The only real holdouts now are Bingham McCutchen and Reed Smith, both huge firms with big California presences and fairly high profits that could probably absorb the raise.
Firms lower on the list with lower profits per partner like Littler Mendelson and Sedgwick, Detert, Moran & Arnold likely won’t match.
Thelen Reid Brown Raysman & Steiner and Townsend and Townsend and Crew are the only two firms that could seemingly go either way. Townsend had high profits last year, but the firm said that was due in large part to a big one-time contingency fee. Thelen’s profits per partner last year, $850,000, weren’t bad, but it would become the Cal Law 25 firm with the lowest PPP to raise associate salaries.
— Zusha Elinson