Starting Work
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New Associates “Overpaid”?
April 02, 2006
At NALP’s upcoming annual conference, I’m scheduled to address how law firms can best market themselves to and retain today’s newest young professionals. This is a huge issue for many firms. In fact, a new bidding war for talent has recently broken out in New York City with top law firms now offering new associates $145,000, plus bonus.
If you’re gasping at that $145,000 figure, you’re not alone. Saturday morning’s Wall Street Journal included at op-ed piece “Cut My Salary, Please!” by Cameron Stratcher (WSJ, April 1-2, 2006, p. A7). The author argues that while the salary increase may sound good initially, young lawyers should be aware that every salary increase in the past has been accompanied by a corresponding increase in billable hour expectations. The concept of working 24/7 may soon become reality for some associates.
In what I suspect is a tongue in cheek statement, Stratcher suggests that law firms should instead cut salaries by 50%. While he admits this would result in a revolt among associates with many leaving, in the long run this could be beneficial. “With no skyrocketing salaries, the minimum billable requirement will wither and die, its usefulness served,” the author argues. And he adds, “In this kinder, gentler world, lawyers will have more time to spend with their families, to pursue their other passions, and to focus on the substance of their cases.”
I challenge you to post Stratcher’s piece somewhere near the office coffee machine and listen to the discussion that ensues.
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