Boutique firms are demonstrating their ability to compete with Biglaw in compensation. The latest to step up is Glenn Agre Bergman & Fuentes, a newly established litigation firm. Driven by a strong desire to acquire top-tier talent, the firm is promising to reward its hardworking lawyers handsomely.
Beginning January 1, 2024, the firm will leverage the Cravath scale for its associate salary and compensation adjustments. Here are the salary expectations:
- 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
Furthermore, the boutique firm intends to mirror the Cravath bonus structure, with year-end bonuses expected as follows:
- Class of 2023 – $15,000
- 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
But the firm’s commitment to rewarding its associates doesn’t stop there. A “premium” component based on “extraordinary dedication and/or performance” will be added to these bonuses.
Note: Please do feel free to share if your firm has made any bonus or pay adjustments via email tips@abovethelaw.com. Memos are welcomed – you can opt to send a photo of the memo rather than the original PDF or Word file.
In summary, mergers and acquisitions are reshaping the landscape by encouraging boutique firms to compete with international players in Biglaw. Congratulations to the professionals at Glenn Agre for embracing this change to the typical compensation model. For more details, check out the original article here.