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Kaye Scholer is cutting first year associate salaries to $145k, but unlike many other firms they aren’t doing it under the guise of abandoning lockstep compensation. Additionally, any associate that hits their billable hour target by December will be getting a bonus that should bring them back to or above $160k. In the meantime, associates that hit 1800 hours last year will be getting their lockstep raises, and Kaye Scholer has announced bonuses ranging from $20k to $40k for 2009.
In order to qualify for the 2009 bonus, associates must have billed 2200 hours (for $20k) and 2400 hours (for $40k), but the interesting kicker is that all classes are receiving the same bonus, providing they hit the targeted number of hours. For junior associates that made the goal, this is an above market bonus, although it’s a bit light for senior associates in the 2200 hour category.
Kaye Scholer was founded in 1917 by Benjamin Kaye and Jacob Scholer. The firm has more than 500 attorneys in eight offices located in New York, Chicago, Frankfurt, London, Los Angeles, Shanghai, Washington DC, and West Palm Beach.
