For the first time since 2007, AmLaw 200 firms are raising associate salaries. The new standard scale is:
1st year = $180,000
2nd year = $190,000
3rd year = $210,000
4th year = $235,000
5th year = $260,000
6th year = $280,000
7th year = $300,000
For a quick refresher, most firms (aside for some regional differences) in the US were paying first year associates $70,000 in 1993. In 1997 first years were paid $83,000 and in 2000 salaries went up to $125,000. In 2006 there was a raise to $145,000 and in 2007, buoyed by a robust economy, first year associate salaries went up to $160,000.
Adjusted for inflation, first year associates have been paid equivalent to $175,000 since 2000. Until last month, when 1st year associates were still being paid $160,000, one could say they were underpaid compared to historical trends. So a raise to $180,000 is probably correct for the market.
So which firms have raised salaries so far? The list below outlines each firm that has raised with a hyperlink to the post on AboveTheLaw.com that outlines the firm’s detailed compensation. Your firm not listed? Don’t worry, I’m fairly certain that if your firm paid at the New York level before, they will announce raises soon.