Morrison Cohen Maintains Competitive Advantage in Recent Associate Compensation Increases
June 19, 2018 – Morrison Cohen raised associates salaries in response to recent increases by many Am Law 100 firms while maintaining the firm’s competitive pricing edge. Morrison Cohen Chairman David Scherl, who was extensively quoted in the recent American Lawyer article “These Boutiques Aren't Hesitating to Match Milbank on Associate Pay,” said the big firms have already “outpaced us so significantly on rates.”
Scherl boasts that Morrison Cohen’s billing rates are far lower than those of large firms, with partner billing rates in the $500- to $700-range. “We expect to always maintain that competitive advantage. It’s a big part of what we do,” he said.
In terms of salaries, he said the firm “will always stay within striking range of our large firm competitors.” But even though most of the Am Law 100 market hadn’t yet announced their pay bumps last week, he didn’t hesitate to announce Morrison Cohen’s.
“We’re not waiting to see how many firms do it. If some of our competitors are moving up, we need to stay competitive,” he said. “We’re hiring the best and brightest.”