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Winston & Strawn froze salaries last year and now it appears that the freeze is still on. Associates received emails today regarding their compensation and across the board, they are still the same as they were two years ago. Third year associates are still making $160k.
This might seem like a way to increase business at the firm – pay associates less so the firm can advertise lower rates for its clients, but that isn’t the case. Hourly rates for the associates’ time have gone up.
Meanwhile, fellow Chicago denizen Sidley Austin has continued to pay its associates at 2008 levels as well, while they evaluate the market. Is it any surprise that the National Law Journal says the market for Chicago laterals is picking up?
UPDATE: Sidley has just announced a salary thaw and raise. Read about it here.
