Most managing partners at large Philadelphia firms say they will not follow the pattern of two years ago and increase first-year associate salaries in response to Dechert’s recent decision to raise the bar to $125,000. But if one or two of their peer firms match Dechert or come close, managers indicated, they might have a change of heart.
Just as it did in 2000, Dechert has made a bold move in raising first-year salaries, this time by $20,000 – a decision that was announced by the firm last week when most managing partners were sunning themselves. The Dechert increase will no doubt have some sort of ripple effect on other Philadelphia firms. The question is which firms will offer responses and what will those responses be.
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