For the most profitable and biggest in Biglaw it is only a matter of time until they raise associate salaries. Once Cravath showed their hand earlier this week, if you want to recruit and retain elite legal talent, you have to respond to the new market standard on compensation.
With $2,150,365,000 in gross revenue last year making it #15 on the Am Law 100 ranking, Simpson Thacher is definitely elite. And now they’re paying associates like it.
New compensation grid at Simpson is as follows, effective January 1:
| Class Year | 2024 Annual Salary |
| Class of 2023 | $225,000 |
| Class of 2022 | $235,000 |
| Class of 2021 | $260,000 |
| Class of 2020 | $310,000 |
| Class of 2019 | $365,000 |
| Class of 2018 | $390,000 |
| Class of 2017 | $420,000 |
| Class of 2016 | $435,000 |
Plus bonuses news, also up to the market standard.
| Class Year | Year-End Bonus |
| Class of 2023 | $15,000 (prorated) |
| Class of 2022 | $20,000 |
| Class of 2021 | $30,000 |
| Class of 2020 | $57,500 |
| Class of 2019 | $75,000 |
| Class of 2018 | $90,000 |
| Class of 2017 | $105,000 |
| Class of 2016 | $115,000 |
Bonuses will be paid on December 29th.
You can read the full memo on the next page.
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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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