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2023 Big Law Raises
Posted: Thu Oct 27, 2022 4:25 pm
by 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?
Re: 2023 Big Law Raises
Posted: Thu Oct 27, 2022 4:28 pm
by VentureMBA
No. Mass layoffs are coming before raises. Perspectives have really gotten warped among junior/mid level associates...
Re: 2023 Big Law Raises
Posted: Thu Oct 27, 2022 4:43 pm
by 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/)
Re: 2023 Big Law Raises
Posted: Thu Oct 27, 2022 7:26 pm
by 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
Re: 2023 Big Law Raises
Posted: Wed Nov 02, 2022 1:19 pm
by 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.
Re: 2023 Big Law Raises
Posted: Wed Nov 30, 2022 6:23 pm
by 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.
Re: 2023 Big Law Raises
Posted: Thu Dec 01, 2022 1:16 pm
by CanadianWolf
Anonymous User wrote: ↑Wed Nov 30, 2022 6:23 pm
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
Re: 2023 Big Law Raises
Posted: Thu Dec 01, 2022 1:33 pm
by 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.
Re: 2023 Big Law Raises
Posted: Mon Oct 23, 2023 4:33 pm
by Anonymous User
Anonymous User wrote: ↑Wed Nov 02, 2022 1:19 pm
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?
Re: 2023 Big Law Raises
Posted: Wed Oct 25, 2023 11:45 pm
by Anonymous User
What about 2024?
Re: 2023 Big Law Raises
Posted: Thu Oct 26, 2023 7:40 pm
by superiorwisdom
Very little chance of raises in 2024.
Re: 2023 Big Law Raises
Posted: Sat Oct 28, 2023 9:11 am
by Anonymous User
superiorwisdom wrote: ↑Thu Oct 26, 2023 7:40 pm
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.
Re: 2023 Big Law Raises
Posted: Sat Oct 28, 2023 10:08 pm
by 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.
Re: 2023 Big Law Raises
Posted: Mon Oct 30, 2023 11:36 am
by Anonymous User
Anonymous User wrote: ↑Mon Oct 23, 2023 4:33 pm
Anonymous User wrote: ↑Wed Nov 02, 2022 1:19 pm
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.
Re: 2023 Big Law Raises
Posted: Tue Nov 07, 2023 5:15 pm
by Anonymous User
How prescient I was with this question…
Re: 2023 Big Law Raises
Posted: Tue Nov 07, 2023 5:28 pm
by Anonymous User
Anonymous User wrote: ↑Tue Nov 07, 2023 5:15 pm
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.
Re: 2023 Big Law Raises
Posted: Tue Nov 07, 2023 5:31 pm
by jotarokujo
superiorwisdom wrote: ↑Sat Oct 28, 2023 10:08 pm
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
Re: 2023 Big Law Raises
Posted: Tue Nov 07, 2023 6:15 pm
by 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.
Re: 2023 Big Law Raises
Posted: Tue Nov 07, 2023 6:28 pm
by Moneytrees
Wild that they raised
Re: 2023 Big Law Raises
Posted: Fri Nov 10, 2023 3:31 pm
by Anonymous User
VentureMBA wrote: ↑Thu Oct 27, 2022 4:28 pm
No. Mass layoffs are coming before raises. Perspectives have really gotten warped among junior/mid level associates...
you thought lol
Re: 2023 Big Law Raises
Posted: Mon Nov 13, 2023 6:01 pm
by Anonymous User
Am I so out of touch? No, it’s the juniors who are wrong.
Re: 2023 Big Law Raises
Posted: Tue Nov 14, 2023 12:08 pm
by Anonymous User
Anonymous User wrote: ↑Mon Oct 30, 2023 11:36 am
Anonymous User wrote: ↑Mon Oct 23, 2023 4:33 pm
Anonymous User wrote: ↑Wed Nov 02, 2022 1:19 pm
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.
Re: 2023 Big Law Raises
Posted: Wed Dec 27, 2023 10:44 pm
by 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?
Re: 2023 Big Law Raises
Posted: Thu Dec 28, 2023 12:29 am
by LittleRedCorvette
Anonymous User wrote: ↑Wed Dec 27, 2023 10:44 pm
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.
Re: 2023 Big Law Raises
Posted: Thu Dec 28, 2023 12:33 pm
by 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.