The Career Associate.

The New York Times recently published an article (At Well-Paying Law Firms, a Low-Paid Corner) about law firm hiring in this depleted economy and a new type of lawyer position called "career associates" or "permanent associates". I think it's an interesting concept, particularly because I think first-year associates at big law firms are some of the most overpaid workers in the United States. Not that making $160k a year right out of law school sounds terrible -- financial security is important to me too -- but $160k a year is quite a sum for someone who probably does not know how to "lawyer" yet.

As a very recent graduate who worked in a big law firm ("Big Law" for those who speak the language) prior to law school, I never thought that the first-year salary matched the talent the firm was paying for. Instead, it's pretty obvious that the inflated salary is a bet on that associate, in hopes that the associate will eventually pull in business and be a lucrative investment. However, I think the salary does a disservice to the firm's clients and business environment itself. It increases billing rates, which clients cannot be happy about. It also generates self-entitled attorneys.

I've given thought to returning to a big law firm following school, and even interviewed with a few -- though all were a long shot in this economy. I've always wished there was an opportunity to work in a high-caliber law firm with quality colleagues and mentors, but trade in a chunk of the salary for a better work-life balance and no pressure to stay on the partner track. I will be carefully watching this new type of associate that some firms are setting up. Right now they aren't in ideal locations -- Orrick's career associates are based in Wheeling, West Virginia -- but it would pique my interest if there were these types of opportunities in a location where Mr. TPG could also find work. Something to think about in the (perhaps not so distant) future.