Nationwide Pay Raise Watch: Back to Jersey
We 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]
(28) Comments
Lowenstein is at 140 and these firms aren't on the 160 scale yet?
Continuing CA List of Shame:
1) Thelen Reid
2) Perkins Coie
3) Bryan Cave
4) Baker & McKenzie
5) Seyfarth Shaw
6) Foley Lardner
7) Greenberg Traurig
8) Holland & Knight
9) Nixon Peabody
Where's the DC list of shame? Haven't seen it in a while.
Alright, Day (Berry & Howard) Pitney (Hardin) ... cough it up.
White Girls With Asian Guys
Thank god. Maybe now all the NE assholes will start fighting amongst themselves and leave the other legal market posts alone.
"Alright, Day (Berry & Howard) Pitney (Hardin) ... cough it up."
1:43, I don't know how Day Pitney is getting away with remaining so stingy. Here's a brand new firm that wants to appear big and start playing in the bog boys' sandbox, but remains unwilling even to fire one shot in this salary war.
Day Pitney appears to be content to take a sidelines role and let the best talent go to firms where they will make 45-50% more.
Let's see how this merger shakes out in a year or so....
how is compression affected?
Anyone know what McCarter's PPP is?
What do people know about the work environment at Arent Fox DC? I know they haven't raised yet, but what is it like to work there?
2:00: McCarter's PPP is $525,300
you have entirely a north jersey bias. those of us in south jersey are getting killed.
to the best of my knowledge, A&G is the top paying local firm and their starting salary is 110K, which I think is a pretty substantial raise to keep pace with the big boys in Philly.
What's going on over at McCarter. Their PPP dropped over 20% while Lowenstein's went up 20%
This year's PPP at McCarter might be a result of their recent acquisition of a Boston office. Last year's PPP was around $670K.
2:31: Maybe. For what it's worth, the PPP last 4 years at McCarter: $536k, $601k, $665k, $525k. At Lowenstein: $618k, $632k, $628k, $781k.
any word on the rest of the Jersey based top 10?
Anything else coming out of NY? Another round of NY raises may spark some upside in NJ.
I think this was inevitable, and that the NNJ and So. CT firms (Hello, Day Pitney!) will have to step up. It's ridiculous to be getting $110 or $120 in Morristown when you can get $160 in NY, and plenty of these 'regional' firms can afford to raise.
Who says trousers?
Brits
Jenner will bump. Their burgeoning transactional practice (over a third of the firms attorneys now) will demand it.
Furthermore, with the current partner cuts and increased business the firm's PPP will be pushing one million and rising. If they can keep the culture then they are moving in the right direction.
Day Pitney is not gonna bump, they are having too much trouble with their synergy. They have an insane turn-over rate right now, maybe next year. Sills should be able to match though
DC VAULT OF SHAME
(minus King Spalding)
17. William & Connolly
40. Baker Botts
48. Jenner & Block
50. Fulbright & Jaworski
58. Vinson & Elkins
59. Alston & Bird
64. Holland & Knight
66. Bingham McCutchen
68. Foley & Lardner
70. Hunton & Williams
71. Patton Boggs
74. Kirkpatrick Lockhart
75. Nixon Peabody
77. Bryan Cave
79. Crowell & Moring
86. McGuire Woods
87. Squire Sanders
88. Arent Fox
93. Kilpatrick Stockton
95. Dickstein
96. Venable
DC VAULT OF SHAME
(minus King Spalding)
17. William & Connolly
40. Baker Botts
48. Jenner & Block
50. Fulbright & Jaworski
58. Vinson & Elkins
59. Alston & Bird
64. Holland & Knight
66. Bingham McCutchen
68. Foley & Lardner
70. Hunton & Williams
71. Patton Boggs
74. Kirkpatrick Lockhart
75. Nixon Peabody
77. Bryan Cave
79. Crowell & Moring
86. McGuire Woods
87. Squire Sanders
88. Arent Fox
91. Thelen Reid
93. Kilpatrick Stockton
95. Dickstein
96. Venable
Sills? A joke of a lawfirm. May as well call it a "law soft".
$140K in NJ, big f'in whoop. I used to work at a "big" NJ firm and the counsels (10th years, more or less) were making about $165-170K. Why f**king bother unless you're too braindead to get a real BIGLAW job (which I got when I got the hell out of there). Biggest bullshit scam on the planet. NJ firms are the scum at the bottom of my toilett. They pay shit in the long run but expect NY hours, without meaningful boni, and the partners take it all. They are useless and will be gobbeld up, one by one, by the majors in time. Those who aren't gobbled will die. Mediocre attorneys with mediocre practices. Crap. Riker Danzig, Sills, Gibbons, Day Pitney, etc. are leftovers from a time when regional firms mattered. I know partners at one of those that still don't know how to use a computer, but they make their associates use b'berrys (which they actually have to pay for!). Garbage.
Riker Danzig is a shit TTT law firm. 2L's be warned, or you'll be sorry.
rd is ttt all the way. so is ptney and mcelroy.
Farer Fersko in Westfield NJ starts at 75K and its junior partners make first-year BIGLAW associate pay. hahahahahahahahahahahaha