As an outside observer of the legal industry, I’ve always shaken my head at the lemming-like behavior many firms exhibit. A Wall Street firm jacks up associate salaries and then suddenly a bunch of other firms trip over themselves to follow suit. What other industry chucks its budget out the window to throw money at unproven talent?

Of course, that’s a simplistic view of it, but you get my point. Once a few behemoths do it, much of the Am Law 100 and 200 feel compelled to keep pace.

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