We Get What We Pay For
So, why are Litigation Support salaries so far out of whack? Well...
First year associates' salaries are moving up to $145,000. And spikes in associates' salaries are driving numerous other key salaries. Because this trend is not about inflation. It is about supply and demand. In other words, we get what we pay for.
Last year 79 AmLaw 100 firms embarked upon the NYC adventure -- taking a page from the Latham & Watkins playbook. KPMG, Navigant and Ernst &Young busied themselves tallying figures and projecting projections. But old-fashioned accounting will never get Navigant out front in EDD. Because electronic data discovery is nothing like accounting. What's more, clients are beginning to understand that. Clients (i.e., the Fortune 500 -- aka America’s serial litigants) are not getting what they need. They're tired of big bills, missed deadlines, and poor results. And they're making themselves heard, demanding competent litigation support from their law firm relationships -- or they are going shopping.
(see my next blog: The Fortune 500 Go Shopping)
Salaries are rising because demand for elite litigation support is raging, from top firms and clients alike. The supply pool is growing, and will continue to grow to meet demand throughout 2006, as deadlines near for the implementing of new federal regulations in the industry. But truly exceptional talent is still a premium.
First year associates' salaries are moving up to $145,000. And spikes in associates' salaries are driving numerous other key salaries. Because this trend is not about inflation. It is about supply and demand. In other words, we get what we pay for.
Last year 79 AmLaw 100 firms embarked upon the NYC adventure -- taking a page from the Latham & Watkins playbook. KPMG, Navigant and Ernst &Young busied themselves tallying figures and projecting projections. But old-fashioned accounting will never get Navigant out front in EDD. Because electronic data discovery is nothing like accounting. What's more, clients are beginning to understand that. Clients (i.e., the Fortune 500 -- aka America’s serial litigants) are not getting what they need. They're tired of big bills, missed deadlines, and poor results. And they're making themselves heard, demanding competent litigation support from their law firm relationships -- or they are going shopping.
(see my next blog: The Fortune 500 Go Shopping)
Salaries are rising because demand for elite litigation support is raging, from top firms and clients alike. The supply pool is growing, and will continue to grow to meet demand throughout 2006, as deadlines near for the implementing of new federal regulations in the industry. But truly exceptional talent is still a premium.
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