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Every year, you are deemed more senior so get a bump. The first title change from Lawyer to Associate occurs by default after 2 years. Then you are an Associate for a minimum of 3 years. From there you can apply to become a Senior Associate. I am told the title changes come with big pay bumps, but even without the bump, there are increases each year. My first increase was 9% and my recent increase was 12%
On paper there seems to be a clear progression however, it has been communicated that every year at least one person will get 'cut' and it is unclear why that happens and on what metrics that is assessed. My Performance Coach seems largely disengaged with my performance but that does not seem to be a cohort wide experience.