It hasn't escaped the notice of younger members of the bar that there is a significant lag in starting salaries offered by big Minnesota law firms as compared to their counterparts in larger markets on the East and West Coasts. (See "Big firms in Minn. are surrendering in the salary wars" in Minnesota Lawyer, password required.)
Many might think it's a bunch of whining given that fledgling lawyers can still fetch $120K/year at the largest Twin Cities-based firms. (After hitting the $120K point last year, there has been little upward movement in Twin Cities big firm salaries this year, despite the fact that bigger market firms are up to $160k and, in at least one case, $180K.) The $40K to $60K more new lawyers can make in a bigger market is no doubt a big deal to them. Heck, that's the price of a pretty nice car for every year they work at that other firm. Plus, their salary as second and third-year associates will increase at an exponentially greater rate. By the time they are partner in a big New York City firm, lawyers who opted for the bigger market will be clearing seven figures.
Of course there are tradeoffs. The big New York is more likely to be a meat grinder requiring lawyers to bill every passing breath to make their billable hour requirements. And there are those long commute times. Goodbye PTA meetings or coaching that little league team. Of course, even in Minnesota, the requirements of working at a big firm are no cake walk. There is just a bit more breathing room.
So does it matter that big firms here pay less? I think that it does to a degree. Loan-strapped law students would find the temptation of that extra cash from the large market difficult to pass up. Minnesota was never going to get top talent to come here specifically for the money, but if the differential gets large enough, homegrown top talent that would rather stay here may feel compelled to leave. With four law schools here pumping out grads, there will undoubtedly be plenty of smart folks happy to fill those big firm spots eschewed by those opting out of Minnesota. However, there is a certain stature to being a place that retains some of its very top prospects. We don't want to become the Minnesota Twins of the legal world.
In short, while I don't think we have to offer the same salaries as New York City and L.A. firms here, I think we have to be careful to remain within a competitive range nationally. Fortunately, at present, firms in bigger markets appear poised to take a time out in their salary wars, keeping Minnesota from losing any ground as it takes its own breather.
Showing posts with label big firms. Show all posts
Showing posts with label big firms. Show all posts
Friday, February 15, 2008
Thursday, April 5, 2007
Big Law Blues
The Wall Street Journal Law blog yesterday reported that Stanford Law’s Andrew Canter (2L) and Craig Holt Segall (3L) -- and about 125 students from the nation’s top law schools — emailed hiring partners and recruiting coordinators at the nation's largest firms.
Their new organization, Law Students Building a Better Legal Profession, wants the country’s biggest law firms to sign-on to principles espousing a saner work environment for lawyers.
“We are writing as a group of over 100 law students to propose a change in the way we all experience our profession,” the email begins. “We are working to ensuring that practicing law does not mean giving up a commitment to family, community, and dedicated service to clients.”
The group asked firms to commit to four principles: Making concrete steps towards a transactional billing system; Reducing maximum billable hour expectations for partnership;
Implementing balanced hours policies that work; and Making work expectations clear.
In return for a better working life, the new group advocates that entry-level associates get a smaller paycheck.
Some of the comments got pretty heated against these two young gentlemen. Here is one of the gentler ones: "I enjoy working, and I bill lots of hours. If these 'kids' want the easy road, they do not need to work in a big firm." And here is another: "Anyone see the irony of law students who, as far as we know never worked a day in their lives in a law firm, spearheading the effort to change law firm life?"
Hmmm. Maybe Big Law firms are not working their lawyers too hard. They apparently have time to blog nasty things. Perhaps they found a way to bill the time?
Their new organization, Law Students Building a Better Legal Profession, wants the country’s biggest law firms to sign-on to principles espousing a saner work environment for lawyers.
“We are writing as a group of over 100 law students to propose a change in the way we all experience our profession,” the email begins. “We are working to ensuring that practicing law does not mean giving up a commitment to family, community, and dedicated service to clients.”
The group asked firms to commit to four principles: Making concrete steps towards a transactional billing system; Reducing maximum billable hour expectations for partnership;
Implementing balanced hours policies that work; and Making work expectations clear.
In return for a better working life, the new group advocates that entry-level associates get a smaller paycheck.
Some of the comments got pretty heated against these two young gentlemen. Here is one of the gentler ones: "I enjoy working, and I bill lots of hours. If these 'kids' want the easy road, they do not need to work in a big firm." And here is another: "Anyone see the irony of law students who, as far as we know never worked a day in their lives in a law firm, spearheading the effort to change law firm life?"
Hmmm. Maybe Big Law firms are not working their lawyers too hard. They apparently have time to blog nasty things. Perhaps they found a way to bill the time?
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