The fact that these firms can so quickly and so easily raise salaries just goes to show that associates are grossly underpaid.

likesmart
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Your point is well taken but I think the truth of the matter is that, some of these firms can't afford to match but they also can't afford not to match in terms of talent retention/ recruiting.

Despite their spending, law firms are like anyone else and sometimes they bite off more than they can chew to keep up with the Jones'.

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Agreed A2 - and I heard that at least some firms are raising rates more than usual this year, to account for all of the inflation

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“Grossly” underpaid is a stretch when first years are earning beaucoup bucks to create signature pages. Perhaps more accurate is that law firms are grossly overpaid.

likesmart

Yes, AA. That is the “only” reason. Riddle solved.

likeuplifting

We deserve more money 🤑🤑🤑

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How do you know it's "easily?" Trust me, you are not privy to the internal cost management of law firms, which can be quite substantial and economically, don't mistake quick with easy...it may be a necessity in order to retain talent in the short run. Also, "grossly" really? I make over a quarter of a million dollars a year and there is no way I or anyone else I notice at a firm add any value like that to a transaction...we are paper pushing rent seekers.

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They also pay you a quarter million to be available for a bunch of deals throughout the year, as opposed to emerging once a year to provide a checklist for one transaction before returning to Narnia

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If you think this is crazy, you should look up how much nurses are getting paid during the pandemic compared to their pre-pandemic salaries. Some are getting compensated like doctors.

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Yeah I should’ve become a travel nurse instead of a lawyer lol

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I’m going to argue against my own interests here and say that associates are not underpaid.

There’s a confluence of factors here pushing salary increases, but in the end I think it boils down to firms throwing money at a problem that can’t really be fixed with money (associate retention/happiness). Sure, the money helps. But the alternatives are antithetical to the billable hour business model and don’t jive with client expectations. (The alternatives being allowing associates bill less and/or giving them protected nights and weekends.)

Sometimes I wonder if the higher salaries are making things worse in the long run. Firms may be less willing to hire additional associates as they cost more, and may also expect associates to bill more to make up for their higher salaries (firms really are limited in how much they can pass costs on to their clients, more so in some practice areas than others). This is only going to make associates less happy and make it harder to retain talent. (and thus push up salaries more? Is this all a vicious cycle?)

I don’t know… interested to hear others’ thoughts. Particularly partners and counsel who are closer to the business of running a law firm.

likesmart

I have not heard of NewLaw. It sounds nice and now I have some googling ahead of me.

The last sentence of your first paragraph keeps me up at night. We associates have become very expensive. I’m not complaining and I’ll take the money while it’s there… but I don’t know if firms can keep up these salaries in a downturn.

I’m with A1. Certainly no complaints about the extra $20k that is soon to land in my pocket, but not every firm can truly afford it. You can attempt to pass through to clients all you like, but this hot market won’t last forever and clients will get more fee sensitive again, and firms that overhired (especially lowering their standards as a lot of firms are doing right now) may start feeling the pressure for layoffs when every associate is so expensive.

Speaking as someone who’s been around the block and worked in biglaw and also in-house at a client hiring biglaw, we’re not as special and irreplaceable as we think. I regularly hired a TX law firm that was maybe 70-80% of biglaw skill but 50% of biglaw rate. Not every person there was amazing but if you’re lucky enough to find a great partner, biglaw is not the only option for clients.

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The fact that a firm/company/organization can afford to pay you more doesn’t necessarily mean that you are underpaid.

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