Southern law firms are under pressure to boost lawyer pay. We crunched the numbers, and there are huge gaps between several major markets.
Starting salaries in Atlanta and Charlotte are still $20,000 less than in NYC or Houston.See more stories on Insider's business pageEarlier this year, lawyers at top firms in New York, Chicago, San Francisco, and other big cities received raises that put their starting salaries at $205,000. Law firms in smaller markets across the southeast are now feeling the heat.
Foley & Lardner, a firm with five of its 21 US offices in Florida, plans to raise associate salaries in lower-cost cities. Junior lawyers in cities like Tampa, Florida, make $20,000 to $50,000 below what lawyers in New York make. Jay Rothman, the firm's CEO, said equalizing pay was in line with Foley's one-firm ethos.
The pay raises will cut into the firm's bottom line."We're not going to adjust rates immediately," he said."We'll continue with more localized rates. We want to be fair to our clients, and we want to be fair to our partners in all this."Several factors are driving up salaries in what have traditionally been lower-cost legal markets across the South. In some cities, national law firms pushed pay up when they entered the market.
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