Boston-based Nixon Peabody has bumped pay for first-year associates in its Washington, D.C., office to $160,000. The move is costly for a firm like Nixon Peabody, which has profits per partner of only $585,000. Industry consultants frequently warn that any firm with profits per partner at $1 million or less struggles with the $160,000 starting pay grade. "It's the firms in Washington, our competitors, that put the pressure on us to make a move," says Laurin Mills, managing partner of the D.C. office.
November 09, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Two firms are making news with how to handle soaring associate salaries.
Nixon Peabody determined that when the recruiting gets tough, the laggers give raises. Last week, the Boston-based firm announced that it had bumped pay for associates in its Washington, D.C., office. First-years will now be making the market standard of $160,000.
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