Associates at this BigLaw firm can choose one of 3 billable-hour budgets
Steptoe is adopting a new compensation system next year that allows associates to choose one of three different tracks based on hourly targets. (Photo from Shutterstock)
Steptoe is adopting a new compensation system next year that allows associates to choose one of three different tracks based on hourly targets.
Pay varies based on the billable budget, Law.com reports. Full-time associates can choose one of these tracks, according to the article:
• 1,800 billable hours with pay at their current compensation level, which appears to start at $215,000 for first-year associates, according to data cited by Law.com.
• 2,000 billable hours with pay that begins at $225,000 for first-year associates and increases to $502,500 for eighth-year associates.
• 2,200 billable hours with pay that begins at $236,250 for first-year associates and increases to $581,750 for eighth-year associates.
Gwen Renigar, the law firm’s chair, told associates in a note Friday that all three compensation scales have the same opportunities for promotion, the article reports. All three also include 200 hours of pro bono and nonbillable work.
Bonuses will be given for making the billable target and for exceeding it by a certain amount, Renigar told Law.com in an interview. There is also the possibility of a bonus for bringing in new business, Renigar said.
