Credit: Orlando Florin Rosu/Adobe Stock Below-Market Associates Believe They Deserve the Market Compensation. Are They Right?
Midlevel associates say below-market compensation may cause them to leave, especially when billable hours match expectations at better-paying competitors.
September 12, 2024 at 05:00 AM
5 minute read
What You Need to Know
- Midlevel associates voiced their dissatisfaction with below-market compensation, particularly at firms with billable expectations near 2,000 hours, in a recent American Lawyer survey.
- Although more-profitable firms are paying higher salaries and bonuses, firms with lower profits are paying associates a higher percentage of the revenue they bring in.
- Associates don't command as much leverage as they did a couple years ago, but recruiters said they continue to move plenty of associates up-market for higher compensation.
When it comes to associate compensation in Big Law, there's the math and then there's the market.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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