Recently, Washington, D.C., law firm Williams & Connolly, one of the premier litigation firms in the country, announced it was raising its pay for starting associates to $180,000, which is about $20,000 above the market rate in most major U.S. law firms, with a $15,000 to $25,000 boost for its other associate classes.
Since the conventional wisdom is that select New York City firms would undoubtedly increase their starting salaries above $180,000, what would be the effects of the “trickle down theory” of this higher associate compensation on the economics of other large and midsize law firms? In other words, how does this escalating associate compensation fit in with today’s law firm economics?
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