Posts Tagged ‘first year associates’

Law school (almost) grads, rejoice!

Monday, March 21st, 2011

It looks as though those of you who are graduating in the next couple of months have something to celebrate – a greater likelihood for a legal job!  According to The National Law Journal, a recent study indicates that associate hiring is almost back to pre-financial-crisis levels.

In 2009, offer rates for associates who worked in the firm’s summer programs were at the lowest rates in years. Fortunately, 2010 rates bounced back considerably, and 2011 offers seem to be heading in the same direction.

It seems that there is light at the end of the tunnel:  at least for new law school grads.  For the rest of us, the recruiting rate still looks a bit sluggish.

“Things are turning around in the legal market, but they’re still a bit slow,” said Delia Swan, president of Swan Legal Search.  “All attorneys need to make sure that they are really getting themselves out there actively networking and keeping optimistic.  In the current legal hiring climate, that’s what it takes.”

So, what does that mean?  “That means that attorneys need to brush up on their interviewing skills, have several people review their resumes, research like crazy and, if possible, start generating revenue.  Nothing is more attractive to a firm than an attorney who can bring business when they join the firm.”

Associate compensation trends

Friday, July 24th, 2009

An update on the associate salary outlook:  The press focuses on firms who are reducing salaries or otherwise seeking creative ways to adjust compensation (i.e. Howrey’s apprenticeships), the truth is, most firms who traditionally start first year associates at a base salary of $160K are still doing so.  These include Folger Levin & Kahn, Keker & Van Nest, Howard Rice Nemerovski Canady Falk & Rabkin, Farella Braun + Martel, Munger Tolles & Olson, Townsend and Townsend and Crew, Shartsis Friese, Irell & Manella, Quinn Emanuel Urquhart Oliver & Hedges, Fenwick & West, and Loeb & Loeb.  Some firms who have reduced salaries include Allen Matkins, Foley & Lardner and Troutman Sanders.  Also, we’re seeing summer associate programs diminished or abandoned entirely (Morgan, Lewis & Bockius and Weil, Gotshal & Manges).  My belief is that as the market recovers, these “adjustments” will be tossed, and “business as usual” will continue.  Highly hourly rates will be charged for associates; General Counsels will continue to grumble; profitability will increase as will salaries.  When times are buoyant, memory is short.