COMP NEWS – The ongoing talent war has empowered junior lawyers to seek new work opportunities and better compensation from their current employers.
The last two years ushered in a massive jump in corporate work throughout Big Law and kicked off a feeding frenzy for talent at every level.
There’s a lot of talk about the “Great Resignation,” but in Big Law, “it’s the opposite,” said Adam Oliver of law firm intelligence platform Firm Prospects. “People aren’t quitting because they burn out—firms are throwing them money.”
In the talent war for lawyers, firms are increasing starting salaries by unprecedented rates.
Many firms have raced to match salary increases announced by Wall Street law firm Milbank in January, boosting second-year associates’ pay to $225,000 under the new scale. They’ve also doled out multiple rounds of bonuses, topping out at $24,000 for second-year associates at major firms like Davis Polk and Cravath Swaine & Moore last year.
Aside from salary, alone, many firms are competing on other benefits to help temper employee stress and reduce burnout in an industry that is ripe with such issues.
Crowell & Moring sent out FAQs aimed at senior associates and partners with information and guidance on best remote work practices and how to avoid burning associates out, Skager said. Fenwick & West and Boies Schiller have also offered a variety of more casual team engagement, like virtual escape rooms, magic shows, and cross-discipline lunches, Fernandez and Hirsch said.
However, others feel that these benefits may be futile in regard to employee retention, as the allure of a higher salary can be too much to turn down.
It’s not clear whether these initiatives are enough for firms to keep sought after associates.
“There’s no personal connection holding people at firms,” Firm Prospects’ Oliver said. “When Kirkland says ‘hey, join us, we’ll cut you a check for $150,000,’ it’s hard to say ‘no’ to that.”
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