January’s pay raises increased first year associate pay essentially across the board for large firms. Despite the pay increases, smaller intellectual property specialty firms are still managing to compete in the salary race. For example, New York’s 70-lawyer IP firm Frommer Lawrence & Haug has been paying its first-year associates $150,000 since July, when most large national general practice firms were still paying their first years $135,000. Chicago’s McDonnell Boehnen Hulbert & Berghoff also pays above the market rate for associates, raising its first year annual salary to $145,000 in early 2006, and raising it again this January to $150,000. The two largest IP firms, Finnegan, Henderson, Farabow, Garrett & Dunner and Fish & Richardson have actually not only matched New York rates, but they have also made those rates effective nationwide. IP firms have always been ahead of the curve in terms of compensation because of their strong and steady income and low overhead pay.
Source: www.law.com
