Postby Old Gregg » Sat Nov 29, 2014 7:37 pm
We really just need evidence that the economy is churning on all cylinders. While all the unemployment numbers, etc. look encouraging, they're not really indicative of the overall health of the economy (hint: it's not good). Right now unemployment is only "low" in appearance (look at the participation rate), there hasn't been much wage growth, and while GDP has increased, all of these "good things" are linked to the fed rate being at 0%. If we manage to maintain true employment growth, wage growth and GDP growth despite interest rates going up, we're looking at something akin to a boom. In that environment, a base raise is most likely.
Nothing to guarantee that'll happen though. Recall how the narrative 5 years ago was that the Chinese economy would overtake the US economy in 2015. That's far from the case right now. People don't really know what's going on or what'll happen. Just gotta take shit one month/year at a time and hope for the best.
I will say that if you managed to snag biglaw in corporate in OCI years 2008-2010, you're looking good. Associates from those class years with corporate skills are in severe low supply and are barely able to handle the workload we're seeing right now. Even if the workload dipped significantly, there'd still be enough hours to keep those guys busy. It's an interesting time. I've never felt quite so secure in my job and pay despite not being particularly talented or excellent at what I do.