Starting salaries for first-year associates at large US law firms jump another $10,000 - Pittsburgh Business Times - Pittsburgh Business Times
Laws of physics don’t necessarily dovetail with how the legal sector operates. So what goes up doesn’t come down when it comes to pay.
A $10,000 increase by one of the nation’s biggest firms last month has triggered a domino effect across the country. How Pittsburgh is impacted continues to unfold, and it's not clear yet whether firms here will opt for the newest normal, or simply hike salaries along the lines of what they’ve already deemed top dollar.
In mid-January, New York-based law firm Milbank LLC raised starting salaries for first-year associates to $215,000. It was Milbank’s second hike in less than a year and the move has dozens of large firms across the country following suit.
The likeliest local candidates are the two largest firms. Reed Smith LLP, founded in Pittsburgh, has more lawyers here than any firm, but did not immediately respond. K&L Gates LLP, based downtown and ranked second by the number of attorneys in Pittsburgh, declined comment.
Last July, Reed Smith raised first-year associate pay to $205,000 in the U.S, a $30,000 hike. It also eliminated regional pay differences, meaning that attorneys in New York would be paid the same as those in, say, Pittsburgh, where the cost of living is not as high.
Babst Calland, based downtown and the region’s seventh-largest law firm, has upped starting pay in Pittsburgh from $130,000 to $135,000, Donald Bluedorn II, managing shareholder, confirmed on Monday.
But, he said, it is because Babst has consistently raised salaries over the past several years.
“We’re not doing it in response to Milbank or anyone else’s arms race,” Bluedorn said. “What happened during the pandemic is a lot of big firms lost staff. Now they’re busy and trying to throw money at the problem.”
He acknowledged that the increase is “nowhere near" $215,000.
"From a client perspective, we offer sophisticated services at a lower price point and a greater focus on client satisfaction,” Bluedorn said.
He said Babst has the kind of culture and cases where young lawyers can strike a work/life balance while building a career.
“That’s always going to be attractive to a certain type of young lawyer,” Bluedorn said, adding that there will always be others who opt for higher pay.
Eckert Seamans, also based downtown and ranked sixth according to the number of lawyers it employs in Pittsburgh, sent the following statement via email.
“Eckert Seamans has consistently compensated the firm’s first-year associates commensurate with the market scale and makes adjustments as necessary.”
Philadelphia-based Morgan Lewis & Bockius, which has a Pittsburgh office, upped starting pay to $215,000, the Philadelphia Business Journal, a sister publication, reported.
source: https://www.bizjournals.com/pittsburgh/news/2022/02/28/law-firm-starting-salaries-jump-another-10-000.html
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