Many corporate law firms are bumping up their salaries to entice new associates. What exactly is behind this movement and why are law firms doing this? A big part of the answer to this question has to do with competition in the corporate world. Other firms are aggressively competing for new talent, even those who may have an Associate’s degree or higher. Additionally, some law firms are responding to the demands of those who work at a lower salary level.
There are several reasons why a firm would be considering raising their pay for associates. The most obvious reason is that competition has become much more intense within the legal industry. Corporate America is seeing a growing divide between corporate professionals who work at the corporate level of business and those who work at the operational level. At the operational level, many law firms are hiring entry-level attorneys. While there are always experienced lawyers available, it has become more common for new lawyers to begin their careers in corporate environments.
Therefore, many new lawyers are looking to a large law firm for their first job out of school. This means that high school graduates looking to make a career in the legal profession will find themselves fighting for jobs at one of the many smaller firms. Some of these law firms may have up to 30 lawyers on their rolls. These law firms, of course, can’t afford to have everyone on board. Therefore, they will often times hire an outside law firm to fill the seats. This increases the competition among the new lawyers, but it also makes the new associates feel like they are getting something more than they were promised when they graduated.
Another reason why law firms are bumping up their offered salaries is that they know that it’s necessary to keep their workers happy in order to retain them. When a law firm is employing an outside firm to take care of the staffing needs, they are not only able to receive a top offer, they also know that the workers they have will be loyal to the firm. When a lawyer starts out at one of the smaller firms, he or she may be able to make $150 an hour. However, after a few years working at a firm that is well established, he or she will start making substantially more money.
While the economy is in dire straits, there are still plenty of law firms around that are still running strong. Many of these firms may have more openings for attorneys than they do staff members. Therefore, as the economy slumps, those law firms that have not already bumped up their prices may find themselves even more depleted than before.
The biggest reason why a top corporate law firm has decided to bump up the salaries of their employees is that they want to retain the talent that they already have. It takes a lot of hard work to build up a law firm, and the best ones are not built overnight. Therefore, they are willing to give their top employees raises and bonuses. Additionally, it is much easier to keep a good attorney happy if you have the extra money in his or her pocket. Therefore, if a law firm wants to retain its top guns, it may decide to give raises and bonuses.
If you are planning on leaving your job to go freelance or set up your own law firm, be warned that it may take you a while to get all of your paperwork in order and to build up any sort of law firm infrastructure. Therefore, when you are offered a job with a major corporate law firm, you should take it. Your skills and your experience should be fully capitalized for this type of opportunity. Furthermore, you will not have to worry about being overpaid or about the hassle of starting your own law firm from scratch.
Therefore, it is in your best interest to get the education that you need to help you land one of the top corporate law firms. Take your time to get all of your ducks in a row and to choose an accredited school that will allow you to gain the skills and knowledge necessary to become a great lawyer. Once you have been through the four-year bachelor’s degree program at an accredited university or college, you can then work towards an advanced degree and take the bar exam. With a few years under your belt, you can be confident that you have everything it takes to be a top corporate law firm lawyer.
