Goodwin Announces Associates Salary Hike, Good News for Recent Graduates
October 4, 2022
In what is being touted as an act of good faith towards its associates, Goodwin LLP has announced that it will match salary hikes given to any associate working at the company, as well as bonus increases as decided by the partner in charge of the particular associate’s department.
The move comes amidst recent news that Goodwin has suffered a decline in revenue, causing the company to take several steps to preserve its financial standing. Despite the decline in revenue, Goodwin remains one of the largest law firms on the eastern seaboard with over 50 offices nationwide and nearly 2,000 attorneys on staff.
Good news for associates
If you are a recent graduate, Goodwin‘s announcement of a 15% salary increase may have your ears perking up. This news might be especially good if you’re struggling with student debt. To help associates make ends meet, the company is also offering new tuition reimbursement benefits and company-sponsored loan assistance programs. For more information on these programs, read the full press release here.
A Matching Program to Drive Performance
This Matching Program is designed to provide benefits that match the economic environment. It is our way of sharing the success of Goodwin with all Associates.
For each dollar an Associate earns in incentive compensation, Goodwin will contribute a matching amount up to $4,000 per year. This means that if an Associate earns $10,000 in incentive compensation in one year, that Associate would receive a contribution from Goodwin of $4,000. If an Associate earns $2,500 in incentive compensation in one year (which is below the maximum), they will receive a contribution from Goodwin of $1,250.
Raises are Effective Immediately
The salary increase is effective immediately and will apply to all associates. There are no plans to raise salaries at the company’s other locations. We have a lot of people who have been with us for a long time, said Joyce Milligan, senior vice president of human resources. We want to show appreciation for their dedication and commitment.
In 2012, associates at Goodwin made $40,000 a year on average. In 2014 they will make $42,500 a year on average. More experienced associates will see their pay go up to as much as $55,000 a year.
The job market is still recovering from the recession and young graduates are having trouble finding work and getting raises in their jobs when they do find work. Having your first job at a well-respected company can give you experience that you can later leverage into something even better.
What to do if you don’t know how much you should be making?
If you’re just starting in your career and you don’t know how much you should be making, here are some steps to help you get started:
1) Figure out what you want to do. Do you want to work in finance? Do you want a creative job?
2) Find out what people with the same job title are paid. You might need more than one source of data – your friends or a friend’s parents who might have the same job as well as online sources such as Glassdoor or Payscale.
3) Figure out where the job is located. Location will affect your salary because the cost of living varies by city/state/country and it’s important to factor that into your calculations.
Bigger raises apply to more people
In a change that takes effect in January 2017, Goodwin will offer its attorneys and attorneys-in-training the ability to take on international assignments. It also announced plans to increase associates’ salaries by 11%. More experienced lawyers will get an increase of 10% while the firm’s newest hires will receive a bump of 7%. The last time Goodwin increased associates’ salaries was in 2011.
Some thoughts on this raise compared with others
This is a great step in the right direction for Goodwin. It shows how committed they are to their associates and that they understand the time and effort it takes to bring new lawyers up to speed. It also helps them retain those associates who have been there longer. A lot of law firms don’t see value in investing in their employees, but Goodwin recognizes that people are its most important asset.
It’s good news for recent graduates because it means they may get a little more breathing room before having to decide on whether or not to stay at Goodwin or go somewhere else with higher salaries.