With all the recent pay raises, one might wonder how smaller firms that can’t afford those salaries can compete and acquire quality associates. The answer is that small to mid-size firms, instead of focusing on compensation, emphasize quality-of-life, quality of work offered, client contact, and collegiality and/or reputation of its attorneys. According to a survey done by Abelson Legal Search in 2006, as well as associates who spoke to The Legal, most lawyers would take less money for more free time. Quality-of-life issues such as more free time are especially important to mid-level associates looking to make a lateral move. Junior associates are more motivated by money because of their law school debt, but they quickly learn once they start working that there are other factors to consider when choosing a firm. Other perks of mid-size firms include faster tracks to partnership and more incorporation of associates into firm management.
Source: www.nylawyer.com