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HELLER HIKES BASE PAY, SULLIVAN LEADS N.Y. Following on the heels of associate pay raises at other firms, Heller Ehrman has announced it will align itself with those hikes. Heller’s first- and second-year associates will get a $10,000 raise � to $135,000 and $145,000 a year, respectively. Third- through seventh-year associates will receive a $5,000 pay hike. Fourth-years at the firm now earn $170,000, and seventh-years make $210,000. The news arrives just as New York’s Sullivan & Cromwell boosts base salaries by $20,000 across the board, with first-years now due to receive $145,000 before bonus. Robert Hubbell, firmwide managing shareholder at Heller, said the firm watched and waited to determine where the market was going. “[We were] trying to understand the market,” said Hubbell. “It is a lot more complicated than it looks, and frankly, there are a few markets.” Heller is also changing its bonus program, following a “listening tour” with associates. The firm now awards bonuses based on hours worked, with the minimum threshold being 2,000 hours, as well as an additional merit-based bonus for qualifying lawyers. Also not previously reported, Howard, Rice, Nemerovski, Canady, Falk & Rabkin was one of the earlier players in the Bay Area to match the hikes of the Los Angeles firms. Its raises for first-, fourth- and seventh-year associates are the same as Heller’s. “We did it very quickly when we knew very high-quality firms had raised,” said Lawrence Rabkin, the firm’s managing director. Rabkin said the firm hiked associate pay around Jan. 18, about the same time that Keker & Van Nest did. At Sullivan & Cromwell, however, total pay may not be up. The firm, like other top New York firms, has in recent years made year-end bonuses a greater proportion of compensation. “Total compensation this year could be more, less or the same as last year,” said Benjamin Stapleton, a Sullivan & Cromwell partner and the head of the firm’s associates committee. Stapleton said the firm was “rebalancing” its mix of base pay and bonuses in recognition of the fact that most associates lived day to day on their salaries. � Marie-Anne Hogarth and the New York Law Journal SHEARMAN INVESTMENT GROUP JOINS WILLKIE FARR NEW YORK � Willkie Farr & Gallagher has recruited a five-partner investment management practice from Shearman & Sterling. The high-profile group, led by Washington, D.C., partner Barry Barbash, specializes in advising hedge funds and mutual funds. It is a homecoming of sorts for Barbash, a one-time Willkie partner who joined Shearman in 1998 after serving as director of the Securities and Exchange Commission’s Division of Investment Management. The move is a blow to Shearman, as Barbash had been regarded as one of the firm’s top rainmakers. He represented fund group Legg Mason in its $3.7 billion acquisition of Citigroup’s mutual fund business last year. He will become head of Willkie’s investment management practice, resident in the Washington office. The group is the largest Willkie has ever brought aboard. Chairman Jack Nusbaum said the firm would probably not have considered taking on the group but for its history with Barbash. “We’ve kept in touch and we’re all friends here,” he said. Barbash, who was a Willkie partner from 1987 to 1993, also cited a reservoir of affection in explaining the move. But combining the former Shearman practice with Willkie’s existing four-partner investment management practice also made sense, said Barbash, in the face of consolidation within the fund world and growing competition from other firms. � New York Law Journal New Partners MEDIA LAW FIRM LEVY ELEVATES 1 TO PARTNER San Francisco firm Levy, Ram & Olson named Erica Craven partner. Craven, 35, specializes in media law, representing various California newspapers � including The Recorder � and also focuses on class action litigation. She received her J.D. in 1998 from Boalt Hall School of Law and joined Levy, Ram in 2001. The seven-lawyer firm didn’t elevate any partners last year. � Petra Pasternak

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