Associate compensation in major U.S. legal markets has experienced significant growth in recent years, with New York City leading the way. Legal recruitment firm Major, Lindsey & Africa has published a report indicating that, over the past five years, associate compensation in New York has surged by $100,000. This trend is reflective of broader national increases, but cities like Boston, Chicago, Los Angeles, Atlanta, San Francisco, and Washington, D.C. are also experiencing substantial pay hikes.
According to Nathan Peart, the executive director of Major, Lindsey & Africa’s associate practice group, there is still a robust demand for legal talent, which continues to drive salaries upward. However, Peart notes a shift in the hiring dynamics, as law firms increasingly wield more influence in the hiring market compared to lateral candidates.
In addition to salary increases, lateral movement among senior associates has become more prevalent in key markets such as New York and Chicago. This trend further underscores the competitive landscape for legal professionals seeking progression and higher compensation in their careers. For more information, the original report by Major, Lindsey & Africa provides detailed insights into these evolving legal markets.