Dechert has raised the game in first year associate salaries in the US after announcing an increase from $105,000 (£67,558) to $125,000 (£80,426) in its Philadelphia and Princeton offices, effective from January 2003
The raise brings associate salaries closer to those paid in Dechert's Boston, New York and Washington DC offices. The move was quickly followed by Morgan Lewis & Bockius, which will match Dechert's first year salaries at $125,000. Dechert is also revamping its bonus compensation scheme for all associates. Dechert has a history of leading the associate salary competition in Philadelphia. In 2000, it raised first year salaries from $75,000 (£48,255) to $90,000 (£57,906), and eventually to $105,000. It was followed by every other large firm in the state.