The Death & Taxes Blog and Thoughts on Associate Salaries

Joel A. Schoenmeyer posts a thorough discussion on associate salaries on his Death & Taxes Blog.

Pointing to an article in the Wall Street Journal Law Blog (that brings the issue home to trust and estate practitioners) he discusses, rather than simply laments, what many see as “Crazy” associate salaries.

His “vicious circle” is well stated, however, I disagree with his categorization of it as a “problem.” I suppose, were I pressed on the issue, that I would not be as able as Mr. Schoenmeyer to elucidate my thoughts, however, I think the “problem” probably lies much more deeply rooted in the chasm of soft psychological perceptions that feed the metric of “what the market will bear.” Why is Major League Baseball’s league minimum salary above $300,000/year? I really don’t know… Why is a first-year associate in Chicago worth $145,000? I guess I’m not too clear on that either… Ask me that question while drafting something in my office at 11:30 pm on a Sunday though and I might have more descriptive thoughts on the matter.

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