Elite Boutique Matches Cravath On Raises, Blows The Market Away On Bonuses
Associates at this firm are positively delighted with their mega-bonuses!
SELENDY GAY ELSBERG — MEMO — COMPENSATION UPDATES
Dear Associates,
We are pleased to announce this year’s bonuses, which exceed the levels set by the market for the sixth consecutive year. The bonus scale recognizes your tremendous efforts this year, including your excellent, hard work on multiple, simultaneous trials and the invaluable support offered by colleagues covering for those in court.
This year, associates in good standing will receive bonuses that exceed market rates by 15%, with the vast majority of associates receiving more based on a holistic assessment of performance, hours, and commitment to the firm, and some receiving more than 60% above market in recognition of their extraordinary efforts.
We also continue to offer an above-market benefits package including our safe harbor contribution to your 401(k) account — up to $9,900 in 2023 per IRS guidelines — regardless of any self-contribution; one of the best medical plans available in the market, through which we contribute more than double of what typical BigLaw pays towards health care coverage; and market-leading fertility benefits, including $75,000 towards reproductive and fertility services, such as egg freezing, IVF procedures, surrogacy, and adoption.
The base for bonuses in each class is as follows:
|
Class Year |
SGE Base Bonus |
|
2016+ |
$132,250 |
|
2017 |
$120,750 |
|
2018 |
$103,500 |
|
2019 |
$86,250 |
|
2020 |
$66,125 |
|
2021 |
$34,500 |
|
2022 |
$23,000 |
|
2023 |
$17,250 |
We are also delighted to announce next year’s top-of-the-market compensation scale, effective January 1:
|
Class Year |
2024 Base Salary |
|
2016+ |
$435,000 |
|
2017 |
$420,000 |
|
2018 |
$390,000 |
|
2019 |
$365,000 |
|
2020 |
$310,000 |
|
2021 |
$260,000 |
|
2022 |
$235,000 |
|
2023 |
$225,000 |
Bonuses will be paid on December 15. They will be prorated for those who have not worked a full year.
On behalf of the partnership, thank you for your commitment to our clients and firm. We wish you a very happy holiday season and a safe and healthy 2024.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
