Friday, September 01, 2006

That Buys 10,000 Glasses of Belvedere

New lawyers can expect higher pay than in the past. The going rate at large firms in New York has reached $145,000 — apart from starting and year-end bonuses.

1 comment:

Anonymous said...

Clearly this short article has a partner induced spin. "coming out of partners pockets"- Partner profits since the last salary increase in 2000 has increased at 8% per year and during those years associate salaries stayed the same. Thus, this increase takes less than 1% off the increase of the next year. "clients see startling amounts and we have to increase training"- attorneys make less then their counterparts at investments banks and have invested more money in their degree due to having to receive a doctorate. In addition Clients don't see give a rats ass what we make but all they see is the billing rate per hour that the firm charges for its associate time- this billing rate has raised at a much greater percentage than the salary for those associates- thus associate hours are more profitable than they ever were with the pay raise. The reason that firms have to give lots of training is because they charge so much for their associates time, that there associates cannot afford to make a mistake or spend too long on a project because of inexperience. One more note- the comment that people speculate that overall compensation will remain the same is a propaganda which should cause backlash for those who adopt the idea and give low bonuses this year.