With Day Casebeer set to be acquired by Howrey, we wonder what the handful of associates at the little Cupertino firm think about the big changes to Howrey’s associate compensation.
If you didn’t see the news, Howrey announced in a memo (that, like all internal law firm memos, appeared on Above The Law) today that it’s reducing salaries and billable hours for a select group of its young associates, while upping the amount of training they get.
Welcome to Big Law, Day Casebeer associates … after the jump.
The first years will get paid $100,000 base salary with $25,000 up-front bonus. Second years will get $125,000 also with a $25,000 bonus. In the first year, they’ll work for clients about a third of the time and spend the rest of the time training and doing pro bono work. In the second year, they’ll continue training in the form of secondments and judicial externships. All the while, the firm will drop the amount it bills for associates work. Click here for an interesting WSJ law blog interview with Chairman Bob Ruyak on the program.
Howrey has a history of bucking the associate salary herd mentality demonstrated by most big law firms. Back in 2007, we wrote about how the firm was ditching lockstep in favor of merit-based compensation for its young lawyers.
— Zusha Elinson