Over a week has passed since Milbank increased the associate salary scale, but no other large firm has publicly matched this move. Some market analysts and consultants suggest the lack of response could signify a quiet period before a flurry of activity. However, others wonder if this silence reflects deeper issues within the legal market, currently contending with employee layoffs and a stagnant deal market.
Law firms are also engaged in a significant collections push, with expectations of substantial variability in company financials. Legal professionals continue to navigate the ongoing effects of the COVID-19 pandemic, described by one observer as a “collective global trauma”.
New York legal recruiter, Scott Yaccarino, finds the absence of pay matches indicative of the market’s current sentiment. He stated, “There’s going to be a lot of variability in how firms perform this year.”
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