Nationwide Pay Raise Watch: NY to 190? Only in Your Dreams...

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As real as it may seem, it was only in your dreams. From the WSJ Law Blog:

We called around to firms to find out whether associate salaries, called economically-irrational in some quarters, have finally (or, at least, for now) hit a ceiling. The answer seems to be yes.

“We’re not going to do anything,” said Orrick spokeman Allan Whitescarver, noting that law firms compete for talent with investment banks and consulting firms. “Times aren’t good for them either,” said Whitescarver. “We’re going to sit tight and keep the salaries capped.”…

Other firms, including WilmerHale and Milbank, also told the Law Blog that, for now, first-year salaries will stay at $160,000.

If some firms, with their gloomy predictions for 2008, were hoping to jawbone down associate salary expectations, it seems they have succeeded.
Big-Law Associates Facing 2008 Salary Cap [WSJ Law Blog]

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