There Is No Free Lunch In Big Law
Sky-high associate pay continues to garner the attention of media, firms, and attorneys. Here are a few things employees and employers should consider before making the large pay jump:
- Associates should be cautious of the new pay scales, because there is no free lunch in Big Law. Higher compensation will increase billing pressure and potentially impact other factors junior attorneys value, such as time and capital available for firms to invest in their professional development.
- We advise firm leaders to take the long view on compensation and advancement decisions, despite peer pressure. In the case presented in a recent article from Above the Law, other firms evaluating whether to match compensation should assess whether their business model (rates, etc.) can sustain this pattern of compensation growth without compromising long-term sustainability. Winning a short-term compensation battle is not worth losing your financial footing long-term.
For figures and additional information, read the full article here.
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