First message is to new grads headed for Fox Rothschild: You’re not going to get the boost in salary this year you’ve been reading about in the legal press. Your starting salary will remain at $125,000, (free registration required) according to the New York Lawyer. But, you actually may be better off.
I don’t know if the Philadelphia-based firm is responding in any way to the decision to eliminate the billable hour requirement for first years by Ford & Harrison. But, I know that Fox Rothschild is sending some powerful legal marketing messages within the industry. Messages include:
- We’re not going to increase the cost to clients to train our rookies (think client retention),
- Tells rookies that their life balance is important, and if we increase your salary, you’re going to have to work a whole HECK of a lot harder (associate recruiting for not being a sweat shop),
- To GCs: we know that 58% of you are outraged (see Altman Weil survey) over the recent increase to $160,000 for starting salaries for some of those rookies (client retention and business development opportunities), and
- Tells senior associates that their salaries may improve (associate retention).
Some powerful messages there, I’d say.