As reported last week, most of California's biggest law firms have upped first-year associates' base salaries to around $95,000, but many are still paying fourth-years only around $110,000. That's a 15 percent increase spread over three years -- not chump change, but hardly generous for firms scaling new heights of profitability in a boom economy.
May 03, 2000 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Imagine you’re the head of a widget company, trying to put together a productive widget-making staff. It costs $20,000 to hire an entry-level widget maker, who produces 1,000 widgets a year. Since widgets sell for $15 apiece, you run a loss on the entry-level employees.
But, by the time your widget maker has had a few years of training and experience, she can produce 3,000 widgets a year. You make a huge profit.
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