The Maryland Daily Record’s Blog reports that DLA Piper and Venable, the two Baltimore mega firms, have raised their associate starting salaries in Baltimore to $160,000.
I remember in 1995 when I was making $57,500 coming out of law school at a litigation defense firm in Baltimore that, at that time, was only a half notch below Piper and Venable in starting salary. Because other than being a law clerk, my next best paying job in life had been as a camp counselor making minimum wage, I thought I was a millionaire. (In a related story, I was still living at home.)
The Daily Record Blog asks if these young associates are worth 160K a year. The answer is clearly no. But three years from now, when they have quality experience and are billing out at $450 an hour while working approximately 28.7 hours a day, the answer becomes a resounding yes. It is not dissimilar to the Oakland Raiders signing JaMarcus Russell to a six-year, $68 million contract even when they did not think he would be an asset to them in the first year of his contract (they were right).