Comp News – WilmerHale has joined a long line of elite law firms raising their compensation scale for new associates.
WlimerHale currently ranks at #29 in the AM Law 100, making it a force in its industry. 1st-year associates will now start their salary at $202,500. 6th-year associates will begin at $330,000 and 2nd-year and above counsel will be on track to meet $365,000.
The increase comes only a day after Cravath, Swaine & Moore, another elite law firm, updated their compensation scale for new associates. Other law firms that have raised their compensation through scale increases or bonus pay include Womble Bond Dickerson, Ashurt, and Holland & Knight. While most of these increases are welcomed with open arms, others, such as the Covington spring bonuses, were met with mixed reception.
2021 has been an incredibly competitive year for elite law firms, with many offering higher compensation packages to counter associate burnout that has resulted from a challenging year of providing counsel during the COVID-19 pandemic.
Many of these law firms who have increased their bonus pay structures have done so by unprecedented margins. Some firms expect to hand out more than $164,000 in bonuses to individual associates this year.
All in all, it seems like a lucrative year to be a junior associate at a Biglaw firm!
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