Dallas-based Haynes and Boone on Tuesday joined the chorus of law firms operating in Texas raising annual salaries for associates.
The firm, which reported $305 million in Texas revenues in 2020 according to The Texas Lawbook 50, confirmed that they are matching the Davis Polk pay scale for associates starting July 1.
Haynes and Boone follows a slew of other corporate law firms – Akin Gump, Arnold & Porter, Baker Botts, Gibson Dunn, Hogan Lovells, Hunton Andrews Kurth, Kirkland & Ellis, Latham & Watkins, McKool Smith, Norton Rose Fulbright, Shearman & Sterling, Sidley, Simpson Thacher, Skadden Arps, Quinn Emanuel, Vinson & Elkins, Weil and White & Case – that will bump annual base compensation for first year associates 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.