http://www.law.com/jsp/nlj/PubArticleNL ... hbxlogin=1
If class of 2009 did OCI in 2007 and class of 2010 did OCI in 2008, does this indicate that lower firm hiring is going well beyond ITE reasons? I thought that 2008 OCI was significantly better, no?
Salary Decrease? Forum
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09042014
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Re: Salary Decrease?
1) Most law grads don't get their job from OCI.ant5do wrote:http://www.law.com/jsp/nlj/PubArticleNL ... hbxlogin=1
If class of 2009 did OCI in 2007 and class of 2010 did OCI in 2008, does this indicate that lower firm hiring is going well beyond ITE reasons? I thought that 2008 OCI was significantly better, no?
2) Even if they did OCI in 2008, they still had to get an offer.
3) Many firms lowered starting salary.
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alumniguy
- Posts: 426
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Re: Salary Decrease?
ant5do wrote:http://www.law.com/jsp/nlj/PubArticleNL ... hbxlogin=1
If class of 2009 did OCI in 2007 and class of 2010 did OCI in 2008, does this indicate that lower firm hiring is going well beyond ITE reasons? I thought that 2008 OCI was significantly better, no?
1. 2008 OCI was SIGNIFICANTLY WORSE than 2007 OCI. Firms over hired from the Class of 2009 because when they were hiring summers (in 2007), the economy was still roaring along. Class of 2009 suffered because many firms subsequently revoked offers and/or delayed start dates. By the time OCI finished in 2008, Lehman had crashed and firms had either drastically cut back their summer programs or didn't cut back their summer programs only to no-offer substantial numbers of summer associates. The Class of 2010 had far fewer opportunities than Class of 2009. Class of 2011 experienced much of the pain of Class of 2010 because the economy didn't recover and firms had small summer class sizes again; however, at some NYC firms hiring was up marginally over the previous year). Class of 2012 (this years OCI) is likely going to be somewhere between the Class of 2011 and Class of 2009. I don't expect as many summer associates as from the Class of 2009, but firms won't be no-offering/revoking/delaying start dates like they did.
2. The article you've linked to states that average/median salaries are down because biglaw hiring is down, which translates into fewer graduates making the large paycheck. This essentially creates a domino effect that results in lower average salaries because students aren't getting the same opportunities, however, individual salaries themselves aren't actually down. It is just the average/median salary that has gone done. 1st year biglaw associates in major markets still make $160k (although some firms reduced starting salaries temporarily during the downturn) just as non-biglaw associates still make ~$60k. More graduates making $60k drives down the average/median.
