If a Biglaw firm wants to stay competitive in a white-hot lateral associate market, they’re going to have to step up and pay like the top of the market. So, it isn’t surprising that O’Melveny, a firm that took in $835,097,000 in gross revenue in 2020 — making it 54th on the Am Law 100 — has decided to raise salaries.

According to the voicemail associates received last night, O’Melveny is doing a full match of the prevailing market rate as set by the combination of Milbank and Davis Polk.

For those who have not yet memorized the scale, this is the new compensation grid at OMM (and a whole bunch of other firms):

Class of 2021 $215,000
Class of 2020 $225,000
Class of 2019 $250,000
Class of 2018 $293,500
Class of 2017 $335,000
Class of 2016 $360,500
Class of 2015 $381,000
Class of 2014 $396,500

And like many of their peer firms, the raises will be retroactive to January 1 and paid on March 15th.

*** Wondering if the grass is greener on the in-house side? Click here for a look inside the black box of corporate counsel pay in our 2021 In-House Compensation Report. ***

Remember everyone, we depend on your tips to stay on top of important bonus updates, so when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.

And if you’d like to sign up for ATL’s Bonus Alerts (which is the alert list we also use for salary announcements), please scroll down and enter your email address in the box below this post. If you previously signed up for the bonus alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each bonus announcement that we publish. Thanks for all of your help!


Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).

 





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here