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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (2694)7/7/2000 11:53:33 PM
From: Ken98  Read Replies (1) of 436258
 
<<From a Boston Globe article during this period: “This week’s news that starting salaries for associates at some local law firms will range from $125,000 to $150,000 this year has shocked Boston’s legal community…>>

I relayed almost this exact information several weeks ago to Booger and he dismissed it as random anecdotal stories.

But these stories about atty salaries are dead on and are a good example of the rapid spread of wage inflation. In Texas it began right after the first of the year when the Brobeck firm out of San Francisco raised salaries to those levels for the associates in their Austin office. Within a matter of days the proud Houston based law firm of Vinson & Elkins matched dollar for dollar those numbers. Not to be denied a seat at the poker table, most other large Texas based firms matched the higher numbers a couple of weeks thereafter. Now the in-house lawyers feel cheated and are queueing up for pay raises.

To pay for these rather healthy (to say the least) raises, the firms are (a) increasing billing rates, (b) increasing associate billable hours to 2,200+ per year, (c) decreasing partners' profits, and (d) praying. And now that hourly rates have increased markedly at the large firms, smaller firms and solo attys are tagging along for the ride. And so on, and so on....

Have a good weekend, Ken.
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