Downturn in Bonuses Forecast for 2008
After years of steady growth, new associates at top law firms around the country may see their bonuses shrink in 2008. As the Dow Jones Industrial Average has fallen substantially in 2008 and many economists predict recession, associates may receive less compensation for extra hours they are putting in. According to the National Law Journal:
“For 2007, beginning associates made as much as $45,000 in bonuses in addition to the $160,000 in base pay at top firms in New York and on the West Coast, with some shops doling out ‘special bonuses’ and getting bragging rights ahead of competitors.”
These heights will be tough to sustain in a year of economic downturn, but inter-firm competition may save the bonus yet. To read more, click here for an article from the National Law Journal.