The compensation wave continues to roll through big law firms. With the latest announcement from Mayer Brown, ranked 12th in the nation, associates are set to notch up sizeable raises and bonuses. The firm’s willingness to spread its $1.858 billion gross revenue from 2022 among its hard-working legal minds isn’t surprising, considering its notable stature in the legal industry.
In this generous move, Mayer Brown has shared the grid for the New York office, laying out clearly how these new increments will be implemented. However, information for the firm’s other U.S. offices, including their flagship office in Chicago, remains forthcoming.
Considering the firm’s past records, these other locations have usually seen benefits as consistent, if not better, than their New York counterparts, raising optimistic speculation that the pleasant surprise won’t leave them out in the cold.
While the full memo detailing these raised compensation figures is still awaited, this announcement marks a continued trend among major law firms in the US to reward their associates generously. This inevitably raises the bar for other firms in the market to follow suit, especially in a climate where retaining top legal talent is critical to staying competitive.
This information was first reported by Above the Law, keeping their readers updated with legal industry changes as they happen.