After lagging behind its competitors for the past year, Cozen & O’Connor has decided to match other large Philadelphia law firms’ new prevailing starting wage of $100,000. The firm, which had been at $80,000 for first-years, also announced the establishment of a supplemental bonus pool of up to $1 million, based on each associate’s productivity and profitability, assuming the firm meets its year-end budget goals.
“We were not motivated by what has been happening in other cities, or most recently, in Philadelphia [with starting salary raises],” firm chairman and founder Steven Cozen said. “Rather, we were motivated by our strategic plan and our view of the world. From a long-term view, we wanted to make sure [top law school and lateral talent] know we’re a player. We did not want to lose the ability to compete for top talent in a shrinking labor pool.”
