It goes without saying that the associate salary wars are over. Firms have responded to a drop in business and a glut of talent with salary freezes, salary cuts or even a wholesale revamping of their pay scales. But the retrenching effort so far hasn’t affected first-years nearly so much as it has mid-level associates, according to The Recorder‘s annual temperature-taking of associate salaries.
Two firms stopped paying existing first years $160,000 earlier this year: Manatt, Phelps & Phillips, which is now paying them $144,000; and DLA Piper, which announced it has returned to $145,000 as part of 10 percent salary cuts for associates across the board. (Manatt Phelps declined to comment on the salary we report in this story.)
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