When will we see NY to 190?
Posted: Tue Sep 20, 2011 10:46 am
It's been at 160 for a while, the midlevel lateral market is super hot, and entery level hiring is way up vis-a-vis OCI 2009. When will we see NY to 190, TLS?
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Why wouldn't it go to 175?dabird122 wrote:It's been at 160 for a while, the midlevel lateral market is super hot, and entery level hiring is way up vis-a-vis OCI 2009. When will we see NY to 190, TLS?
Nevar, unfortunately.dabird122 wrote:It's been at 160 for a while, the midlevel lateral market is super hot, and entery level hiring is way up vis-a-vis OCI 2009. When will we see NY to 190, TLS?
If you are correct and the mid-level market is hot- wouldn't that be in large part because of reductions in staff (ie lathaming) a few short years ago. I see no correlation between the mid-level market and the assumption that firms, some of whom still have deferred associates waiting to start, will be raising starting salaries any time soon.dabird122 wrote:It's been at 160 for a while, the mid-level lateral market is super hot, and entery level hiring is way up vis-a-vis OCI 2009. When will we see NY to 190, TLS?
sunynp wrote:If you are correct and the mid-level market is hot- wouldn't that be in large part because of reductions in staff (ie lathaming) a few short years ago. I see no correlation between the mid-level market and the assumption that firms, some of whom still have deferred associates waiting to start, will be raising starting salaries any time soon.dabird122 wrote:It's been at 160 for a while, the mid-level lateral market is super hot, and entery level hiring is way up vis-a-vis OCI 2009. When will we see NY to 190, TLS?
Also when supply >>>>>> demand, there is no pressure for salaries to rise (other than the pressure associates feel from increasing living costs in NYC, which I don't think firms are that concerned about.)
And, even if firms cared about paying associates more, the clients won't accept paying more and the partners won't accept making less.
Firm profits and summer classes at the V25 are getting back towards boom levels. Some firms had record years in 2010. I wouldn't be surprised if certain firms in a group of 20 or so raise to 170 or 175k. Especially if these firms think they can really open up a persistent gap as lower-ranked firms, whose economics haven't recovered as well, decide they can't keep up with the top market rates.Cavalier wrote:The "NY to 190" saying is mostly a joke. Law firms are certainly hiring more than in 2009, and if that trend continues, I wouldn't be surprised to see first year salaries rise to 170k or 175k in the near future. But then again, big law hiring now is vastly different from what it was in 2000-07, when the massive raises occurred.
John D Rockefeller says hello.rayiner wrote: Firm profits and summer classes at the V25 are getting back towards boom levels. Some firms had record years in 2010. I wouldn't be surprised if certain firms in a group of 20 or so raise to 170 or 175k. Especially if these firms think they can really open up a persistent gap as lower-ranked firms, whose economics haven't recovered as well, decide they can't keep up with the top market rates.
The pressure comes from the competition for tip top talent, and indirectly from clients who are under pressure to hire the very best of the best of the best of the best. Whether the entry-level talent is objectively better this year than 7 years ago is besides the point. Assuming some level of inflation over the next decade, some firm is bound to be a market leader in increasing salary. Others will likely follow.sunynp wrote:It's just my opinion, but I don't think that firms want to be paying first years more than they already do. I'm still not sure where the pressure to raise salaries would come from. I don't think any firm that is currently paying NYC market is having trouble recruiting the level of associates they want.
+1BeenDidThat wrote: The pressure comes from the competition for tip top talent