1,000,000 + Attorneys and Legal Staff - Legal employers hire more people on LawCrossing than any other site.
Criminals Steal Thousands from Victims by Pretending to Be Attorneys
Criminals Steal Thousands from Victims by Pretending to Be Attorneys
Corporate Media Attorney Team Leaves Liner for Irell & Manella
Corporate Media Attorney Team Leaves Liner for Irell & Manella
Jeff Legault Joins New York Office of Mayer Brown
Jeff Legault Joins New York Office of Mayer Brown
Lowenstein Sandler Welcomes Shavar Jeffries to the Firm
Lowenstein Sandler Welcomes Shavar Jeffries to the Firm
Your profile matches an open legal position. Apply now!
Job Listings

Duval & Stachenfeld to Pay First-Year Associates $175,000

facebooktwittergoogle_plusredditpinterestlinkedinmail

The law firm of Duval & Stachenfeld will double its starting salary for associates to $175,000 in an effort to compete with its rivals when it comes to retaining top talent, according to The New York Law Journal. The firm did say that it would not raise associate billing rates to make up for the extra spending.

“We put a lot of effort into our people. It’s not only attracting, it’s retaining them. So I don’t necessarily want to have a salary differential when big law firms call our people,” co-founder Bruce Stachenfeld said. “We have the same client base. If we’re doing the same work with the same level of people, then we should be paying the same amount. I don’t like to kid myself. [We] don’t have the brand name.”

Ward Bower, from Altman Weil, said that offering starting salaries higher than top law firms is not standard.

“For typical mid-market midsize firms, it would be insanity to do that,” Bower said. “Unless you’re going for top lawyers from top law schools, you can probably hire them for a lot less than $175,000. That’s a bold statement. That’s coming out of partners’ pockets. It’s going to give them access to a talent pool that they otherwise wouldn’t get.”

What

 job title, keywords

Where

 city, state, zip



Get JD Journal in Your Mail
Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!


The firm formed in 1997 with just five lawyers. Of those five were partners Patrick Duval and Stachenfeld. Terri Adler, a current partner, also helped found the firm.

The firm paid first-year associates $70,000 and then past the first year, they were paid $100,000. The firm said that associates past their second year would be paid based on levels paid out by larger law firms.

“As one of the top players in the real estate world, we can compete for the top talent at the top law schools,” Stachenfeld said.

The firm will pay all of its first-year associates $175,000 by the summer of 2015. Stachenfeld said that the firm will begin recruiting from law schools this summer. He also said that the firm will still plan to hire six first-year associates each year with the new payment structure, keeping it the same number of hire as before. He also noted that the billing rate, $228, will not be increased.

“We’re not passing it on to our clients,” Stachenfeld said. “Paying more to first years will likely reduce the profitability of the firm, but we think it’s a price well worth paying, [to reduce] the risk of losing our talent. We are protecting the talent that we buy and train and put our hearts into. We also hope it enhances our brand and builds the reputation of the firm.”

Trying to find jobs at law firms? Click here.

Duval & Stachenfeld to Pay First-Year Associates $175,000 by

facebooktwittergoogle_plusredditpinterestlinkedinmail

Tagged: , , , , , ,

Posted by on April 24, 2014. Filed under Law Firm News. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

 

 

Job of the Day
Real Estate Associate
USA-TX-Dallas

Our client is a north Dallas law firm who seeks a Real Estate Development Associate.  The ideal candidate will have 2-4 years law firm experience concentrated in representing real estate develope...