Don't Show Me the Money?

I was talking to a former candidate of mine the other day--he had joined his current firm just at the tail end of the salary wars last year. He was strongly of the opinion (at the time) that New York firms should have raised associate salaries above where they are now to compensate for the cost of living adjustment.

He doesn't think that now.

Of course, salaries will go up again, although no one knows when that might be. The uncertainty of today's market will reverse over time, and once again, associates will be scanning the blogs for news of market salaries hikes and special bonuses. But for now, the market is sobering us up, and I hope that we'll all remain conscious that there are reactions for every action. Today, my friend is busy and is becoming a truly fantastic lawyer. He's grateful for his experience, and doesn't worry so much about his cost of living. What a difference a year makes.