Amidst the salary competitions amongst Biglaw, an unexpected contender has surfaced. Choate Hall, a single-office firm, has become the latest to join the trend of increasing associate compensation, demonstrating that it’s not just the biggest players who are ready to compete on remuneration.
Choate Hall may fall into the second hundred of the Am Law ranking with $311,956,000 gross revenue last year, but the firm retains an admirable profits per equity partner figure, exceeding $3 million. This proves sufficient for them to adapt to the sweeping salary increases across Biglaw. The firm recently made an announcement, informing associates of impending raises in the coming year. According to Above the Law, the full memo detailing the new compensation scale at the firm is available for review.
These salary increases amongst smaller firms bring a new dynamic to the legal profession, emphasizing that financial success and competitiveness isn’t only a quality of the biggest law firms. It is critically important to keep abreast of such updates, as they have wide implications for the legal industry. To assist, Above the Law offers Bonus Alerts as well as immediate email notifications for new bonus announcements.
This salary adjustment by Choate Hall gives breath to the belief that not only Biglaw firms hold the key to financial success in the legal field. It will be interesting to see if other comparably sized firms follow suit in the near future or whether the salary hike remains a game for the Biglaw players.