This summer will go down in associate lore as the summer of MoneyLaw, when the market leaders, followers, and also-rans made themselves known.
Given the intense attention that compensation has gotten from associates around the country, and with recruiting season just around the corner, if you were the Global Head of Legal Personnel and part of your firm’s Senior Management Team, you’d probably be used to answering, or at least artfully dodging, questions about associate compensation.
If your firm had been criticized for ponying up the headline-grabbing money for junior associates, while leaving midlevel and senior associates with a poorly explained salary range, you’d probably be used to questions about compensation. Especially when many insiders believe the firm’s new salary policy will lead to compression (i.e., paying first-year associates market salary but giving more senior associates less money than the prevailing market amount so that the firm still has a dubious claim of paying “market rate”). If that was the job you had, and the questions you’ve probably heard multiple times since Cravath unveiled the new market standard for compensation two months ago, you’d probably have a really great answer for senior associates when they complained about their salary.
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Reed Smith is just such a firm. And Global Head of Legal Personnel Casey Ryan, in an associate meeting meant to discuss compensation issues, had a very clear message for lawyers who were upset that they’d likely see less money than their peers at rival firms:
If someone doesn’t think they are being paid fairly on the market, they can leave.
And don’t let the door hit you on the ass on the way out!
UPDATE (8/3/16, 2:13 p.m.): The quote above from Ryan is produced just as it was relayed to Above the Law by our network of tipsters. However, a representative of the firm has reached out to provide some additional context for how Ryan presented her comments:
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[We know that] if someone doesn’t think they are being paid fairly on the market, they can leave. [We don’t want that to happen; we want you here.]
While the full remarks may change the context, one thing that cannot be changed is the ire we are hearing from senior associates over their salary.
Earlier: Biglaw Firm Does Right By Junior Associates, Mid-Levels and Senior Associates Not So Much
No, You Are Not Matching The Market: 1st Years To $180K Doesn’t Tell The Whole Story
Biglaw Firm Finally Reveals Compensation For Midlevel And Senior Associates — And They Are Pissed
Kathryn Rubino is an editor at Above the Law. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).