Law Firm Announces Raises To $170K Scale

A firm committed to being Cravath's cost-effective competitor is living up to that role.

onAugust 18, 2016 at 12:11 PM

hand money bills pay raise salary bonus cash Just when you thought the salary raises had finally settled down, one more firm makes an adjustment. This time it’s Morrison Cohen, a law firm so committed to serving a middle market client base they actually brand themselves as “Law Firm To The Middle Market,” complete with a registered trademark on the phrase.

So it should come as no surprise that a firm oriented around keeping rates low to garner market share among clients seeking a cost-effective alternative to the Cravaths of the world would announce raises just a shade off the Cravath scale.

First-years will be making a $170K base salary as of September 1. Morrison associates will also be eligible for a performance bonus determined by a combination of hours (1900 target) and an evaluation of work quality and a 20 percent cut of any business they bring into the firm.

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This is the sort of sane — dare I say “middle” ground — approach that I think more than a few firms will wish they followed over the long-term. Morrison Cohen is now well-positioned to recruit quality talent (especially on the lateral market where burned out top-tier associates are eager to take modest pay cuts in exchange for working with a firm that tries to keep billable hours per associate under 2000) without having to compromise on their strategy of offering clients a lower price point than most of their Biglaw competitors.

A strategy that could pay real market share dividends as more top-tier alternatives have to make upward fee adjustments because they chose to fly too close to the Cravath sun and offer full $180K raises.

Joe Patrice is an editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news.