With first-year salaries at large law firms soaring by an impressive 250 percent in 20 years, some firm leaders are asking new questions about the cycle. "It's got to end," says Cozen O'Connor Chairman Stephen Cozen. "There's not an unlimited pot out there." The increase in salary on the lower end and the dwindling of partner profits to pay for it on the other end has created a tension zone somewhere in the middle, according to observers. And are firms even seeing a return on their investment?
March 08, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Most people can recall a time or two when an elder bemoaned how hard it was in the old days: “I walked to school through 10 feet of snow … uphill … with no shoes!”
For young attorneys, the equivalent are tales of senior partners who started in the profession in the late ’70s making, maybe, $20,000. Except that’s not an exaggeration, and the term “it’s all relative” doesn’t seem to apply.
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