It's been nine years, points out David Lat on Abovethelaw.com, since the $160,000 entry-level base pay was introduced in the New York City legal market.
Given myriad factors, Lat anticipates the next increment should come soon. And should hit $190,000. After all, everything is going up. That everything ranges from billing rates to PPP at some firms. I would add: Big Apple rents. A one-bedroom can set a newbie back $3,000 a month.
Lat notes that in his conversations with those who have authority in compensation matters have adopted the stance of make-your-case.
The negative side effect of this meme is that more will be encouraged to invest in law school. They are dazzled by the possibility of earning $190,000 when they graduate. Yet, that career path is traveled by very few.