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Dewey Ballantine is the first US firm to announce that its recent pay hike for associates will apply firmwide, including in London.
Dewey last night confirmed that it would match the rate set earlier this week by Simpson Thacher & Bartlett for its New York-based associates, with first year associates receiving a base salary of $160,000 (£81,000). This salary increases in increments, topping at $290,000 (£147,000).
Although Dewey was one of 10 firms that have rushed to match Simpson Thacher’s offer, it is the first to confirm that its hike applies to its UK associates as well.
This means Dewey’s most senior associates can now take home $370,000 (£187,000) if the maximum possible bonus of $80,000 is factored in. This bonus is performance-related if the firm’s senior associates reach a target of 1,900 billable hours.
Moreover, Dewey’s London associates also take advantage of a ‘hedge’ that protects against a slump in the US dollar. The firm has confirmed that this hedge rate is set at around 1.82 dollars for every £1, which would mean $370,000 equates to just over £203,000.
In contrast, Orrick Herrington & Sutcliffe, with which Dewey failed to merge earlier this month, pays its associates market rates in each office rather than having one rate firmwide. It is yet to announce any raises to associate base salaries.