January 30, 2009 by Robert Tharp at 11:42:32 am
Major firms hunker down, freeze associate salaries
Pity the junior attorney. Before the economic crash, recent grads with the right pedigree were woo'd by major law firms offering increasingly escalating salaries.
Associate compensation became a benchmark of success that big firms fought to keep up with. No more, says Stacy Humphries of Houston's MS Legal Search. Instead, salaries are mostly flat while associates are hunkering down, focusing on keeping their jobs rather than looking for greener pastures. Meanwhile, it's the experienced attorneys with loyal clients that are doing the job-hopping in this climate, Humprhies says. "Junior attorneys are keeping their heads down and hoping to ride out the economic downturn while more senior attorneys, particularly those with portable business, are more proactive about trying to improve their situations." To interview Ms. Humphries about law firm compensation issues, contact Barry Pound at 800-559-4534 or barry@androvett.com. .
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