sinfiery wrote:Firms care about a name on a resume because it represents an assumed quality of candidate. If that quality of candidate falls, they will care. I think. I may be wrong. Maybe they actually just care about the name and will be satisfied with anybody as long as they can tout they graduated from X university.
You realize the pyramid nature of big law means that attrition is built into the model. They don't expect longevity. ( though this model may itself be under attack, so who knows what may replace it in the next 3-5 years?)
The quality just isn't going to fall that much as long as the lure of a big income exists for liberal arts grads.
COL inherently takes into account the cost of qualifications to land said job you are computing COL for.
When I said cost of living, I mean what it will take to get a grad to work for them. I think big law could actually cut salaries by $15,000 and people lusting after a 6- figure salary would still pay sticker to go. They would just live farther out in Queens or take on another roommate.
People are already aware that market in cities other than NYC is a better deal, but NYC has the most jobs.
Firms have had huge decreases in revenue. They aren't looking to increase their fixed costs. I think the recession cost- cutting mentality is going to last for a while. If any more money gets paid to associates, I expect it will be through bonuses, not salary increased.