Law firm Greenberg Traurig has raised its pay for first –year associates in Miami and Fort Lauderdale by 16 percent, from $125,000 to $$145,000. Greenberg’s CEO Richard Rosenbaum commented that while clients expect more value and business conditions in the market fluctuate, compensation will be adjusted to hire and retain the best talent.
During the boom time, salaries were inflated and represented a fair hike. Companies would match each other, making sure that the draw of slightly more ay wouldn’t pull away the very best candidates. Currently while the economy is healing and struggling to get back on its feet, “very few law firms have raised first-year salaries, and some have even cut them, according to the American Lawyer.
It is very unclear at this time if other firms will follow Greenberg’s salary raises. A spokeswoman for Holland & Knight in Miami quoted the starting salary of first year associates in South Florida at $135,000. She said that the firm always tries to be competitive, and salaries are something that are constantly reviewed to make sure that the firm is on par with others.
According to the Miami managing partner at Foley & Lardner, first year associates there make about $145,000. He comments that he isn’t at all surprised at Greenberg’s pay hike. He says, “it’s a very competitive environment to get first-tier associates, and its what the top firms are paying. If you’re targeting the high end of the market, it’s very competitive.