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Let’s start with the easy part. Associates in the New York office of Pillsbury are having their salaries restored to the level they would have been at had they never been frozen in the first place, so long as they met their billable hour target of 1,755 hours. Associates that missed their target are still getting a raise, but are only being bumped up one level.
Outside of New York, associates are also getting raises but based on a new compensation model that has base pay set lower. For example, first year associates in California will have a base pay of $145k instead of New York’s $160k. This isn’t terribly uncommon and we’re still on familiar ground here. Associates in DC, Virgina and California (but not Sacramento) who hit their billable hour target for the year will get an extra bonus bringing them up to the New York base pay level. Seems reasonable. All other US associates are stuck with their lower salaries.
Salaries for Asia have not yet been set and the firm says it’s working on it.
Things get a bit more complicated for bonuses. Once again, New York associates have a clear bonus plan that matches the Cravath scale. Outside of New York, associate bonuses are tiered based on some combination of billable hours and merit, and will either be less than the Cravath scale (for the somewhat meritorious) or at the Cravath scale (if you’ve been very very good this year).
