Associates See Silver Lining in Salary Freeze
Some associates aren’t dismayed by predictions that a salary freeze at one large law firm could be the start of a trend. In fact, the associates may be somewhat relieved, according to one lawyer recruiter.
Associates may see a salary freeze as an indication that their jobs will be safe, according to Dan Binstock, managing director of BCG Attorney Search in Washington, D.C. Binstock spoke to The BLT: The Blog of Legal Times.
“Holding salaries is a very good alternative to laying people off as a way to control costs,” Binstock told the blog. Some associates are even suggesting large law firms could drop starting salaries from the current $160,000 a year to the “pre-boom salary” of $145,000, he said.
Latham & Watkins confirmed earlier this week that it is freezing associate salaries as part of a “prudent business strategy in the face of challenging economic times.”
