Top 15 Biglaw Firm Announces Big Bucks For Hardworking Associates
It's a good win for associates at this Biglaw firm.
Biglaw isn’t done handing out raises and bonuses to associates! The end of 2023 is nearly upon us and firms are eager to share their good financial news with associates.
Goodwin Procter, a behemoth of a firm with 1,633 attorneys and $2,211,469,000 in gross revenue last year, is signing off on the latest set of Biglaw raises. The standard was established last month by the combination of Milbank and Cravath. Now the top of the Biglaw is clamoring to show they can keep up and pay the big buck to associates.
The following is the compensation grid at the firm:
| Salary Class | Base Salary |
| 2023 | $225,000 |
| 2022 | $235,000 |
| 2021 | $260,000 |
| 2020 | $310,000 |
| 2019 | $365,000 |
| 2018 | $390,000 |
| 2017 | $420,000 |
| 2016+ | $435,000 |
These raises are effective January 1. The firm also announced bonuses that match the prevailing market rate.
| Salary Class | Bonus |
| 2022 | $20,000 |
| 2021 | $30,000 |
| 2020 | $57,500 |
| 2019 | $75,000 |
| 2018 | $90,000 |
| 2017 | $105,000 |
| 2016+ | $115,000 |
Bonuses are based on associates billing 1,950 hours. Plus associate ratings can dial those bonuses up or down based on the below:
Associates who recorded ARC hours materially higher than 1,950 hours and/or associates in their fourth year or above who received a Distinctive rating will receive bonuses above these class amounts. Associates in the 2020, 2021, and 2022 class years who met the 1,950 ARC hours threshold will receive the class bonus amount unless they are performing below frameworks; associates receiving a Below Frameworks rating are not bonus eligible. Bonuses will be subject to proration based on our standard practice for flex time schedules, hire date, and approved leaves of absence.
You can read the full memo on the next page.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
