We’re not seeing firms ask us for one or two associates. Some are coming to us saying we need 10.
The bonuses are more impacting the industry beyond the walls of what it typically has. This has broken that barrier. It has forced the hands of a lot of smaller markets to increase their compensation because in order to compete with talent, they have to compete with the big firms’ compensation because the firms are so much more willing to have people sit in other markets. Firms are being much more willing to pay what they need to pay in order to get really quality associates in the door.
— Summer Eberhard, West Coast-based managing director in the associate practice group at legal recruiter Major Lindsey & Africa, commenting on the impact that special bonuses have had on the associate lateral hiring market. Associates could receive up to $164,000 in year-end and special bonus money based on class year, on top of their already high salaries.
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.