How does Holland and Knight afford its salary scale? They’re near Cravath, but their rates are midlaw (a partner I know bills at $700/hr). Can someone explain?

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"Near cravath" maybe for first years. Firms like that compress hard. As a 5th year at a market firm I'm making 365k +100k. I strongly suspect that at Holland id be like 270 + 30

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I have no idea about H&K. The answer is spot about salary compression when rates are mid.

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Rates aren’t mid law. I commented above. There’s likely some partners in some markets (i.e. Birmingham/public practice) that are at $700, though that sounds low. I’m a Sr Assoc in a major market, billing around $1k. Every partner I know is 1k-1500 and they all make 7 figures. The firm is entrepreneurial and does let you reduce rates (to a certain extent) to bring in business. Also doesn’t require 2,500 hours a year. We’re hiring.

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That makes more sense. I don’t know why my friend’s rate is so low (he’s in Philadelphia). It could be a special relationship.

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Different offices have different lockstep salaries. Market only in the major markets. Below market in other markets.

It’s not just their rates that are midlaw though. Their recruiting practices are also midlaw at best.

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Crazy high billing practices and not a lot of work life balance.

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