Winston & Strawn Chairman Tom Fitzgerald discusses the reasons behind his firm’s move to boost associate salaries. Plus, Law.com senior editor Brian Baxter shares what’s buzzing in the legal community about the increases and how they stack up to previous salary hikes.
While we may not have a full-blow salary war on our hands, the recent boost to $190,000 for first-year associates at several Big Law firms indicates a shift in the supply-demand dynamic for young talent.
The American Lawyer Editor-in-Chief Gina Passarella talks with Winston & Strawn Chairman Tom Fitzgerald, whose firm decided to match the raises initiated by Milbank, Tweed, Hadley & McCloy. Fitzgerald talks about the process his firm went through to reach its decision and how the increase fits into the larger context of talent management.
But first, we hear from Brian Baxter, senior editor on our business-of-law desk, who provides some background on Big Law salary hikes and the buzz among lawyers that the recent raises have created.