Three corporate law firms operating in Texas – Baker Botts, Gibson, Dunn & Crutcher and Simpson Thacher – have joined more than a half-dozen other firms that are increasing the amount they pay associates.
Over the past week, Akin Gump, Vinson & Elkins, Norton Rose Fulbright and Skadden Arps have hiked pay for its non-partner level attorneys. More are expected to follow.
Under the new compensation schedule, first-year lawyers will see their annual pay go from $190,000 to $202,500 starting July 1. Eighth-year associates will now make $365,000.
If you add the special bonuses that these same law firms announced earlier this year and the traditional year-end bonuses they receive, senior associates will see their total compensation packages climb above $500,000 in 2021.
The Texas Lawbook will provide additional details as they become available.