Big Law firms now paying first year associates $190K per year
The big law firms are paying more for associates. The traditional thought is that a lawyer need to make the firm 3 times his/her salary. One third goes to the associates salary, one third goes to the partners, and one third goes to the law firm. With a 190K first year associate salary, that assumes they are making the extra 190 times two to fit the model. I think that translates to $300 or so an hour for a first year associate.
That is insane. I wonder how long big corporations are going to put up with this?
A few major law firms are jumping on the bandwagon and raising starting pay for new associates to $190,000.I have been in court against these big law firms. It was me and 4 or more of these over paid suits. I typically won.Milbank is hiking pay by $10,000 for first- through third-year associates, and by $15,000 for fourth- to eighth-year associates. Its new pay scale:
- First year: $190,000
- Second year: $200,000
- Third year: $220,000
- Fourth year: $250,000
- Fifth year: $275,000
- Sixth year: $295,000
- Seventh year: $315,000
- Eighth year: $330,000