 to go the rest of the way, says recruiter Avis Caravello. "Let's say Latham goes to 160 -- there's no way O'Melveny or Gibson will stand by and let it happen," she says. "All you need is for one big California firm to do it."Wall Street Severance Pay Shrinks
Analyst Jack Grubman left Salomon Smith Barney with a $32 million severance package -- the most glittering of golden parachutes. Unlike Grubman, however, most Wall Streeters are facing the era of the incredible shrinking severance package. It's been such a tough year on the Street that not only do banks not have the money to pay people, but they also barely have the money to fire them.Trending Stories
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