Monday, January 17, 2011
Thanks to the blog Belly of the Beast for distilling reports from various sources (including the Wall Street Journal and Above the Law) into the following snapshot of associate life in BigLaw circa 2010-11:
HOURS UP: Average hours billed by associates at the nation’s top 50 law firms by revenue rose by 7% in 2010.
BONUSES FLAT: At New York-based Milbank, Tweed, Hadley & McCoy LLP, where bonuses were only slightly above last year’s payouts, hours billed by associates were up about 6%. [According to Above the Law, the firm's 2010 bonuses ranged from $7,500 for first-year associates to $35,000 for those in the class of 2003.
That's a big drop from 2006, when first-year associates received "special year-end bonuses" of $30,000.
Student-loan repayment requirements have not experienced a similar decline.
You can read the rest, with plenty of links to original source material, here.