Considering the difference in cost of living between California and New York, some have begun to wonder whether the West coast (and elsewhere) matching of the NY market rate is fair for NY associates. Starting in May many big CA firms raised first-year salaries from $145,000 to $160,000; some firms in Boston and Chicago have made the same move. Those firms justify the raises by emphasizing their national status – they want all of their associates to receive the same pay no matter where they are in the country. However, when it comes down to it, there are vast differences in cost of living across the U.S. The $160,000 NY salary is actually equal to $205,631 in L.A., and $278,573 in Chicago.
Source: www.nylawyer.com