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Which Cities Give Young Lawyers the Biggest Bang for Their Buck?

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Back in 2011, the National Association for Law Placement (NALP) produced an extremely useful chart for people trying to figure out where to start their Biglaw careers. The chart, which tracks buying power based on starting salaries for associates, is a great way to find out where you’ll get the most bang for your buck if you land a lucrative Biglaw gig.

NALP’s Buying Power Index continues to use New York City ($160,000) as the baseline. It takes the median starting salary for the class of 2011 and the cost of living index for NYC and sets that figure at 1.00. Cities with a better purchasing power than NYC have a value greater than 1.00. In all, 76 cities have been ranked.

When we first wrote about this, associates in New York City were crestfallen when they found out that their city was number 42 on the list — they realized they were essentially throwing their money down the drain. This year, NYC has tumbled even further down the list.

How badly are they getting screwed, and where can you go if you want greater purchasing power?

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NALP ‘Buying Power’ Index Says Everything Is Bigger in Texas

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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.

And boy, are New York City associates going to feel stupid.

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….

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Clerkship Bonus Watch: BuckleySandler to $60,000!

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What’s going on with clerkship bonuses? The last time we really checked was over a year ago. We might do a follow-up; if you have tips — not questions or requests for advice, but hard information about clerkship bonus amounts — please email us (subject line: “Clerkship Bonuses”).

In our last look at the subject, in February 2010, the going rate seemed to be $50,000. You can look back at our prior post for the names of at least 11 firms paying $50K clerkship bonuses. (If any of that info needs to be updated, in either direction, please let us know.)

We can confirm that at least one firm is paying a clerkship bonus in excess of $50,000: BuckleySandler, a young, highly-regarded firm that focuses on banking and financial-services law. We’ve written quite a bit about the firm before; it started with a bang, when Skadden partners Andrew Sandler and Benjamin Klubes left the megafirm to set up their own shop.

Let’s learn a little more about BuckleySandler, and check out the memo announcing the $60K clerkship bonus (along with other compensation-related information)….

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