Make More Rain : first years' salaries

Catching up with Law Firm Apprenticeship Programs

MichelleStPierre — Tue, 15 Jun 2010 20:09:00 GMT

Law.com recently published an interesting follow-up to a topic we discussed on the blog almost a year ago, apprenticeships, or paid training programs . The article is mostly positive from the participant's viewpoint, despite the proven cost, which...(read more)

Six Figure Debt and A Law Degree

MichelleStPierre — Tue, 29 Sep 2009 17:38:00 GMT

The Law Blog of the Wall Street Journal recently excerpted an interview by Nathan Koppel with Peter Kalis, Chairman and Managing Global Partner of K&L Gates (subscription required for full interview.) When asked by Mr. Koppel if he has any cautions...(read more)

September Call Ups

MichelleStPierre — Thu, 20 Aug 2009 16:28:00 GMT

Just as in baseball when rosters expand in September from 25 to 40 players to allow minor leaguers a shot at big league action, Boston-based 200 attorney firm Brown Rudnick announced today that they are calling up 11 previously deferred new associates...(read more)

Bucking the Trend

MichelleStPierre — Wed, 05 Aug 2009 17:07:00 GMT

When I heard last night that casting is going on for Philadelphia's version of the Real Housewives series, "The Women of Rittenhouse Square," as a Philly resident, I thought to myself, "Do we have to repeat everything that is done in New York and North Jersey?"

From a purely economic perspective, better news was delivered today on the Law.com newswire in a summary from the New Jersey Law Journal on the NALP's annual salary survey. In line with the economic pressure on law firms, Philadelphia firms, along with firms nationwide, are expected to drop starting salaries for new associates.

...(read more)

Using the Recession to a Law Firm's Advantage

BrianTaaffe — Wed, 29 Jul 2009 16:09:00 GMT

With the economy in its current state, and the legal industry perhaps not as recession proof as previously thought, law firms are looking into ways to cut costs in order to improve profits. Previously I suggested ways to improve margins through cost cutting and other options, but another point that has been getting a lot of press is first years' salaries. Where they currently stand, first years' salaries are probably higher than they should be. Law firms are not getting value out of their new recruits at current salary levels. Their costs are high, and the revenue they bring in is low - largely due to inexperience. First year associates do not have the knowledge or expertise to produce the same quality of work as a senior attorney. To top it off, first year associate rates are often much higher than a client is willing to pay. From what I have seen in working with law firms, in many cases a first year associate's work is being discounted heavily at the time of billing, or is being written off. Clients do not want to pay for second rate work - they come to big law firms to get the best talent and legal services; first years do not have the ability to produce the work that the clients would expect from the rates they are being charged.

So why do firms pay first years such high starting salaries...

...(read more)