Boutique law firms have emerged convincingly in the compensation race, competing head-to-head against their Biglaw counterparts. Showcasing their ability to play robustly in this space, these firms have repeatedly demonstrated their commitment to their associates by offering impressive salaries, often surpassing those that are made available within the Biglaw market. A prime example of this trend is Massumi + Consoli LLP, a firm based in Los Angeles with a strong focus on private equity and M&A deals.
Massumi + Consoli LLP recently rolled out significant raises for their associates. The firm is yet to announce its year-end bonuses, however, it is known to run a Growth Participation Program allowing associates to participate in a “phantom equity” arrangement, amplifying their remuneration. The firm’s revised salary grid, which will apply from January 1, 2024, to all its associates is as follows:
- Class Year 1 – $225,000
- Class Year 2 – $235,000
- Class Year 3 – $260,000
- Class Year 4 – $310,000
- Class Year 5 – $365,000
- Class Year 6 – $390,000
This is no small feat for a firm like Massumi + Consoli LLP, proving that boutique firms can indeed compete on a level playing field with major players in the industry when it comes to providing lucrative packages to their associates. All employees at MCLLP deserve congratulations on their firm’s commitment to ensuring they benefit from its success.
As the compensation landscape continues to evolve, it’s crucial to stay updated on such changes and announcements. The legal community appreciates the sharing of any updates from firms as these play an integral part in monitoring trends and fluctuations in compensation.
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