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The countdown to the end of the year has begun and that means ‘tis the damn season for compensation news! When Milbank raised salaries last month, then Cravath came over the top for midlevel and senior associates, it sparked a flood of firms matching those new compensation numbers.
The latest firm to get on the money train is Foley & Lardner. The firm made over a billion dollars in gross revenue last year — $1,080,332,000, to be precise — and they’re going to share that largesse with associates.
The new compensation grid at the firm is as follows — effective on February 1st:
The firm has maintained its tradition of paying 2nd years slightly more than the industry average — the Class of 2022 will actually earn $5,000 more at Foley than at Milbank. However, the grid ends at the $420,000/class of 2017 line, where as several firms have placed an extra class or two on the grid.
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 or Mastodon @Kathryn1@mastodon.social.
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