Top NY law firm boosting first-year pay
Headline News
[##_1L|1232376078.jpg|width="100" height="114" alt=""|_##]New York law firms may have to play catch up with Simpson Thacher & Bartlett, which just raised the annual base pay of first-year associates to $160,000 before bonus. The Manhattan firm's move comes less than a year after a similar round of increases bumped first-year salaries in the city to $145,000, after sitting at around $125,000 for five years. "The firm has been very busy and we expect the high level of activity to continue," executive committee chairman Philip Ruegger wrote in a memo. "We are proud of the results we are helping our clients achieve."
As in the past, when large firms like 700-lawyer Simpson Thatcher announce a salary hike, others are quick to follow. Paul Weiss Rifkind Wharton & Garrison matched Simpson Thacher's increase to $160,000 Tuesday afternoon. Last February's increase to $145,000 was first announced by Sullivan & Cromwell, and other firms wasted little time jumping on the bandwagon. Firms generally succumb to the pressure to match salaries to remain competitive in nabbing talent from a small pool of top law students.
Simpson Thacher's decision also comes after a pay increase at a number of California firms, which upped their first-year salaries to $145,000 from $135,000. New York firms may also follow Simpson Thacher's lead in an effort to maintain the Big Apple's status as the top market for associate pay.
Related listings
-
Federal emissions law urged by business-NGO
Headline News 01/23/2007A coalition of businesses and environmental groups on Monday called for federal legislation to limit emissions of carbon dioxide and other greenhouse gases. In a letter to President Bush a day before his State of the Union Address, the US Climate Act...
-
Enron Law Firm to Pay $18M
Headline News 01/23/2007Texas law firm Andrews Kurth will pay Enron's estate $18.5 million to settle potential malpractice claims stemming from legal advice the firm allegedly offered concerning the energy giant’s asset transactions."We have continuously denied wrongdoing a...
-
Prosecutor in Apple Case Joins Law Firm
Headline News 01/21/2007Christopher J. Steskal, a lead prosecutor of a federal task force investigating the backdating of stock options at Apple Inc. and other companies, is leaving his San Francisco post to join a law firm, the United State Attorney’s office in San Franc...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.