New Jersey firms are stepping up to the plate in terms of hiring and first-year salary raises. A sample of 21 firms shows that starting salaries in the fall will range between $90,000 and $130,000. Firms such as Flaster Greenberg felt pressure from the Philadelphia and New York markets to raise salaries; even though they can’t match those rates, the NJ firms still fight for the same talent and want to remain competitive. Most big NJ firms choose to keep their salaries at reasonable levels, and instead reward associates with merit bonuses. These firms also have “quality of life” going for them. They offer the chance to gain responsibility and make partner, whereas associates in NY often only last with a firm for a couple years. New Jersey firms are clearly doing something right, as the number of first year hires increased by 19% compared to last year.
Source: www.law.com