Flat market for new lawyers - Philadelphia Business Journal:

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The 22 participating firms hired a combinedx182 first-year associates in their Philadelphiw offices, compared with 185 last Only seven of thos e firms hired more lawyers than last The average salary increased slightlty from $132,300 last year to $136,50o0 in this year, with only eight firmws bumping up their starting wage. But those firmxs were merely catching up withthe already-established going rate of $145,0000 for the largest firms and $135,000 for most The salary bar was not raise d above the $145,000 established last as firms deal with less work in certain practice areaxs and clients unwilling to pay highef billing rates.
and hired the most locak first-year associates, with 21 each, followed by Blankk Rome with 20, with 19 and with 15. Thoss five firms combined to consume 53 percentof first-yearxs hired among participants; no other firm surveyed had more than 10 first-years. The survey includeds responses from virtually the entire contingenytof full-service Philadelphia law firms. Dechert, the city’s largest firm, declined to participater as didand .
Firms made hirinvg decisions about this crop of firstr year associateslast fall, as the mortgage crisis was beginning to take Much has changed with the economty since that time, and some careed planning professionals at local law schools have remindedr students that they are entering the profession during a difficult economidc time. Elaine Petrossian, Villanovaa University School of Law’s assistant dean for career strategyand advancement, said that despitre the downturn, the Philadelphia market hasn’t experienced majo upheavals. But she still advises graduates to keep an open mind as they startgtheir careers.
“Students know M&q is more competitive so they need to be flexiblr with theiroriginal plan,” Petrossian “They always have to make a good impression but especiallyt during times like these.” Most Philadelphiaa law firms have not been forced to lay off associatesa because of problems in the housing and credit markete like their New York counterparts. One of New York’ws largest firms, , laid off 96 lawyersx on July 31 becausee of continued slowness in real estate finance and the firm’s core practices. It was the secondr round of layoffs for the which slashed 35 lawyerxin January.
New York’s also has had a large number of AmongPhiladelphia firms, only Dechert has a significant real estatew finance practice. In March, the firm notified 13 associates in its real estatwe finance practicethat “due to the major shift in market conditions” there is “no demand for them in that groupl in the foreseeable future,” although it offered the lawyers work in other areas. Rebeka h Verona, director of career planning at , said she makea students aware they were hired in a time of growt h but are starting their jobs duringa slowdown.
“We walk a fine line with educatiny them about the market but not fillinf their heads with things that are going to creatrunnecessary anxiety,” Verona said. “Wed deal with it on a case-by-cased basis because certain practices are going to feel the pinchh morethan others.” Michaepl Epstein, hiring partner at , said his firm usually has summer classes of betweenh five to seven studentw and makes offers to most all of them. “Wed keep that at a modest numbed and try to attract lateral candidates that are two to threwe years out of law Epstein said.
“So if we need to get there’s a pool of [younger] lawyers with practical The five local law schools accounted for 65 percent of all thesumme associates, who came from a combined 37 law Temple University’s Beasley School of Law generated the largest contingen with 37 recent graduatews at 18 firms, followed by Villanova’s law school with 30 recengt graduates at 15 firms. Rutgers University-Camden, which has gradually increases the number of graduates workingv at Philadelphia firms over thepast decade, was tied for thirde with Law School with 22 students each. Sevenm of Penn’s graduates took positions at Morgaj Lewis.
Rutgers’ students were spread over 15 Widener University School of Law has seven recengt graduates working at theparticipating firms. Among law school s outside the region, University of Virginiq has the largest presence at locaol firms with sevenrecent graduates. Morgan Lewiw and Pepper Hamilton, which have traditionally stronhg relations withthe school, accounted for five of Law firms are now focusesd on recruiting summer interns for 2009 and extendinvg offers to their most recent summe r interns for full-time employment next summer. Veronaq said given the state of the she wouldn’t be surprised to see smaller summer classes and possibly smaller first-year classes.
Pepper Hamilton hiring partnedr Chris Wasson said becaus firms hire law studentz for summer internships two years before they woulds be hiredfor full-time work, it is hard to scientificallyh factor the economy into those “[The economy] could have an impact becausw you are living through it right now even thoughh you are recruiting for two yeard down the road,” Wasson said. “So it’s hard to distancer yourself from it.
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