Three Texas law firms added their names to the growing list of corporate law practices that are increasing associate compensation and handing out big year-end bonuses.
In an email to associates Friday at 10:46 a.m., Baker Botts managing partner Danny David that the Houston-based firm would match salaries increases for its associates with first-year lawyers now making $225,000 annually – a pay hike of $10,000 – and eighth-year associates now pocketing $435,000.
The Baker Botts memo also states that associate bonuses will range from $20,000 for second-year lawyers to $115,000 for lawyers in their eighth year.
Akin, Gump, Strauss, Hauer & Feld, in an email to its lawyers late Thursday, said the firm’s associates would receive the same pay increases and bonuses as the other firms.
In addition, officials at Yetter Coleman confirmed Friday that the Houston litigation boutique is also matching the Cravath salary raises and bonuses for its associates. It is the first litigation boutique to do so in Texas.
Cravath kicked off the compensation hike season on Tuesday when it announced its salary increases and bonuses. Houston-based Vinson & Elkins became the first Texas-headquartered firm to match the Cravath pay scale. Norton Rose Fulbright, which has its largest U.S. office in Houston, followed with an announcement it matched the Cravath salary and bonus schedule.
By the close of business Thursday, several other law firms operating in Texas, including Sidley, Kirkland and McDermott, had informed its associates that they were joining the lawyer gravy train.