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disproportion

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salaries
« on: April 10, 2007, 02:01:35 PM »
Perhaps obscurely stated, but:

Will my second and third and fourth year salaries be commensurate with the salary marks at the time that I entered the firm or will they grow every year as the salaries grow market-wide. 

E.g., let's say I begin work in 2008 at a firm in nyc making 145k as a first year associate.  The second years get 155, the third get 165, etc.  But if in 2009 the first year salaries are hiked to 160k, and the second to 170, etc., will my second and third and fourth rise accordingly?

Apologies if the answer seems obvious.

Ronald Hyatt

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Re: salaries
« Reply #1 on: April 10, 2007, 02:26:27 PM »
Yes, you aren't locked-in to the salary structure in place when you join. Most firms will raise salaries across the board. Part of the reason for increasing salaries is to retain the mid-level associates, but that first year salary is all-important to law school recruiting. So they might not raise all of the rest of the salaries proportionally.

See Simpson Hikes Pay ("Firms feel enormous pressure to match each other in junior associate pay because they are all trying to compete for the same pool of top law school students. Salary scales diverge more at senior levels, and a smaller number of firms will seek to match Simpson Thacher's new top salary for senior associates of $290,000."); Is Raising Salaries the Best Way to Retain Associates?("[Simpson's] third explanation for the raise -- retaining midlevel associates -- may come closest to the heart of the matter."); Finnegan Raises Salaries for Junior, Midlevel Associates("Finnegan, Henderson, Farabow, Garrett & Dunner has raised pay for its junior and midlevel associates.").
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Re: salaries
« Reply #2 on: August 24, 2007, 07:52:31 PM »
Salaries scale all the way up.  You can find this on infirmation.com or any of the Greedy boards.