Ropes & Gray, a prestigious law firm known for its strong profits and generous compensation packages, has announced significant salary boosts and bonus payouts for its associates, especially for those with more than five years of experience within the firm.
With a gross revenue of $2.71 billion in 2022, placing the firm 10th in the most recent Am Law 100 ranking, Ropes & Gray’s financial capabilities are not to be underestimated. Unlike some firms which have been shedding super-senior associates from their compensation grid entirely, Ropes is taking steps to reward this class of associates with escalated salaries and bonuses.
Here is the break-down of the planned raises effective from January 1, 2024:
- Class of 2023 – $225,000
- Class of 2022 – $235,000
- Class of 2021 – $260,000
- Class of 2020 – $310,000
- Class of 2019 – $365,000
- Class of 2018 – $390,000
- Class of 2017 – $420,000
- Class of 2016 – $435,000
- Class of 2015+ – $445,000
This will be accompanied by attractive year-end bonuses, scheduled to be paid on December 22:
- Class of 2023 – $15,000 (pro-rated)
- Class of 2022 – $20,000
- Class of 2021 – $30,000
- Class of 2020 – $57,500
- Class of 2019 – $75,000
- Class of 2018 – $90,000
- Class of 2017 – $105,000
- Class of 2016 – $115,000
- Class of 2015+ – $130,000
While a few firms have included ninth-years and more senior associates in their lockstep salary pool (i.e., Proskauer; Sidley), Ropes is the first to notably offer a higher bonus payout to these super-seniors. At a bonus rate of $130,000, Ropes & Gray now leads the Biglaw pack for the industry’s most seasoned associates.
There’s more to cheer about. Associates whose annual creditable hours surpass the firm’s 1900-hour requirement will receive supplementary bonus money, which is good news for all of the firm’s diligent associates who have logged long hours this year.
Click here for more details about this generous move by Ropes & Gray.