Earlier this week, we brought you some news about an “excellent position” that a tipster found on Boston College Law School’s Symplicity site. As a quick refresher, BC Law touts a median starting salary of $160,000 for graduates in the class of 2010 who entered into private practice. This job… doesn’t come anywhere close to that number.
The position in question promised benefits such as malpractice insurance, health insurance, a clothing allowance, and an MBTA pass, but the starting salary was only $10,000. The MBTA pass must’ve been thrown in as a housing benefit, because the firm had to have known that on a salary that’s below minimum wage, their new associate would be forced to live in the Boston subway system.
As we noted in Morning Docket, one of the firm’s hiring partners has now spoken out about the job, and a spokesman from Boston College Law has come to the school’s defense, too. Let’s take a look at some of their bullsh*t explanations rationales for posting this “excellent position”….
So, we often bring you stories about terrible job offers for recent law school graduates. And we often bring you stories about how law school statistics about the success of their graduates can sometimes be misleading.
Today, let’s put those stories together. Let’s take a look at a job that will pay you way below minimum wage that’s being offered to law grads from the same school that proudly boasts a “median” private practice salary of $160,000 within nine months of graduation.
It’s been a while since we’ve had a good New York to 190 post. As we’ve discussed before, associate salaries at New York law firms are long overdue for a raise. Starting salaries have stagnated in New York.
What’s worse, total associate compensation has gone down this year from last year, thanks to Cravath’s low bonus and the absence of spring bonuses. The buying power of a New York associate is pathetic.
But one new firm in New York seems poised to change that. The firm isn’t nearly as big as our salary market leaders, but the firm is leaving the stagnated Cravath salary scale in the dust…
Today we bring you good news and bad news from Dickstein Shapiro, a prominent Am Law 200 firm headquartered in Washington, D.C. (with offices in five other locations). Let’s start with the good news.
The good news: last month, the firm brought associate salaries up to the market scale (i.e., $160K for first-year associates, $170K for second-years, $185K for third-years, etc.). As you may recall from some of our prior coverage, for a time Dickstein was paying below-market salaries, pursuant to a non-lockstep compensation system.
(A pay-related aside: it seems that we never covered the most recent bonus cycle at Dickstein. If you have info you can share, on bonuses or salaries or anything else about the firm, please email us, subject line “Dickstein Shapiro.”)
Yes, we know: everyone is waiting for, hoping for, and praying for spring bonuses. We’ve been banging on that drum repeatedly in these pages, but let’s be honest: aren’t we just waiting on Sullivan & Cromwell? As far as we know, S&C is the only firm that stated, in its year-end bonus memo, that it “currently expects to pay a bonus in the Spring.” If Sullivan moves, others will; if it doesn’t, then we’ll be waiting a long time.
Congratulations to Bingham McCutchen, which recently earned a spot on Fortune’s best companies to work for — for the eighth year in a row. And congratulations to Bingham’s nine new partners. It’s a very international group: these seven men and two women work out of London (3), New York (3), Hong Kong (1), Boston (1), and Hartford (1).
And congratulations to high-billing associates at Bingham. They were rewarded with “extraordinary” bonuses, as set forth in the firm’s bonus memo….
Today everyone’s talking tech, thanks to Facebook’s upcoming IPO. In light of how Silicon Valley is dominating the news cycle, it seems fitting to discuss the recent bonus and salary news from Wilson Sonsini — one of SV’s top firms, and counsel over the years to many startup companies turned tech giants.
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
Professor Joel P. Trachtman has developed a unique, practical guide to help lawyers analyze, argue, and write effectively.
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For most attorneys, time spent managing the books is a necessary evil at best. Yet it is undeniably a crucial aspect of running a successful practice. With that in mind, we invite you to view or download a free webinar by Above the Law and our friends at Clio to learn how to better manage your finances.
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