Biglaw, Money, New Jersey, Skaddenfreude

Nationwide Pay Raise Watch: Back to Jersey

Lowenstein Sandler Abovethelaw Above the Law blog.jpgWe realize that most “secondary” legal markets get only one bite at the apple — i.e., one dedicated post. And we already covered New Jersey.
But the Garden State is our home state, where we practiced for a number of years, so we will show some favoritism (as is our prerogative). And the news we’re about to share was sent to us directly by the firm’s public relations firm. Since many large law firms try to pretend we don’t exist avoid communicating with us — unlike, say, our more fortunate colleagues at MSM outlets — we are favorably disposed towards law firms that do show us courtesies. [FN1]
So good news, New Jerseyans. A New Jersey-based firm, as opposed to an out-of-state firm with an NJ presence, is now paying $140K. From the press release:

Lowenstein Sandler announced a salary increase to $140,000, effective January 1, 2008, for new associates joining the firm beginning in September. This increase will also be taken into account during the regular year-end process setting compensation for more senior-level associates.

From the New Jersey Law Journal:

Lowenstein Sandler broke from the pack of New Jersey’s home-grown firms Thursday and announced it would pay first-year associates $140,000 next year, a $15,000 increase.

The 250-lawyer Roseland firm also said salaries for some first-year associates in its New York office might be even higher, depending on practice area and performance….

Lowenstein Sandler’s announcement could exert pressure for pay raises at the other New Jersey firms that are pegged at the $125,000 level: Sills Cummis Epstein & Gross, Gibbons and McCarter & English, all in Newark.

So will the competition follow suit? Can they really afford to? Lowenstein, with profits per partner last year of $781,600, is one of the state’s most profitable shops.
(Yep — PPP of almost $800K. It’s not New York, but Jersey doesn’t do too badly for itself. Just ask Tony Soprano.)
For those of you who are curious, the full text of the Lowenstein Sandler press release appears after the jump.
[FN1] Okay, we should stop bitching about our lack of access. In the past few months, it has improved — greatly. Now many Biglaw partners and spokespersons will actually deign to respond to our emails and return our phone calls.


LOWENSTEIN SANDLER ANNOUNCES ASSOCIATE PAY RAISES (PRESS RELEASE)
Roseland, June 14 – Lowenstein Sandler announced a salary increase to $140,000, effective January 1, 2008, for new associates joining the firm beginning in September. This increase will also be taken into account during the regular year-end process setting compensation for more senior-level associates.
“Lowenstein is committed to its position as market leader as a means to attract the very best talent. We are equally committed to our performance bonus system that rewards the substantial quantitative and qualitative contributions made by Lowenstein associates,” said Lowenstein Sandler Managing Director Michael L. Rodburg.
Also, in recognition of the competitive factors inherent in New York, Lowenstein expects that certain sectors within its New York office will command compensation levels commensurate with that city’s market scale.
# # #
About Lowenstein Sandler
Lowenstein Sandler PC is a nationally recognized law firm with more than 250 attorneys providing a full range of legal services to clients ranging from small public and privately held companies to Fortune 500 corporations. The firm has received top honors for its Litigation, Corporate and Environmental Law practices by the Chambers USA Guide to America’s Leading Business Lawyers. With offices in New York and New Jersey, the firm provides a full range of legal services to business and industry.
Lowenstein Hikes First-Year Pay to $140,000 in 2008 [New Jersey Law Journal]
Earlier: Nationwide Pay Raise Watch: New Jersey

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