As the new year begins, we’re still hearing about law firms that increased associate salaries just before 2023 ended. One such law firm is King & Spalding, which chose to fill its associates’ holiday stockings by implementing salary increases. A major player amongst Big Law firms, King & Spalding grossed $2,020,354,000 in 2022 landing it at No. 17 in the most recent Am Law 100.
Choosing to use the Cravath scale for its salary increases, these are the salaries associates at the firm will be looking forward to, effective January 1:
- 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 and beyond — $420,000
The updated associate salaries will be reflecting in the company’s internal HR system on January 4. Associates can expect to hear about bonuses ‘soon’ according to sources within the firm. King & Spalding offers added compensation for every 100 hours billed over the firm’s minimum hours target of 1950. This, combined with the new salary structure, indicates that partner-track associates at the firm can anticipate a significant income.
Kudos to everyone at King & Spalding for this positive start to the new year. Such competitive remuneration can serve as a motivation for employees, fostering a culture of hard work and commitment. This move comes as a part of several firms that have increased their associate salaries as we transitioned into 2023, exemplifying how law firms are acknowledging the value of their associate staff.
Compensation updates are important for maintaining transparency within the industry, so any announcements or matches from other firms are encouraged to be shared. This enables all legal professionals a better grasp of their market worth and facilitates an environment of fair play and competition.
As always, it was a pleasure to provide insights on these progressive changes to our readers and we look forward to keeping you updated with the latest legal news.
For more details, see the report on the Above the Law page.