Every marketplace operates according to the law of supply and demand, and the lawyer job market is no different. When the economy is strong, there’s plenty of legal work to go around, and law firm employers clamor to hire more lawyers to handle it. Conversely, when the economy slows and deals are down, hiring slows.…
Money shouldn’t be the primary motive for a career move, but it’s an important factor. In a down market, lawyers have little bargaining power; but in good times, law firms compete financially for the best and the brightest. Historically, elite New York law firms led the pack in associate salary increases, and other firms struggled…
Law firms pay associate bonuses not only to incentivize excellent performance and high productivity, but also to entice lawyers to join them and stay. Firms may pay discretionary bonuses predicated on excellent associate work and strong financial performance of the firm, hours bonuses requiring a minimum number of annual billable hours for any bonus eligibility…
Candidates often struggle with the dreaded question: “How much did you make in your last job?” There never seems to be a right answer. If you respond honestly, you might price yourself out of an opportunity you really want despite the lower salary or, on the opposite end of the scale, receive an offer less…
