V&E Matches N.Y. Associate Pay
Posted Jul 19, 2007 7:32 AM CDT
By Debra Cassens Weiss
Vinson & Elkins is the first Texas law firm to announce it will increase pay for new associates to $160,000 a year, matching big firms on the coasts.
Associates get raises every year after that, but the amount of the pay hike will be lower after the third year if they bill less than 2,000 hours annually, Texas Lawyer reports.
Lower-billing associates would make $170,000 rather than $185,000 the third year, $175,000 rather than $210,000 the fourth year, 180,000 rather than $230,000 the fifth year, $185,000 rather than $250,000 the sixth year, $190,000 rather than $255,000 the seventh year, and $195,000 rather than $260,000 the eighth year.
Managing partner Joe Dilg said the salary decision was made after associates said they wanted to match the salaries of the national market, but didn’t want the pressure to bill. "Sometimes people have things going on in their lives that are not all about work," Dilg told the legal newspaper.