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Hughes Hubbard is thawing out salaries and junior associates are getting a double bump, placing them where they would have been had there been no salary freeze. Senior associates are splitting the difference, with the class of 2004 and beyond getting bumped up but not quite as far. Of course, this further muddies the water of the “market rate” situation.
In addition to salary raises, Hughes Hubbard associates are getting their 2009 bonuses. Those that made their billing target of 1950 hours will get a bonus on the Cravath scale. However, there are above market bonuses being paid out to associates that hit 2100, 2300 or 2500 hours last year.
Hughes Hubbard & Reed LLP, an international law firm based in New York, is ranked number one in New York and number two nationally on The American Lawyer’s A-List of the “top firms among the nation’s legal elite.” AmLaw also ranked the firm #4 in “Top Growth Firms” among the nation’s 200 largest firms over the last 10 years.
