The number of large corporate Texas law firms increasing compensation for their associates continues to grow.
Three firms – Bracewell, Haynes and Boone and Yetter Coleman – have either just agreed to boost salaries for associates or are expected to announce such plans within the next week.
Ten Texas-based business law firms – including Akin Gump; Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing; Baker Botts; Susman Godfrey; Thompson & Knight; and Vinson & Elkins – increased compensation for associates during the past six weeks.
The new pay scale for associates is likely to cost law firms anywhere from $500,000 annually for mid-sized boutiques to $5 million for the large full-service law firms.
More than a dozen national law firms operating in Texas – including Gibson Dunn, Kirkland, Latham, Sidley, Weil and Winston & Strawn – also raised associate pay last month after New York-based Cravath announced it boosted pay for first year associates to $190,000 with a guaranteed $5,000 bonus. Eighth year associates will be paid $340,000, not including bonuses.
“We have amazing associates who work hard and shoulder a great deal of responsibility,” says Yetter Coleman partner Collin Cox of Houston. “So we always have paid them well, to make sure we attract and keep the best talent. Matching the new national pay scale reflects our commitment to them, as our young colleagues, and to our clients, who hire us to get the brightest lawyers on their cases.”