Law Practice Management
MoFo Cuts Starting Pay to $145K, Except in NYC & Asia
Posted Oct 19, 2009 3:41 PM CST
By Martha Neil
How low can BigLaw associate salaries go? Morrison & Foerster is still figuring that out, but says in a written statement provided to Above the Law that, at least for now, starting pay for first-years will be cut to $145,000.
Less than a month earlier, the firm had reportedly planned to keep first-year salaries at $160,000 across the board. However, it now says that $160,000 will be paid only in its New York and Asia offices.
The firm's statement leaves some leeway for further negotiation, though, pointing out that a number of competitors haven't yet specified what they will pay first-years:
Since "the market for first-year salaries among national firms is undetermined at this time," MoFo writes, "we will continue to assess starting salaries, in light of market trends, and may elect to adjust as required based on larger market developments."
Earlier coverage:
ABAJournal.com: "Some BigLaw Leaders Still Ponder: How Low Can Associate Salaries Go?"
- How B of A’s GC Got Fired: Leave Now, and Leave Your BlackBerry Behind
- Schools Ranked by 'Super Lawyers' Produced
- Law Firm Price Wars Break Out as Some Try ‘Loss Leader’ Bids for Work
- Five Questions for Law Firms Abandoning Lockstep Compensation
- Judge Jails 2 Attorneys for Contempt in 4 Days
- Reed Smith Will Ask Nonequity Partners to Pony Up Possibly 15% of Pay
- Court Deputy Ordered to Apologize or Face Jail After Taking Lawyer's Paperwork
- Skadden Jumps on the Bonus Bandwagon
- ABA Executive Director Resigns
- Nasty Attitude to Co-Worker, Naughty Word in E-Mail Cost 2 Their Jobs
Should Supreme Court Justices Be Able to Review News Accounts Before Publication?
Comments
associate
Oct 19, 2009 4:46 PM CST
From a purely business standpoint, doesn’t this just make sense? I’ve always wondered why this wasn’t the case from the get go. Given the widely varying cost of living in the different locations, I always wondered why they were paying the same in their lower COL places. The NY people had been getting the raw end of that one for a bit; I’m surprised no one there ever said anything.
Flag this comment
B. McLeod
Oct 19, 2009 6:02 PM CST
If just a few of these firms could manage to grow a set, the market could be “determined” within a week. By now, there are probably “associates” who would work for food.
Flag this comment
Esq.
Oct 20, 2009 9:32 AM CST
The firm actually likes being called MoFo?
Not so long ago, mofo was a derrogatory term.
Flag this comment
MacTheKnife
Oct 20, 2009 3:33 PM CST
Not so long ago? I wasn’t aware that it had ever ceased being a derogatory term. Still, they’ve been referred to as MoFo for a long time and yes it has made them the butt of many jokes including one in a monologue by Leno on the Tonight Show.
While factoring in cost of living into the salary may make sense on one level, it doesn’t make sense from the perspective of compensation being based on productiviity if all associates for each class have the same billing rate and billable requirements regardless of their location.
Flag this comment
AndytheLawyer
Oct 20, 2009 3:53 PM CST
In their early years, Penn & Teller’s act included card tricks performed by “Mofo the Psychic Gorilla.” But the more licentious reference is probably the more accurate. We are speaking of lawyers, not magicians.
Flag this comment
Add a Comment
We welcome your comments, but please adhere to our comment policy.
Commenting has expired on this post.