Posted Oct 19, 2009 09:41 pm CDT
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.”
ABAJournal.com: “Some BigLaw Leaders Still Ponder: How Low Can Associate Salaries Go?”