Guess law firms are hoping that throwing more money at associates will encourage them to stay (until they're up for partner, of course). This just in: Simpson Thatcher in NYC has broken from the pack and raised salaries...announced this afternoon. See email below.
> The Firm has been very busy and we expect the high level of
> activity to
> continue. We are proud of the results we are helping our
> clients achieve.
>
>
> We believe we have the finest legal team of any global law firm. In
> appreciation of your efforts, we are pleased to increase
> associate base
> salaries as follows, effective January 1, 2007:
>
>
> Class of 2006 - $160,000
>
>
> Class of 2005 - $170,000
>
>
> Class of 2004 - $185,000
>
>
> Class of 2003 - $210,000
>
>
> Class of 2002 - $230,000
>
>
> Class of 2001 - $250,000
>
>
> Class of 2000 - $265,000
>
>
> Class of 1999 - $280,000
>
>
> Class of 1998 - $290,000
>
>
> We are also raising the base salary for the members of the
> Class of 2007,
> who will arrive in the fall, to $160,000.
>
>
> Counsel and classes senior to 1998 will be addressed on an individual
> basis.
>
>
> Again, on behalf of the Firm, thank you for your commitment
> and hard work.
>
>
> January 22, 2007
>
>
> Pete Ruegger