Associate Life Survey: Time For A Raise?
Over the weekend, millions of Americans reset their clocks to mark the end of Daylight Saving Time. And millions of other Americans forgot to change their clocks, and showed up to brunch an hour early.
But sometimes, early is a good thing. In today’s ATL / Lateral Link survey, we investigate another time of change: the day your firm adjusts salaries.
At most firms, the new class of associates arrived in September or October. Some firms adjusted all of their associates’ seniority and salaries when the new first-years arrived. Most, however, will wait to adjust salaries, if not billing rates, until January 1.
At New York market rates, this means early raisers are actually paying associates $2,500 to $6,250 more in base salary this year than the rest of the market. (A third-year associate at a September raiser — now a fourth year — could actually make $8,333 more.)
So, does your firm observe Salary Saving Time, or have they already set your pay stubs forward?
Update: This survey is now closed. Click here for the results.
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Justin Bernold is a Director at Lateral Link, the sponsor of this Associate Life Survey.
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Comments
first!!!
...In my country there is problem...
Virtually no chance of raises this year. Law firms who announce raises will pay for them by laying off a lot of people.
SkaddenDC will be paying full bonuses despite their situation. Good for them.
Rumor is that first years are getting $45K bonus in nyc this year.
alright folks, i'm leaving for my career services meeting now. it doesn't start until 12:20 but i want to get a good seat.
*puts on jacket and straightens tie...3k/week here i come!*
-nervous T-10 1L
email job leads to nervoust101l@yahoo.com
It would be nice if this information was compiled afterwards. A chart that lays out RPL, PPP, salary lock-steps, bonus ranges, and when raises occur would be very helpful.
Seriously, no KS Stories?
This is dreadfully boring.
really annoyed me when I realized i'm being billed out as a second year but being paid as a first.
great lolbird!
Remember you read it here first. At least 10 AmLaw firms will decide in January 2009 that they will not move salaries up to "the next class." The stagnation in the market will - when combined with the trough in net earnings cause firms to say "we are holding you where you are - which is better than having to RIF 10-15% of you." This will be the year the air goes out of the tire of associate raises.
I am hearing that 12 is right, and that some firms are talking with the associates already about it. I have also heard that some regional players in Charlotte, Atlanta, and Houston, are asking associates to return to 2005 pay levels (i.e. before they jumped to $145-$160k), instead of laying people OFF.
12 and 13 are dead on. if you have a job to come to 1/1/09, you should be happy; if you get any sort of a raise, thrilled. Think of the salary rollback as a signal to polish off your own shingle, 'cause you arent long for the firm if things get worse.
What will the 2005 rollback mean for $3k/week?
-nervous T-10 1L
SHUT UP nT101L.