The legal industry is not immune from the ongoing economic crisis. As of December 2008, two of the largest law firms in the USA announce cuts and freezes on associate salaries. Orrick, Herrington & Sutcliffe, a global firm with lawyers and offices in North America, Japan and Asia recently announced a freeze on salaries of its 670 associates while Latham & Watkins also recently announced similar freezes for its associates.
What this means? If you are making $200,000 a year as an associate at any of these firms, your base salary remains the same till the firm and the clients it serves gain confidence in the markets. Needless to say, this sets a trend in the legal markets and we are about to see a trickle down effect as most industries, including the legal industry, experience continued volatility.
Source, Legal Tech
1 comments:
Oh wow, that's interesting to hear. Read an article a while back that it was getting harder for law school grads to get jobs, the article featured a lady who had graduated a yr earlier and was working as a paralegal to make ends meet and put a dent in her loans. It doesn't deter me from attending law school, for me it's more a passion than just doing it for the money...although, I'll admit, the money is a plus...
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