Dallas, July 30, 2007 — LAWFUEL – The Legal Jobs Newswire – In a statement released to the associates Friday, July 27, 2007, Texas law firm Winstead PC stated that associate base pay must be fair, and when combined with bonuses, reflect a competitive compensation package. But that does not mean reflexively increasing base salaries without regard to the actual contributions an individual makes.
“Winstead has outstanding associates and we believe that we will continue to attract top legal minds to our firm by subscribing to a proven methodology,” said Winstead CEO and Chairman Denis Braham. “We operate on a merit-based system of compensating our attorneys for their contributions to the firm. We don’t subscribe to a ‘one size fits all’ or ‘lock step’ approach regarding base salaries for associates.”
Winstead plans to keep 2006-2007 associates base salaries at $135,000, plus payment of a $10,000 signing bonus and a merit based bonus at year-end. Winstead will give each associate the opportunity to earn as much or more than their peers at other firms who are producing the same quality and quantity of work.
According to Braham, Winstead will adjust the bonus system so that the upper-end of the bonus range for a first-year associate exhibiting exceptional performance could be as high as $25,000. Similar increases in the bonus ranges for other associates will also be made. “We have always been prepared to competitively compensate for superior and exceptional performance and this approach gives us the flexibility to do so,” said Braham.
“Winstead understands the importance of fairly compensating our attorneys and remaining competitive in the market,” he added. “At the same time, we are looking at the big picture and the factors that make a successful, client-focused law firm. Our focus is on long term development, prosperity and hiring associates that are a good fit for our team culture. We believe this approach underscores our long-term commitment to our clients, our associates and our shareholders.”
Winstead is among the largest business law firms in Texas. Winstead attorneys and consultants serve as the trusted advisors to mid-market and large businesses, providing a core range of legal services that are critical to their operation and success. From its well-known reputation in real estate and financial services to its corporate and high-stakes litigation practice, Winstead has the power to perform for your business. Winstead has offices in Austin, Dallas, Fort Worth, Houston, San Antonio, and The Woodlands, Texas; and Washington, D.C. For detailed information about Winstead, visit www.winstead.com.