Simpson Thacher & Bartlett has hiked associate salaries by 10 per cent as the battle for New York talent hots up.
Simpson Thacher has raised newly qualified associate salaries to $160,000 (£81,000), with salaries rising on a sliding scale so that those with nine years’ experience will receive $290,000 (£146,000), as first revealed on www.thelawyer. com (23 January).
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’re proud of the results we’re helping our clients achieve.”
Last year Simpson Thacher boosted base salaries by $20,000 (£10,000) to the $145,000 (£73,000) benchmark set by Sullivan & Cromwell. That was matched by firms such as Davis Polk & Wardwell and Milbank Tweed Hadley & McCloy.