Philly Firm Won’t Hike Associate Pay
Posted Aug 22, 2007 6:12 AM CDT
By Debra Cassens Weiss
One big Philadelphia law firm has decided to buck the trend by refusing to increase salaries for first-year associates.
Fox Rothschild will continue to pay new associates $125,000, the Legal Intelligencer reports. Administrative partner Mark Silow said the firm would rather spend the money on salary increases for more senior-level associates, who are more productive.
"We said to ourselves that there are financial implications to raising associate salaries and there was no appetite for our partners to absorb it," Silow told the legal publication. "No firm is asking their partners to absorb increases in associate salaries; they're asking their clients."
Most big Philadelphia firms pay new lawyers from $125,000 to $145,000. Cozen O'Connor has also announced it will hold starting salaries at $125,000.