Here is a completely unsubstantiated rumor, which we’ll pass along anyway (’cause that’s what we do around here):
I cannot confirm this, but a friend of mine at Simpson Thacher claims that NYC firms are going to $190K soon.
Apparently, one of his friends from [law school] was on an interview and requested credit for her clerkship experience, whereupon the hiring partner said he was 90% sure that his firm was increasing first year salaries to $190K.
Wish I could provide more information.
We don’t know if New York law firms will raise associate starting salaries all the way to $190,000. But in light of the recent move to the $160K scale by most top firms in California, Washington, and Chicago, we wouldn’t be surprised to see New York City — with its hardworking associates, high-paying clients, and off-the-charts cost-of-living — increase base salaries again before the year is up.
(Another option: maybe they’ll just pay extra-large bonuses this year.)
Perhaps New York firms will raise starting salaries to $175,000 or $180,000, rather than all the way to $190,000. And they probably won’t move until the fall recruiting season, since there’s not much of an incentive to take action right now.
But that’s just our opinion. What do you think?
Take our two reader polls, which appear after the jump.
Two explanatory notes for these polls:
1. They’re supposed to be predictive, so please vote for what you think will happen, not what you hope will happen.
2. The second poll, which is independent of the first, seeks your thoughts on what NYC will raise starting salaries to whenever it raises them again — whether that’s in 2007, 2008, or beyond.