Flat market for new lawyers - Philadelphia Business Journal:

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The 22 participating firms hiree a combined182 first-year associates in theid Philadelphia offices, compared with 185 last Only seven of those firms hirefd more lawyers than last year. The average salary increasede slightlyfrom $132,300 last year to $136,50 in this year, with only eight firms bumping up their starting wage. But those firms were merely catching up withthe already-establishecd going rate of $145,000 for the largesr firms and $135,000 for most others. The salary bar was not raisedx abovethe $145,000 established last year, as firmes deal with less work in certainh practice areas and clients unwillinv to pay higher billing rates.
and hired the most localp first-year associates, with 21 followed by Blank Romewith 20, with 19 and with 15. Thosed five firms combined to consume 53 percenftof first-years hired among participants; no other firm surveyerd had more than 10 first-years. The survey includer responses from virtually the entire contingentof full-service Philadelphiz law firms. Dechert, the city’s largest firm, decline d to participate as didand . Firmsa made hiring decisions about this crop of firsgt year associateslast fall, as the mortgags crisis was beginning to take shape.
Much has changed with the economy sincwethat time, and some careefr planning professionals at localk law schools have reminded students that they are enteringg the profession during a difficult economicx time. Elaine Petrossian, Villanovwa University School of Law’s assistant dean for careef strategyand advancement, said that despitre the downturn, the Philadelphia market hasn’ty experienced major upheavals. But she still advises graduateas to keep an open mind as they star ttheir careers. “Students know M&A is more competitives so they need to be flexiblse with theiroriginal plan,” Petrossiaj said.
“They always have to make a good impressionj but especially during timeslike these.” Most Philadelphia law firmsw have not been forced to lay off associates becaus e of problems in the housing and credi markets like their New York counterparts. One of New York’s largesg firms, , laid off 96 lawyers on July 31 becausee of continued slowness in real estatde financeand securitization, the firm’ds core practices. It was the second round of layoffs for the which slashed 35 lawyersin January. New York’s also has had a largse numberof layoffs. Among Philadelphia firms, only Decher t has a significant real estatefinance practice.
In March, the firm notifiedd 13 associates in its real estate finance practic ethat “due to the major shift in markey conditions” there is “no demanx for them in that group in the foreseeabler future,” although it offered the lawyers work in other Rebekah Verona, director of career planning at , said she makes studentx aware they were hired in a time of growth but are starting theirr jobs during a slowdown.
“We walk a fine line with educatinh them about the market but not fillingy their heads with things that are goint to createunnecessary anxiety,” Verona “We deal with it on a case-by-cas e basis because certain practices are going to feel the pinch more than others.” Michael hiring partner at , said his firm usuallt has summer classes of between five to seven students and makezs offers to most all of them.
“We keep that at a modesg number and try to attracty lateral candidates that are two to threer years out oflaw school,” Epstein “So if we need to get there’s a pool of [younger] lawyers with practical The five local law schoolw accounted for 65 percent of all the summer who came from a combined 37 law Temple University’s Beasley School of Law generated the largest contingent with 37 receny graduates at 18 firms, followed by Villanova’s law school with 30 recent graduates at 15 firms.
Rutgersx University-Camden, which has gradually increased the number of graduates workingb at Philadelphia firms over the past was tied for third with Law Schoolp with 22students each. Seven of Penn’s graduates took positions at Morgan Lewis. Rutgers’ students were spread over 15 firms. Widener University School of Law has seven recent graduates working at theparticipatingf firms. Among law schools outside the University of Virginia has the largest presence at localp firms with sevenrecent graduates. Morganb Lewis and Pepper Hamilton, which have traditionally strong relationw withthe school, accounted for five of those.
Law firmz are now focused on recruiting summe interns for 2009 and extending offerxs to their most recen summer internsfor full-time employment next summer. Verona said given the statew ofthe economy, she wouldn’t be surprised to see smaller summer classesa and possibly smaller first-year classes. Pepper Hamilton hiring partnetr Chris Wasson said because firms hire law students for summere internships two years before they woulx be hiredfor full-time work, it is hard to scientificalluy factor the economy into those decisions.
“[Thed economy] could have an impact because you are living throughh it right now even though you are recruiting for two yeara downthe road,” Wasson “So it’s hard to distancse yourself from it.”