Except recession forgot to happen after the last big law raise :-)
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The pay raises "clump," and the last one in the clump heralds recession -- seehttps://abovethelaw.com/2017/03/could-biglaw-see-another-associate-pay-raise-followed-by-a-recession/ …
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Was the last round of jumps in 2007?
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Yes, the last round concluded in January 2007 with Simpson Thacher leading the way to $160K - see this post (&
@SimonsHugh chart referenced therein):http://bit.ly/2Hj4bRk
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There’s a rule of thumb about recessions occurring after record-tall skyscrapers are built. I wonder if you could construct a similar theory around BigLaw associate raises.
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This is exactly right. The best leading indicator over the last few decades.
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Have to imagine this may be a first step towards a visible breakdown of “market.” Non-NYC-centric firms still wary of the last bump are going to have a tough time convincing their partners to vote for another round of raises this quickly.
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Totally agree - things are wild out there...
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Get off my lawn, David.
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Great news but it vindicates Chief Justice Roberts' view that there is a constitutional crisis that associates in big law firms are making more than federal judges.
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