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…