The National Association for Law Placement (NALP) has produced an extremely useful chart for people trying to figure out where to start their Biglaw careers. They’ve listed the cities that give you the most bang for your buck if you land a high paying Biglaw job.
The NALP “buying power index” sets New York as the baseline. It takes the median starting salary for the class of 2010 and the NYC cost of living index and sets that figure at 1.00. Cities with a better purchasing power than NYC have a value greater than 1.00.
New York ranks #42.
Most of the high-ranking cities also have the benefit of warmth….
Welcome to our latest round-up of summer associate offer rate news. This post contains the latest list of law firms and offices with 100 percent offer rates. In future posts, we’re going to shift gears and focus on firms with lower-than-average offer rates.
An offer rate that’s lower than 100 percent is not necessarily newsworthy. The fall recruiting process by which summer associates are selected isn’t perfect. Sometimes candidates look great on paper and do well during interviews, but then do something during the summer — turning in disappointing work product, getting drunk and acting inappropriately — that causes them to get no-offered. And sometimes people get no-offered for reasons that aren’t their fault — office politics, discrimination. Stuff happens.
We’re not expecting 100 percent offer rates all around. At the same time, there is such a thing as an unusually low offer rate. If you know of an office with an unusually low offer rate — which we will arbitrarily define here as something under 66 percent, or two-thirds — please email us (subject line: “[Firm Name] Offer Rate”).
Now, on to the updated list of firms and offices with 100 percent offer rates….
Performance on the LSAT is negatively correlated with networking ability.
– Vice Provost and Professor Sheldon Zedeck of UC Berkeley, at a panel entitled Beyond Grades and Scores: Factors Predicting Lawyer Success and Effectiveness, at the annual NALPconference (which concluded yesterday).
The official title of the NALPconference panel that I attended on merit-based compensation contained a playful shout-out to Sarah Palin: “How Is That Performance-Based Compensation System Working for Ya?”
The panel was originally supposed to have featured a representative of the now-defunct Howrey law firm. So the snarky answer to the question presented might be, “Not well.” (In fairness to merit-based compensation, however, Howrey’s dissolution didn’t have much to do with its model for training, promoting, and compensating associates.)
No mention of Howrey was made during the introductory remarks (or anywhere else in the discussion, for that matter). Rather, the panel focused on the positive — and offered useful advice for firms that are contemplating adoption of performance-based systems….
Greetings from lovely Palm Springs, California, home to the 2011 annual education conference of the Association for Legal Career Professionals (better known to many of you as NALP). The setting is beautiful, the weather is fabulous, and the conference panels have been stimulating thus far. Who needs SXSW?
Yesterday I attended a very interesting session, covering a topic near and dear to the hearts of many Above the Law readers. The apt title of the panel: “From Black Boxes to Glass Houses: Evolving Expectations of Law Firm Transparency.”
The lively discussion covered a wide range of topics — and also offered some advice for law firms for dealing with the increased transparency of the digital age….
That was almost four years ago — 1,326 days ago, to be exact (2008 was a leap year). But here we are, in the fourth quarter of 2010, and a new NALP report is telling us top Biglaw salaries in New York have re-established themselves at $160K. Partner profits haven’t generally remained stagnant for four years, at least at certain firms. Law school tuition certainly hasn’t remained stagnant for four years. But the upper end of associate compensation has been stuck in the mud. Back in 2007, I could go to a movie for $10.50. Now it goes all the way up to $11! I’m outraged!
I’m not actually outraged (well, I am about movie prices, but that’s because at $11 you’d think something besides Inception wouldn’t blow). And you won’t find too many associates outraged that their compensation hasn’t kept pace with growing partner profits at some firms. That’s because most associates are recovering from the terror of layoffs and salary deflation. NALP explains it this way:
NALP’s 2010 Associate Salary Survey shows that, although the $160,000 salary for first-year associates still prevails at large firms in a number of markets, including Chicago, Los Angeles, New York, and Washington, DC, in other markets, such as Boston and San Francisco, the median has dropped back to $145,000, reflecting salaries ranging from $110,000 to $160,000.
Sorry about your tiny pink paycheck, Boston and San Fran.
For the rest of us, let’s take a look at the full salary scale according to NALP’s research…
Back in February of this year, the National Association for Law Placement (NALP) announced a minor change to its recruiting guidelines. I was underwhelmed. New associates are graduating law school in a terrible job market, firms are sick of being forced to hire people two years before they know their staffing needs, and NALP is fiddling around with the open offer period? Make sure those deck chairs are properly arranged before we all drown!
Back in February I called for a complete overhaul of the fall recruiting process, and only the crickets heard me cry myself to sleep that night.
But today we’ve received word that a firm most of you have never heard of, and a school more known for its women’s basketball team than its law school, are teaming up to come up with a truly new approach to hiring law school graduates. Will it work? Will it catch on? At this point, who cares?
It’s a new idea — not some twice-baked, refried, reheated idea that wasn’t all that good the first time around….
Greetings, loved ones. Hello there, California girls (and boys). We hope that you’re doing well. Gay marriage might be on hold for now, but there are other unions to celebrate on the West Coast.
Like unions between law firms and job-seeking law students. As we’ve discussed in these pages before, on-campus interviewing at law schools seems to be on the upswing.
And it’s not just in New York, where schools like Columbia and NYU report increased interviewing activity. It’s happening in California too, as reported by Sara Randazzo and Kari Hamanaka of the Daily Journal:
Career counselors around the state are reporting that the number of employers signing on to the recruiting process this year is either steady or up slightly. The mood, however, is still tempered by the reality that the recruiting climate is nowhere near the fever pitch preceding the downturn when there were barely enough top law students to go around for associate-hungry firms.
“When I talk to lawyers in the field, it seems things are busier, but given all the excess in the hiring pipelines they are still very conservative,” said Terrence Galligan, assistant dean of career development at UC Berkeley School of Law.
Well, conservative can be good (and not just politically). The conservative hiring of summer associates for 2010, for example, seems to have resulted in very high offerrates.
For 2011, some firms that stayed on the sidelines in 2010 are back in the game….
I’ve been critical of the National Association for Law Placement (NALP) in the past, but you have to give them credit for at least one thing: they have been tirelessly trying to make people understand that most lawyers do not make $160,000 a year straight out of law school.
In fact, NALP has been at the forefront of educating prospective lawyers on the dangers of focusing on “average” starting salaries. The average is meaningless. The median is just slightly more helpful, and NALP has been begging people to pay attention to the bimodal salary distribution curve that tells the true story of how much lawyers are likely to get paid.
And the bimodal curve is only useful if you are actually lucky enough to secure full-time employment. If you have to work part-time, God help you…
Hey, have you read Above the Law for like one single minute in the past month? If so, you probably know that we’re having this big blogger conference on March 14th at the Yale Club. Yeah, the Yale Club. You’ll be able to recognize me: I’ll be the only big… blogger guy surreptitiously holding a can of crimson spray-paint.
Speaking of coming, you should come. We’ve got CLE and all that. Click here to buy tickets to get CLE credit for listening to bloggers scream about stuff on the internet.
To refresh your memory, details on the panel that I’m moderating — almost entirely sober, mind you — follow.
My panel is called Blogs as Agents of Change, and we’re going to talk about whether all of these spilled pixels are actually making a difference. You know my view… just ask Lawrence Mitchell, but here are the panelists:
So you spent a considerable amount of time courting, selling and maybe even doing some friendly stalking of that attractive lateral partner candidate with a sizable book. After he or she ignored your emails and didn’t return your calls, a few weeks go by and you read a press release in the legal media announcing the recent move to a competing firm.
Rats. Another one got away from you. You cringe when you consider how much time was spent in meetings that did not bear fruit. Your heart aches when recall how you were led to believe this was a marriage made in heaven.
You have been rejected.
The sting of rejection is painful, even for fancy law firms. But you need to find a way that you can turn this disappointment into a legitimate learning experience.
No, this isn’t a pre-party before we come back next fall for the real thing. This IS the real thing. Quinn Emanuel is pushing the envelope on recruiting. The party is now. This is when you meet the partners and associates face to face. This is when we begin the dance that could land you an offer for your second summer BEFORE school starts in the fall.
First: You come to the party. Second: If you like us, you send your resume after June 1, 2014. Third: If we like each other, you get an offer.
We’re not waiting for fall. We’re not doing the twenty minute thing. This party is the real thing!
We hope you’ll join us, and look forward to meeting you.
The traditional job application and interview process can be impersonal, and applicants often struggle to present themselves as more than just the sum of their GPAs, alma maters, and previous work history. ATL has partnered with ViewYou to help job seekers overcome this challenge. ViewYou NOW Profiles offer a unique way for job seekers to make a personal, memorable connection with prospective employers: introduction videos. These videos allow job candidates to display their personalities, interpersonal skills, and professional interests, creating an eDossier to brand themselves to potential employers all over the world. Check it out today!