Managing Partner Ronald Shechtman discussed the impact of market pressures on compensation trends with Law360. A number of large law firms recently increased associate-level pay significantly in response to market pressures, client demand, and more. According to Law360:
"I think the entire industry is affected when BigLaw makes these moves," said Ronald Shechtman, managing partner of Pryor Cashman LLP. But at the same time, he added, salary increases are also not a surprising response as Mid-Law itself has had a very profitable year.
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The managing partners at Pryor Cashman LLP and Benesch Friedlander Coplan & Aronoff LLP both told Law360 Pulse that they had increased their own associate salaries before Davis Polk unveiled its new scale.
"I hardly think of us as trendsetters, but we had responded about a month before BigLaw announced their increases, which put a bit of a smile on my face," said Pryor Cashman's Shechtman.
Pryor Cashman, he said, doesn't pay on the same scale as the likes of Davis Polk but has historically still been able to compete for talent with the major players. The firm wants that to continue.
However, he added, the decision to increase pay was driven in large part by the fact that the firm is having a very successful year and feels it is important that associates share in that success and see their hard work rewarded.
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"We paid everybody back at the end of August last year [for salary cuts made early in the pandemic]," Shechtman said. "We were just beginning to believe we were going to come out of this OK."
A year later, the firm is discussing salary increases. A year from now, he said, who knows?
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