LAWYER SALARIES

Yours truly has been paying some attention to management faddists and a gem has been unearthed and it is about pay levels at your firm and what you are doing. Three points.

1. Where you pay above livable wage to great salaries, the people you have will not leave. On some level the amount of money is a really sticky factor and it keeps your people sticking to your firm unless they get a significantly better offer elsewhere that trumps yours on every level.
MORAL: PAY UP.

2. Lawyers who are paid well, tend to work hard, harder and avoid shirking.
MORAL: PAY UP WELL.

3. You get what you pay for: This one is really tricky because the assumption is that a 1st class is higher quality than a 3rd class or a Harvard Law is a higher quality than an Abia State University. Jack Welch has trumped this notion by saying that great people come from all places and so, with that in mind the general rule is that if you are paying starting associates fresh from law school 300,000.00 you can attract sharp people who would otherwise go to financial services in a year or two, because the finance houses can pay livable wages.
On one level you are paying for the environment the chap will bring to your place and so on.