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01 Jul

Biglaw Increases Bring Opportunity for Midsize and Smaller Firms

by: Astor Professional Search

The announcement of the $2,000 per hour lawyer and the first-year associate starting salaries rising to $180,000 has stirred up a largely negative reaction from Biglaw clients, Above the Law reported. After the first-year salary news release, Bank of America’s global general counsel made their opinions very clear in an email that’s become public, “we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions” (Above the Law). According to BTI Consulting Group, the $2,000/hour billable rate structure reflects a shocking 25% increase from 2014’s highest rates, as reported in The American Lawyer.

Back View of the Thoughtful Businessman wearing a Suit Standing in His Office, Hands in Pockets Looking out of the Window. Big City Business District Panoramic Window View

According to Above the Law, the increase of compensation and rates at large law firms will likely open a door for “value” firms, making them more attractive to legal departments at corporations. The technology and tools available today make it possible for smaller firms to have access to the resources that Biglaw can provide to its corporate clients. Social media outlets and digital publishing software play a large role in making it easier for smaller firms or lawyers to make themselves more reputable to a larger audience. The release of these two pieces of news has created an optimal time for small and medium firms to take advantage of impressing corporate counsel (Above the Law).

For more information, contact Bill Sugarman.

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William Sugarman

William Sugarman is the president and founder of Astor Professional Search. He engages in the successful placement of attorneys with local, regional, and international law firms and corporations. Bill’s extensive legal and business development experience give Astor an edge over other legal recruiters nationwide. At the cornerstone of Bill’s strategic philosophy is providing the highest level of personalized attention to his clients and attorney candidates. This is also a key factor that separates Astor from other legal search firms, and it consistently delivers legal placements year after year.

Years of Experience: More than 20 years

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