Simpson Thacher raises salary bar after ‘very busy’ year

Simpson Thacher & Bartlett has hiked associate salaries by 10 per cent as the battle for New York talent hots up.

Simpson has raised its salary for newly-qualified associates to $160,000 with salaries across the board rising on a sliding scale so that those with nine years’ experience will receive $290,000.

In a memorandum to the firm, chairman Pete Ruegger said: “The firm has been very busy and we expect the high level of activity to continue. We are proud of the results we are helping our clients achieve.”

Last year, Simpson Thacher boosted base salaries $20,000 to a $145,000 benchmark set by Sullivan & Cromwell. That was matched by firms such as Davis Polk & Wardwell and Milbank Tweed Hadley & McCloy.

In his memo, Ruegger continued: “We believe we have the finest legal team of any global law firm. In appreciation of your efforts, we are pleased to increase associate base salaries.”

Counsel and other lawyers with more than nine years experience will be assessed on an individual basis.