Biglaw Associate Raises

[Anonymous]

Why does no one mention inflation? Even with the increase in rates this year, on an inflation-adjusted basis, biglaw associates in 2007 (earning $160K) were earning more than biglaw associates in 2016 (earning $180K).

[Anonymous]

Anonymous wrote:Why does no one mention inflation? Even with the increase in rates this year, on an inflation-adjusted basis, biglaw associates in 2007 (earning $160K) were earning more than biglaw associates in 2016 (earning $180K).

Also relevant is an associate's salary as a percentage of partner draw, and again it is lower now than in 2006.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why does no one mention inflation? Even with the increase in rates this year, on an inflation-adjusted basis, biglaw associates in 2007 (earning $160K) were earning more than biglaw associates in 2016 (earning $180K).

Also relevant is an associate's salary as a percentage of partner draw, and again it is lower now than in 2006.

That's tough to measure though without considering the relative number of partners. From the articles I've read there are few equity partners these days but they are making more money.

[Anonymous]

It would be relatively easy to look at associate pay as a percentage of net profit though, using AmLaw numbers. I'd imagine it's trended down steadily for the last 7 years.

[Anonymous]

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep, it was great while it lasted. But I couldn't hack biglaw and now am happily working part time at a small firm for much less.

These salaries are nuts.

[Anonymous]

Such an odd industry/system to read about on these boards. I find it kind of fascinating

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

It also happened in 2000. The salaries in NYC went from 90 something to 101 to 125 before we graduated. I remember all the mid level associates being bummed out b/c they knew that the billables would go up accordingly and any semblance of a life that they had would be gone.

I worked at 2 firms before moving into the govt. When a boss who was going to be a partner at large firm recently asked me if I would consider joining him, I didn't even hesitate to thank him but decline. Even if they doubled my salary (and I make north of 200K), I would never return. I have two young kids, a very flexible job (telework and early start/end times) and great benefits. I enjoyed some of the work that I did but most of the higher up people that I worked for were miserable and not very nice. I don't miss it.

How do you make above $200K in the government? Isn't the government mostly capped at around $180?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

It also happened in 2000. The salaries in NYC went from 90 something to 101 to 125 before we graduated. I remember all the mid level associates being bummed out b/c they knew that the billables would go up accordingly and any semblance of a life that they had would be gone.

I worked at 2 firms before moving into the govt. When a boss who was going to be a partner at large firm recently asked me if I would consider joining him, I didn't even hesitate to thank him but decline. Even if they doubled my salary (and I make north of 200K), I would never return. I have two young kids, a very flexible job (telework and early start/end times) and great benefits. I enjoyed some of the work that I did but most of the higher up people that I worked for were miserable and not very nice. I don't miss it.

How do you make above $200K in the government? Isn't the government mostly capped at around $180?

Financial regulators like SEC and FDIC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

It also happened in 2000. The salaries in NYC went from 90 something to 101 to 125 before we graduated. I remember all the mid level associates being bummed out b/c they knew that the billables would go up accordingly and any semblance of a life that they had would be gone.

I worked at 2 firms before moving into the govt. When a boss who was going to be a partner at large firm recently asked me if I would consider joining him, I didn't even hesitate to thank him but decline. Even if they doubled my salary (and I make north of 200K), I would never return. I have two young kids, a very flexible job (telework and early start/end times) and great benefits. I enjoyed some of the work that I did but most of the higher up people that I worked for were miserable and not very nice. I don't miss it.

How do you make above $200K in the government? Isn't the government mostly capped at around $180?

the SEC is not on the GS scale; it ops out a bit above $230K. Plus the SES scale government wide is above $155K.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep, it was great while it lasted. But I couldn't hack biglaw and now am happily working part time at a small firm for much less.

These salaries are nuts.

Ditto. I'm a lawyer with 20 years of experience and am very happy to make $200K in house.

[Anonymous]

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep - and 2000-2001- always happens when there's a lawyer labor crunch - and all those kids who get sucked in by the paycheck will be spit out in 5-8 years with mediocre experience looking for a better life. Don't do it - suck it up - go be an AUSA or Honors lawyer - you'll be a better lawyer in the long run and have better prospects.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep - and 2000-2001- always happens when there's a lawyer labor crunch - and all those kids who get sucked in by the paycheck will be spit out in 5-8 years with mediocre experience looking for a better life. Don't do it - suck it up - go be an AUSA or Honors lawyer - you'll be a better lawyer in the long run and have better prospects.

Recent-ish grad here. I, and most of my classmates, would have done Honors or been AUSAs if we could. Most of those jobs are far more competitive than biglaw though.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep - and 2000-2001- always happens when there's a lawyer labor crunch - and all those kids who get sucked in by the paycheck will be spit out in 5-8 years with mediocre experience looking for a better life. Don't do it - suck it up - go be an AUSA or Honors lawyer - you'll be a better lawyer in the long run and have better prospects.

Recent-ish grad here. I, and most of my classmates, would have done Honors or been AUSAs if we could. Most of those jobs are far more competitive than biglaw though.

+1. My last year in DOJ, my component got 6000 applicants who listed us in their top two and we had four available openings. Obviously some of the resumes were poor, but there were at least hundreds, if not thousands, of applicants who were reasonably qualified to get a biglaw job.

I do agree there are some people who could get DOJ Honors jobs who choose to start in biglaw and instead of admitting its for the salary, convince themselves its about the training or other resources firms offer. I think those people are making a mistake, or at least being dishonest with themselves about their motives.

[Anonymous]

Anonymous wrote:Why does no one mention inflation? Even with the increase in rates this year, on an inflation-adjusted basis, biglaw associates in 2007 (earning $160K) were earning more than biglaw associates in 2016 (earning $180K).

Agreed. Why do big law associates not deserve a cost of living adjustment? This isn't really a 'raise' but a long overdue cola.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is 2006 all over again, I remember. My offer from Biglaw was 125K, bumped to 135K before I started, soon after jumped to 160K.

Yep - and 2000-2001- always happens when there's a lawyer labor crunch - and all those kids who get sucked in by the paycheck will be spit out in 5-8 years with mediocre experience looking for a better life. Don't do it - suck it up - go be an AUSA or Honors lawyer - you'll be a better lawyer in the long run and have better prospects.

Recent-ish grad here. I, and most of my classmates, would have done Honors or been AUSAs if we could. Most of those jobs are far more competitive than biglaw though.

+1. My last year in DOJ, my component got 6000 applicants who listed us in their top two and we had four available openings. Obviously some of the resumes were poor, but there were at least hundreds, if not thousands, of applicants who were reasonably qualified to get a biglaw job.

I do agree there are some people who could get DOJ Honors jobs who choose to start in biglaw and instead of admitting its for the salary, convince themselves its about the training or other resources firms offer. I think those people are making a mistake, or at least being dishonest with themselves about their motives.

I'm 20 years out of big law. I have had the opportunity to go back on several occasions, and I've declined. However, I am still reaping the benefits of the experience and training got as a young associate. I always tell young lawyers that the experience is worthwhile, even if you have no intention of staying. It's also always a plus to have that name on your resume as your first employer out of law school.

I still have lots of friends that are big law partners, and the pyramidal partner/associate structure, with lots of young associates as profit centers is changing. Senior partners with specific expertise are in demand, but clients are increasingly resistant to paying for the time of inexperienced associates. Some very highly regarded firms can sustain it, but others will not. The profession is be coming increasingly one of haves and have nots.