Managing Partner, Matt Haverstick comments on the increase in associate salaries across Pennsylvania-based firms. The article notes that many firms feel pressure to increase their associate salaries to compete with the emerging standard set by Milbank and Davis Polk & Wardwell. Matt explained that these increases tend to put pressure on midsized firms that look to attract talent from larger firms in the area.
“If an associate whose primary focus is maxing out comp looks at us and looks at Dechert and Morgan Lewis, we have to have a compelling case for why that person should stay,” Haverstick said. “Part of that equation has to be some level of parity on the numbers. That’s where I see the pressure on midmarket firms being applied.”
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