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Selendy Gay Elsberg, a boutique law firm, is breaking the mold in associate bonuses this year, surpassing even Big Law firms by awarding seniority-based bonuses of up to $132,250.
In a memo obtained by Bloomberg Law, firm leaders expressed their appreciation for associates’ outstanding efforts throughout the year, highlighting their “excellent, hard work on multiple, simultaneous trials” and covering for colleagues engaged in court proceedings.
Matching Cravath’s Salary Scale
Selendy Gay is revolutionizing the bonus landscape and aligning itself with Cravath, Swaine & Moore’s new salary scale, which starts at $225,000 for junior litigators. This move underscores the boutique firm’s commitment to providing competitive compensation and retaining top legal talent.
Industry-Wide Bonus Trends
This groundbreaking approach mirrors similar initiatives by rival firms, with Susman Godfrey leading the pack by offering associates bonuses reaching up to $360,000. Wilkinson Stekloff is also making waves with prizes of up to $201,250 for its senior associates. Holwell Shuster & Goldberg and Massumi + Consoli LLP, both based in New York, follow suit, as revealed in internal memos accessed by Bloomberg Law.
Strategic Hiring and Growth
Having expanded its associate count to 63, Selendy Gay embarked on a significant hiring spree in February, particularly in the junior litigator domain. Notable additions include Temidayo Aganga-Williams, formerly senior investigative counsel for the House select committee on the January 6 attack. Aganga-Williams, previously a federal prosecutor in Brooklyn, has joined the firm as a partner.
Setting the Precedent
Selendy Gay’s innovative bonus structure came after Milbank LLP became the first big law firm to announce associate bonuses earlier in the year. Cravath, Swaine & Moore outpaced Milbank’s numbers and increased salaries for its first three associate classes by $10,000. This triggered a domino effect, prompting several prominent firms, including Kirkland & Ellis and Paul Hastings, to match the new scale.
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Timely Payout
Associates at Selendy Gay can look forward to receiving their well-deserved bonuses on December 15, marking a fitting end to a year of exceptional performance and strategic growth for the boutique law firm.
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