var googletag = googletag || {}; googletag.cmd = googletag.cmd || []; googletag.cmd.push(function() { googletag.pubads().disableInitialLoad(); });
device = device.default;
//this function refreshes [adhesion] ad slot every 60 second and makes prebid bid on it every 60 seconds // Set timer to refresh slot every 60 seconds function setIntervalMobile() { if (!device.mobile()) return if (adhesion) setInterval(function(){ googletag.pubads().refresh([adhesion]); }, 60000); } if(device.desktop()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [728, 90], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.tablet()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } else if(device.mobile()) { googletag.cmd.push(function() { leaderboard_top = googletag.defineSlot('/22018898626/LC_Article_detail_page', [320, 50], 'div-gpt-ad-1591620860846-0').setTargeting('pos', ['1']).setTargeting('div_id', ['leaderboard_top']).addService(googletag.pubads()); googletag.pubads().collapseEmptyDivs(); googletag.enableServices(); }); } googletag.cmd.push(function() { // Enable lazy loading with... googletag.pubads().enableLazyLoad({ // Fetch slots within 5 viewports. // fetchMarginPercent: 500, fetchMarginPercent: 100, // Render slots within 2 viewports. // renderMarginPercent: 200, renderMarginPercent: 100, // Double the above values on mobile, where viewports are smaller // and users tend to scroll faster. mobileScaling: 2.0 }); });
Download App | FOLLOW US ON SOCIAL MEDIA
 Upload Your Resume   Employers / Post Jobs 

Legal Giants Navigate Shifting Tides: Paul Weiss and Baker McKenzie Announce Strategic Salary Adjustments

published November 30, 2023

By Author - LawCrossing
Published By
( 5 votes, average: 3.6 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
Legal Giants Navigate Shifting Tides

In an apparent response to the dynamic currents of the legal market, Paul Weiss and Baker McKenzie have made waves by announcing substantial increases in associate compensation. This development, mirroring the actions of four other major players this month, reflects a heightened sensitivity to market dynamics and a heightened competition for top-tier legal talent.
 

 Paul Weiss Raises the Bar: A Holistic Approach to Compensation
 
Under the leadership of Chairman Brad Karp, Paul Weiss has undertaken a significant restructuring of its associate compensation framework. The newly established salary range for the firm's most senior associates now reaches an impressive pinnacle of $435,000. Simultaneously, associates can look forward to year-end bonuses totaling $115,000, perfectly aligning with the recently revised scale introduced by Cravath.
 
 A Gesture of Generosity: Anticipating Discretionary Bonuses
 
In a move that adds an extra layer of generosity, a confidential memo obtained by Bloomberg Law discloses that confident Paul Weiss attorneys will receive an additional discretionary bonus in early 2024. This supplemental bonus, separate from the standard year-end bonuses, stands as a token of acknowledgment for these legal professionals' exceptional contributions and unwavering dedication.
 
 Baker McKenzie Follows the Lead: Conforming to Cravath's Scale
 
Following Paul Weiss's footsteps, international law firm Baker McKenzie has raised the stakes for its associates. In adherence to Cravath's updated scale, associates at Baker McKenzie will witness a corresponding salary adjustment based on their seniority within the firm. Additionally, some associates may find themselves recipients of an extra discretionary bonus, as outlined in a memo circulated by Above The Law.
 
 Timing is Crucial: Bonus Payout Schedules Unveiled
 
As the calendar year approaches, associates at Paul Weiss can anticipate a welcome financial injection perfectly timed for the holiday season. All bonuses will be disbursed on December 22, promising a festive boost for associates and their families. Simultaneously, associates at Baker McKenzie will witness their bonuses deposited into their accounts on February 9, ushering in a promising start to the new year.
 
 In Conclusion: A Dynamic Evolution in the Legal Landscape
 
The strategic moves by Paul Weiss and Baker McKenzie underscore the continuous evolution of the legal landscape, where premier firms vie not only for high-profile cases but also for the brightest legal minds. Positioned as the fifth major law firm to adapt its compensation structure this month, Paul Weiss is a testament to a commitment to remaining at the forefront of industry standards. This shift signals a broader transformation in how legal talent is perceived, valued, and retained in today's competitive market.

published November 30, 2023

By Author - LawCrossing
( 5 votes, average: 3.6 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

Related