Morgan Lewis, like Walmart, is rolling back prices– the prices of its associates. While this is unconfirmed by MLB, there are rumors in its hallways that it might roll back first year starting salaries to the $110-125 range and put midlevels to about the $140 range.
If anyone has any inside info or can collaborate these rumors, make sure to email us at tips@lawshucks.com or laidoffdiary@lawshucks.com
Now besides posting unconfirmed rumors for shits and giggles, I wanted to put a silver lining on the possible rolling back of salaries (at least when the market picks itself up and is somewhat healthy again). We’ve discussed at length that many of us went into BigLaw for the money or to pay off student loans for a degree that gave us a job that makes us miserable but gives us enough money to pay off said student loans. Aren’t circles fun? And we’ve heard from people in comments arguing that certain people should have been laid off because all they cared about was the paycheck and not the firm. My point exactly.
If BigLaw rolls back salaries and narrows the spread between mid-level and BigLaw salaries or other types of careers for bright young lawyers, then 1) people will perhaps start to try find a job that makes them happy and not just go into BigLaw because it paid tens of thousands more, 2) there will be a more equal distribution of top notch lawyers with excellent pedigree in different fields outside BigLaw and 3) existing BigLaw associates will have more leverage demanding more work-life balance because there are fewer people clamoring to go into grueling BigLaw life with less pay (though I am constantly amused and amazed by the kool aid drinking drones willing to follow BigLaw anywhere even when they’ve been passed over or even laid off, but I digress).
These are just pipe dreams that a change for the better will come to BigLaw out of this bloodbath. BigLaw will still offer more money and more prestige than most other jobs out of law school but perhaps it won’t be so irresistible that students might choose something else. Also, perhaps the step down in salary wot be so big for the midlevel seeking to leave the billable life. Pipe dreams… But who knows…
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