2023 Big Law Raises Forum

[Anonymous User]

Edelson PC just raised first year salary to 225K. Does anyone think it’s possible that this may encourage big law firms to match?

[VentureMBA]

No. Mass layoffs are coming before raises. Perspectives have really gotten warped among junior/mid level associates...

[Anonymous User]

I like the optimism in your title and I'm trying not to be cynical but: There's no way in hell raises are happening in biglaw next year. I'm just crossing my fingers that we get the DPW-scale bonus this year (https://abovethelaw.com/2021/12/davis-polk-bonuses-21/)

[Res Ipsa Loquitter]

Edelson is a small plaintiff’s firm and can do whatever they want. Biglaw isn’t going to do raises this year. I don’t think we’ll see mass layoffs like the GFC but we will see layoffs

[Anonymous User]

Edelson is also a toilet when it comes to compensation; that misleading $225k "starting" salary remains about the same through your third year, and as you advance you will end up $80,000-100,000 behind your biglaw peers in total compensation per YEAR.

[Anonymous User]

I don't think anyone who would consider Edelson would be stoked about BigLaw and vice versa, so I don't think salary developments in either is indicative of the other. Just totally different models aimed at attracting different people.

[CanadianWolf]

I don't think anyone who would consider Edelson would be stoked about BigLaw and vice versa, so I don't think salary developments in either is indicative of the other. Just totally different models aimed at attracting different people.

+1

[Anonymizer]

Big law is struggling to balance cost-conscious clients with increased expenses (and aim to make $$$). But can’t meaningfully compare what boutiques and big law are doing.

[Anonymous User]

Edelson is also a toilet when it comes to compensation; that misleading $225k "starting" salary remains about the same through your third year, and as you advance you will end up $80,000-100,000 behind your biglaw peers in total compensation per YEAR.

Does anyone have an idea if the hours worked at Edelson are similar to biglaw?

[Anonymous User]

What about 2024?

[superiorwisdom]

Very little chance of raises in 2024.

[Anonymous User]

Very little chance of raises in 2024.

I don’t think any of us can really make an accurate prediction that far ahead. Nobody was expecting the insane boom market during Covid ahead of time, nor were they expecting the great financial crisis. As of right now I don’t see us trending toward a super hot market that would bring raises, but that could definitely change over the next year.

[superiorwisdom]

I don’t disagree with any of that, but absent a material increase in demand for transactional work broadly there won’t be associate raises. Many Amlaw firms are going to report year over year revenue growth this year, but for most that will principally be the result of rate increases, not underlying demand, which isn’t a recipe for associate raises.

[Anonymous User]

Edelson is also a toilet when it comes to compensation; that misleading $225k "starting" salary remains about the same through your third year, and as you advance you will end up $80,000-100,000 behind your biglaw peers in total compensation per YEAR.

Does anyone have an idea if the hours worked at Edelson are similar to biglaw?

Would also like to know this.

[Anonymous User]

What about 2024?

How prescient I was with this question…

[Anonymous User]

What about 2024?

How prescient I was with this question…

An “I’ll eat my hat” moment for me. I’m borderline stunned that Milbank raised associate comp in the current environment.

[jotarokujo]

I don’t disagree with any of that, but absent a material increase in demand for transactional work broadly there won’t be associate raises. Many Amlaw firms are going to report year over year revenue growth this year, but for most that will principally be the result of rate increases, not underlying demand, which isn’t a recipe for associate raises.

very superior wisdom

[Bramwell]

Senior associate/counsel at the top of the scale. I’ve seen my hourly billing rate increase by 24% since I last received a raise in March 2022, so was going to request a raise in any event.

[Moneytrees]

Wild that they raised

[Anonymous User]

No. Mass layoffs are coming before raises. Perspectives have really gotten warped among junior/mid level associates...

you thought lol

[Anonymous User]

Am I so out of touch? No, it’s the juniors who are wrong.

[Anonymous User]

Edelson is also a toilet when it comes to compensation; that misleading $225k "starting" salary remains about the same through your third year, and as you advance you will end up $80,000-100,000 behind your biglaw peers in total compensation per YEAR.

Does anyone have an idea if the hours worked at Edelson are similar to biglaw?

Would also like to know this.

[Anonymous User]

If the Fed starts to cut, and deal flow really picks up, what are the odds we see a midyear raise or else something towards the end of ‘24 which raises for ‘25?

[LittleRedCorvette]

If the Fed starts to cut, and deal flow really picks up, what are the odds we see a midyear raise or else something towards the end of ‘24 which raises for ‘25?

Only if truly crazy like the spac boom, is my guess.

[Anonymous User]

So I still think everyone who predicted there wouldn't be a raise this year was still correct in their prediction even though they got it wrong in the end (i.e., it would be like predicting a dice roll will be five or less—that in hindsight is still the correct prediction even though a six got rolled). i still think it would be nuts for a raise, to the extent that there are higher profits and deal work picking up and retention issues I think this will be reflected in another special bonus because those are much more easily taken away so firms are more happy to give them. Absolutely hope I'm wrong again though and Milbank continues its killing spree. I, for one, will keep putting them number one on these stupid surveys.