The pandemic has brought an uncertain year to the entire legal profession, but what COVID has not collapsed is the first year of employee salaries. Yes, Biglaw companies in all walks of life enacted austerity measures in 2020, but according to the latest report of the National Legal Placement Association, despite all the financial confusion, the salaries of joint employees in the first year are actually still rising.
NALP’s “Employee Salary Survey 2021” report pointed out that as of January 1, 2021, the median basic salary for employees in the first year was US$165,000, an increase of US$10,000 from 2019 when the survey was last conducted. Of the 572 responses received, 78% came from more than 250 lawyers’ law firms.
NALP Executive Director James G. Leipold reported on this:
Although there have been extensive media reports on the austerity measures taken by law firms during the pandemic, including delays in partner draws and, in some cases, reductions in lawyers’ temporary salaries, the results of NALP’s latest Joint Salary Survey show that In the past two years, peer compensation has been increasing. Since the first year of joint remuneration is $190,000, this is the most common starting salary, reflecting the continued strength of the legal industry despite a difficult year. .
US$190,000 is now probably the most common starting salary — after the salary increase of the chief mate in 2018, companies with more than 700 lawyers there deducted a salary increase of US$10,000 from the US$180,000 — but not all companies are able to make the first salary increase. One year’s salary increased to such a high level. Facts have proved that the largest increase in salary is in the 101-250 law firms, of which the median salary in the first year increased by 15,000 US dollars, from 115,000 US dollars in 2019 to 130,000 US dollars in 2021. Among the 251-500 law firms, the basic salary in the first year increased by US$10,000 per year, from US$160,000 in 2019 to US$170,000 in 2021.
The NALP survey did have the following interesting information about salary:
Geography continues to have a significant impact on salary differences between regions, cities, and states. This year’s report contains an analysis of 23 individual cities and other states and regions not covered by these cities. These analyses revealed a wide range of compensation for law firms, with the median first-year salary in each city ranging from $115,000 to $190,000. Outside of some of the largest markets, a salary of $190,000 is still not the norm. From a regional perspective, the highest median salary in the first year of the federation was in the Northeast (US$175,000), followed by the South and West, both at US$170,000. The lowest salary is in the Midwest ($130,000).
Therefore, given all these innovation bonuses and the popular horizontal market, we have to ask: Is it time to give Biglaw a raise?We saw a 2016,One 2018, with 2020 year with 2021 It turned out to be a lucrative bonus year. Is it time to get a first-year salary of $200,000? Should employees expect an increase in wages later this year or in 2022? We guess they will have to look around.
Staci Zaretsky She is the senior editor of “Above the Law” and she has been working since 2011.She would love to hear from you, so please feel free e-mail Any tips, questions, comments or comments from her.You can follow her Twitter Or keep in touch with her LinkedIn.