Post a commentA step in the right direction both in terms of reduced salary and also billable hours. You won't hear people crying about a reduction to $117,000/$130,000.
The real market rate is still about $80,000 for new attorneys. So this is a step in the right direction. These absurd starting salaries of $130,000 to $145,000 were the result of a bubble from the late 90s to 2007. Big firms tried to keep topping each others salaries and it just got out of line.
I wonder if any of the partners are giving up some of their salaries or perks in order to balance things out.
No sympathy. Try the salary that we public interest lawyers make- less than $50,000. And we work equivalent- if not more- hours than private lawyers do. Six figures is nothing to complain about.
nickiDrea, It sounds like you need a new job. If you have a law degree, then I think that you should start searching...
does that mean the price of billable hours will go down?
NickiDrea- First things first. You choose to work as a public interest lawyer for your salary. No one is putting a gun to your head and you can quit at anytime to join a firm or hang a shingle. But what really puzzles me is your mindset. Why do you care one bit about whether or not the new lawyers make $145k, $117k, or even $20k? It will not change your compensation one bit. I don't get why people get worked up about the salaries of people who work in the private sector. If an insurance company or law firm wants to pay it's CEO or managing partner $1 billion/year what the hell do I care.
Nickidrea, are we suppose to feel sorry for you? If you had the talent to work for one of the big firms, you would not be crying now. You are earning what you are worth.
What makes you think that cutting their salaries means they'll cut their billable hour requirement?
Somehow I find it hard to believe I'm getting a bargain here. Whoever heard of such a thing a rookie lawyer right out of law school not making a couple hundred thousand a year. There ought to be a law.
Inhouse counsel are watching this and will keep this in mind when reviewing bills and pressing for fixed fee arrangements and lower outside counsel costs overall. Associate time on bills is a fertile hunting ground.
It is has been widely known throughout Universities, that we have way more people graduating with law degrees...that the market needs. Finally supply and demand took hold because the economy demanded. Students working to a Law Degree, should take a long look....except top of the class, will end up doing nothing with their degree.
Agree with Jacksplat. Way too many law school graduates now can't get work. It's simple supply/demand. The supply is high, the demand is low, so the prices should come down.
Philly lawyers clearly preside over a culture of excess --- look at The wasteful Barnes On The Parkway Proposal. Are any of these rich people in touch with reality any more? Why are a number of big law firms supporting the Money Pit Barnes Move? Doesn't the Move show the poor legal and financial judgment of these Firms especially in this economy? The Move is sapping $137 Million in public Taxes PLUS $150 Million more in private "charitable" money (that could go to REAL charities)? Did you see the ditty about the original Move supporter, Vince Fumo, Esq. formerly of Dilworth Paxson on the eve of his conviction (sung to the tune of Philadelphia Lawyer by Woody Guthrie:-
Way out in Merion Station
Where Romance blooms and fades,
There was A Philadelphia Lawyer
Making Love to Doc Barnes'Renoirs & Monets,
Doc Barnes was a gun-totin' cowboy,
Nine notches were carved on his belt,
And everyone in Merion Station, left
Doc Barnes art collection alone.
One night while Doc Barnes was returning
From riding the range in the cold,
He thought of his Renoirs and Picassos
Whose beauty was as brilliant as gold.
As Doc Barnes came near to the window,
Some forms he saw on the shades,
T'was the Rich Philadelphia Lawyer
Talking to Barnes' Matisses, Renoirs & Monets:-
"You're features are so pretty & Lovely,
Your form's so rare and divine,
I'll win you a divorce from your Trust Restrictions
And we can Move to The Ben Franklin Parkway by 2012."
Doc Barnes was stunned at what he was hearing,
He thought better of Philly alright,
So, he put a curse on his art collection
In case Philly lawyers & Rich people wouldn't respect his rights.
And so, Tonite in Old Pennsylvania,
beneath her Beautiful Pines,
There's one less Philadelphia Lawyer (Vinny Fumo)
in old Philadelphia Tonite.
Hey Philly lawyers! KEEP THE BARNES IN MERION! Grow a conscience and PRESERVE The Barnes IN MERION! STOP wasting our tax dollars on this Move!
If the cllients had complained before the salary adjustments about hourly rates for new attorneys and bonuses for those not exhbiting competency level the clients expected, why are the adjustments occurring now, rather than then?
I think the reason for the adjustments in lawyers' salaries is more related to either lack of billable (and collectable) business and unwillingness of clients to pay huge bills in depression-era times. Adjusting salaries may be the remedy that keeps the office open as business firms experience "work shock" and bankrupties soar.
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