Not according to my colleague Carey Bertolet in the New York office of BCG. Sure there will be less tolerance for associates who are underperforming; but this hike is really an incremental raise. I part ways with Carey wrt the last big raises in 2000. I believe these raises did change billing expectations (at least … Read more
72% of associates say yes according to an unscientific poll. Justified or not, aren’t the salary increases just the free market at work? Or is it that law firms are too risk averse to hold the line? Noone wants to miss out on recruiting the best talent. But associates consistently say that salary is not … Read more
Several consultants seem to think so. They argue that the dramatic growth in law firm size has increased the demand for top talent. So has the dramatic increase in law firm profitability (in 1986 only 2 law firms had gross revenues in excess of $100 million; in 2005, 184 law firm exceeded that figure.) Will … Read more
According to a recent survey by Altman Weil, associate billing rates do not very that much by size of firm. I have not looked at their methodology so I can’t comment on the accuracy of these numbers. But I was a little surprised. Maybe the differential gets larger if you look at senior associates at … Read more
BCG’s Carey Bertolet, my colleague in NY, is a featured guest in a discussion of the latest salary increases. What are the implications of this trend? What about the majority of law school graduates who will not have the credentials to join a large law firm?
Starting salaries for attorneys have jumped 250% in the past 20 years and the latest round of salary wars shows that no major law firm wants to be left in the dust. But do higher starting salaries really have that much impact on entry level recruiting? I wonder. In the meantime, you can be sure … Read more
The legal press likes to report salary wars at large firms. But since most of the bar doesn’t work at a large firm, it is interesting to note what smaller firms are paying. Altman Weil has some numbers to report. While larger firms are clearly able to pay substantially more to newly minted lawyers, smaller … Read more
As large firms raise starting salaries to $135K across the country, many firms are opting to keep salaries lower in secondary markets; though not all.
Law firms may be raising salaries all over the country; but law school debt is rising even faster according to the NLJ.
The National Law Journal is reporting that 2005 was a very good year for associate compensation. Many associates at the largest firms around the country are seeing $20,000 to $60,000 in bonus pay.