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Leading the Pack: Hughes Hubbard & Reed
Hughes Hubbard & Reed distinguishes itself by offering new associates a top salary of $235,000. This figure is notably $10,000 higher than the typical rate at many leading law firms. The data, derived from a survey conducted by the National Law Journal at Law.com, underscores the firm’s competitive compensation strategy.
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Close Contenders: Wachtell, Lipton, Rosen & Katz
Wachtell, Lipton, Rosen & Katz follows closely behind, with a starting salary of $230,000 for new associates. This information is part of the 2024 NLJ 500 survey, which ranks the nation’s top 500 firms based on headcount. The survey results reveal a significant disparity in starting salaries among the top firms.
General Trends in First-Year Salaries
The survey indicates that approximately 50 firms offer a top first-year salary of $225,000. In contrast, about half of that number provides a starting salary of $215,000. These figures reflect the competitive nature of compensation in the legal industry.
The Lower End: Crowley Fleck
At the lower end of the spectrum, Crowley Fleck, a firm with 158 attorneys and offices across Montana, North Dakota, and Wyoming, offers a top starting salary of $85,000. This stark contrast highlights the variability in pay within the legal sector.
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New Data Collection on Salaries
This year marks a significant development in the NLJ 500 survey, as it is the first time firms were asked about their salary offerings. The data collected pertains to the 2023 calendar year, providing a comprehensive overview of compensation trends in the legal profession.
Conclusion
The 2024 NLJ 500 survey sheds light on the wide range of starting salaries top law firms in the United States offer. With Hughes Hubbard & Reed leading at $235,000 and Crowley Fleck at the bottom with $85,000, the survey highlights the industry’s pay disparities.
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