In a welcome move, DLA Piper, ranked as number 3 by Am Law with a revenue of $3,685,205,000 last year, has announced that they will be matching the market with salary increases and bonuses. The new pay structure will be effective from January 1, with salary payments being reflected in the January 26th paycheck. The firm’s memo details the new salaries for each class, starting from the class of 2023 at $225K to the class of 2016 and above at $435K.
The firm has also outlined the new bonus policies for each class. Each class from 2023 to 2016 and above will receive bonuses starting at $15K (pro-rated) to a maximum of $115K. The firm has taken into consideration factors like billing and performance rating in determining these bonuses. Further, the memo indicates some associates will be awarded bonuses that are 50 percent or more, based on hours.
These increases are undoubtedly welcomed by associates working in this top law firm. It is also commendable that the firm is putting these changes into action without any delay and matching salaries and bonuses in line with the market rate. This move follows a time where firms are increasingly feeling the pressure to retain their top talent amid a competitive legal labor market.
DLA Piper, like many other law firms, recognizes the importance of adequate remuneration in maintaining the morale and motivation of their associates. By rewarding their staff with salary increases and substantial bonuses, these firms acknowledge the significant role each associate plays in the success and growth of the firm.