The legal industry is ending 2023 on a high note, with more law firms announcing raises for their associate attorneys. Among them, Goodwin Procter, a colossal firm, boasted 1,633 attorneys and $2,211,469,000 in gross revenue last year. This recent phenomenon of firms increasing associate salaries was set in motion last month through a domino effect beginning with Milbank and Cravath. Now, other Biglaw heavyweights, such as Goodwin Procter, are moving in a similar direction, going head to head in terms of remuneration schemes for their hardworking lawyers. The full story can be found on Above the Law.
The revised compensation structure at Goodwin Procter includes not only considerably high base salaries class-wise, but also attractive bonus structures. The revised base salaries for the year 2023 start at $225,000 and climb to $435,000 for those with associate experience from 2016 and before. The respective performance-based bonus payouts occur in addition to these generous salaries, commencing from $20,000, to a substantial $115,000 for associates from 2016 and earlier.
- 2023 – $225,000 base salary, $20,000 bonus
- 2022 – $235,000 base salary, $30,000 bonus
- 2021 – $260,000 base salary, $57,500 bonus
- 2020 – $310,000 base salary, $75,000 bonus
- 2019 – $365,000 base salary, $90,000 bonus
- 2018 – $390,000 base salary, $105,000 bonus
- 2017 – $420,000 base salary, $115,000 bonus
- 2016 and before – $435,000 base salary, $115,000 bonus
These pay rises will take effect from the start of January 2024. It should also be noted that bonuses are dependent on associates billing 1,950 hours, and their ratings can adjust these bonuses upwards or downwards. For example, associates who reported ARC hours significantly higher than 1,950 or those in their fourth year or above who received a Distinctive rating will receive bonuses above these class amounts. Conversely, those receiving Below Frameworks rating won’t be eligible for the bonus.
As the legal industry continues to rally and firms continue to share their financial blessings with associates, consumers of legal news are advised to stay connected and up-to-date. After all, it’s these hardworking associates who form the backbone of the top-tier law firms, and they deserve to be recompensed well for their unwavering dedication and performance.