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Commentary: Every Pay Raise Has Its Price
During the past month, large Texas law firms have engaged in a salary war that started with Vinson & Elkins raising first-year associate pay to the New York rate of $160,000. But at what price, asks Mark Donald? These young lawyers will bill around 2,000 hours a year -- minimum. And with the dreaded billable hour comes disillusionment. Add to that the fact that the average career life expectancy of an associate at a big firm is three years -- before a law firm even starts to make money off the attorney.