4. Smaller markets really do deserve New York money and Joe’s a jerk
Oh, but there’s another complaint out of Texas:
Regarding the article on why associates across the country shouldn’t get the same raises as NY in pictures — yes we should for two very simple reasons:
1) we work just as hard as our New York counterparts and make the same amount of money. In fact, when I’m in my firms Ny office people leave earlier than in Texas. Not to mention I bring in the same money (it’s all green at the end of the day, right?). Same work hours and weekends demanded and same profits for firm.
2) NY associates choose to live there. I’d love to live in one of the best cities on earth. I choose not to do so, so that I can make more money. There’s a trade off. You are getting something in return for the high cost — an amazing city. I’m getting something in return for my shitty Texas city, more money.
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But you’re ALREADY getting more money. If Texas didn’t get any raise at all, associates there were still getting more money than New York. If New York went to $220,000 Texans would still, actually be making more money.
That said, this comment does a good job explaining why associates in Biglaw everywhere deserve some sort of raise. But putting aside that data suggests that this experience is not typical and that, on balance, the Texans are not working the same hours, the fact remains that clients actually place a high premium on lawyers located in New York. There’s a reason every S.D.N.Y. matter isn’t outsourced to some lawyer admitted pro hac from another office and every blockbuster deal with Wall Street isn’t handled by the Boca Raton office.
Want proof that firms and their clients need lawyers in New York? Let’s see what happens if a bunch of NYC lawyers try to relocate to their firm’s Dallas office. My guess is the partners won’t be too excited about the prospect.
The biggest and the baddest clients always end up needing work done here and they demand New York lawyers to be here working the New York matters. And to the extent the clients demand a cadre of lawyers living in New York, it’s not fair to say “it’s all the same money” because that’s money that other offices simply would never have access to without New York lawyers sacrificing for it. Since it’s routinely the most profitable work firms are doing, that’s the reason firms need talented lawyers willing to live in bad conditions to do it.
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I like Dallas. It has a soft machine. But to keep good lawyers in New York requires more ways and means[1] and having the best pizza around isn’t covering it. There is some point where the ambience, concentration of experienced mentors, and the challenging work is worth taking a real cut over. This round of raises makes one wonder if that line’s been crossed.
This is a pure market screw up. People who really know placement, such as Lateral Link, are concerned that this exuberance will hurt the New York market. Anecdotally, I’ve known more than one senior lawyer in the last few years take the money and jump to a different market. I have no doubt more law school graduates this year will take interviews with places outside of New York given these developments. Unfortunately, weakening the skill and experience of the New York market is a poor move in the long-term and will eventually force a course correction when firms here jack up salaries even more to hold onto the talent the most important clients still demand.
But will this course correction lead smaller markets to follow again and further compound the issue?
Personally, I’m thinking what ends up happening is New York offices really blow it out on bonuses this year. This keeps themselves as demonstrably better in nominal compensation (though obviously not real compensation) while letting other markets have their cake too.
We’ll see in a few months.
As for the second half of the complaint, I’m willingly conceding that I’m a jerk. But, like, a delightful one.
Earlier: Here’s Why You Don’t Deserve The Same Raise… In Pictures
[1] My editor didn’t get what I was going for here. Hopefully the readers do.
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.