Law School Discussion

Nine Years of Discussion
;

Author Topic: Law firm salary increase already?  (Read 2584 times)

T. Durden

  • Sr. Citizen
  • ****
  • Posts: 472
    • View Profile
Law firm salary increase already?
« on: January 28, 2007, 11:55:54 AM »
One of my friends who works at biglaw told me the other day that nyc firms about to bump first year associate starting salaries up from 145 to 160.

has anyone else heard this?

Bored 3L

  • Full Member
  • ***
  • Posts: 63
    • View Profile
Re: Law firm salary increase already?
« Reply #1 on: January 28, 2007, 12:03:56 PM »
Yes, this is true.  Simpson Thatcher was the first to raise.  Virtually all NYC biglaw firms will be forced to follow suit, and it's having ripple effects in other markets.  DC for example will have to go to 145 at least.

T. Durden

  • Sr. Citizen
  • ****
  • Posts: 472
    • View Profile
Re: Law firm salary increase already?
« Reply #2 on: January 28, 2007, 12:12:31 PM »
hahahhah

oh man

i love it i love it i love it


for those of us who are SAs this summer in nyc, do you think that the salary bump will be reflected in our weekly, or should we expect to get the 145 base of 2790 / wk still? i think that the 160 base is something like 3080 / wk - which would be, well, fun.

Bored 3L

  • Full Member
  • ***
  • Posts: 63
    • View Profile
Re: Law firm salary increase already?
« Reply #3 on: January 28, 2007, 12:36:46 PM »
hahahhah

oh man

i love it i love it i love it


for those of us who are SAs this summer in nyc, do you think that the salary bump will be reflected in our weekly, or should we expect to get the 145 base of 2790 / wk still? i think that the 160 base is something like 3080 / wk - which would be, well, fun.


It will be reflected in SA pay -- that's basically a given, I think. 

Lucero

  • Jr. Member
  • **
  • Posts: 10
    • View Profile
Re: Law firm salary increase already?
« Reply #4 on: January 28, 2007, 12:56:39 PM »
I don't know that "virtually all" NYC biglaw will follow suit. While salary bumps like this usually do create a ripple effect, only three or four have followed suit so far and I don't know how far into '07 they can wait since spring is typically the time for lateral hiring (i.e. when mid-level associates jump ship for more cash). Considering that last year also saw a $15,000 raise, I would be surprised if there isn't a corresponding reduction in bonuses. But yea, if you're a SA, you'll be rolling.

UChi2L

  • Sr. Citizen
  • ****
  • Posts: 118
    • View Profile
Re: Law firm salary increase already?
« Reply #5 on: January 28, 2007, 05:41:54 PM »
Firms that have bumped: (some of the DC ones went $135-145, but virtually all the NY firms went $145-160)

Cadwalader, Wickersham & Taft
Cleary Gottlieb Steen & Hamilton
Davis Polk
Dewey Ballantine
Fried Frank
Greenberg Traurig
Hogan and Hartson
Kaye Scholer
King & Spalding
Milbank Tweed Hadley & McCloy
Morrison & Foerster
O'Melveny & Myers
Paul Weiss Rifkind Wharton & Garrison
Proskauer
Quinn Emanuel
Shearman & Sterling
Simpson Thacher & Bartlett
Skadden Arps Slate Meagher & Flom
Sullivan & Cromwell
Weil Gotshal & Manges
White and Case
Willkie Farr & Gallagher
I have to believe in a world outside my own mind. I have to believe that my actions still have meaning, even if I can't remember them. I have to believe that when my eyes are closed, the world's still there. Do I believe the world's still there? Is it still out there?... Yeah.

Bored 3L

  • Full Member
  • ***
  • Posts: 63
    • View Profile
Re: Law firm salary increase already?
« Reply #6 on: January 28, 2007, 05:56:05 PM »
I don't know that "virtually all" NYC biglaw will follow suit. While salary bumps like this usually do create a ripple effect, only three or four have followed suit so far and I don't know how far into '07 they can wait since spring is typically the time for lateral hiring (i.e. when mid-level associates jump ship for more cash). Considering that last year also saw a $15,000 raise, I would be surprised if there isn't a corresponding reduction in bonuses. But yea, if you're a SA, you'll be rolling.

We'll see, but I think most NYC firms will feel obligated to match, the same way they all (virtually all) felt obligated to match the increase to 145.  Once the market shifts, firms just can't afford to pay below market -- it hurts recruiting and makes them look bad.

As far as when firms will raise, I'm not sure; certainly some will wait and see if the trend will be market wide.


UChi2L

  • Sr. Citizen
  • ****
  • Posts: 118
    • View Profile
Re: Law firm salary increase already?
« Reply #7 on: January 28, 2007, 09:58:48 PM »
Waiting is extremely dangerous ... right now Chicago is the interesting market because it's not a lock for the raises, but if Kirkland/Sidley match Skadden, Skadden is going to lose that edge on the best grads for the first time in at least a decade.  From what I've heard, it's definitely possible.
I have to believe in a world outside my own mind. I have to believe that my actions still have meaning, even if I can't remember them. I have to believe that when my eyes are closed, the world's still there. Do I believe the world's still there? Is it still out there?... Yeah.

T. Durden

  • Sr. Citizen
  • ****
  • Posts: 472
    • View Profile
Re: Law firm salary increase already?
« Reply #8 on: January 28, 2007, 11:16:25 PM »
160 ....

i still can't believe it ;)

TexasRanger

  • Jr. Member
  • **
  • Posts: 11
    • View Profile
    • Email
Re: Law firm salary increase already?
« Reply #9 on: January 28, 2007, 11:48:19 PM »
try working at one of those firms and in a year you will wish you were dead. What do they average? 80 hours a week of mind numbingly boring work?