Academic

Money Matters

By firstamendmentblogger

Interesting juxtaposition of two articles out of the ABA Journal this week.   

Justice Kennedy, speaking to a House Subcommittee yesterday, called for an increase in judicial salaries to keep the nation's best judges from fleeing to private practice.  According to the ABA Government Affairs Office, district judge salaries stand at $165,200 per year, much less than some big firm salaries for even junior associates. 

But judges looking for a salary bump should think carefully before jumping ship, at least if they're considering a move to O'Melveny & Myers.  The Journal reports that the international mega-firm made a temporary buy-out offer to partners over age 50.   The offer is "voluntary," and an earlier report says it is not aimed at partners with self-sustaining client lists, but those no longer interested in billing 2,000+ hours a year. 

Only a few blog comments  to the report so far this morning, but I tend to side with the bleeding hearts.  No-one wants unproductive partners draining the salary pool, but I wonder what characteristics the deciders at O'Melveny look at to determine if a colleague is worth keeping.  Sure money matters, but I would think the firm itself would benefit from a partner who actually has the time to mentor, tutor and support a junior associate.  And that's not going to happen as often as it should if everyone's trying to top 2000 billables a year.   The intangibles matter, even if we cant bill them to a client at $750 an hour.

And besides,  isn't 50 the new 30?

-Kathleen A. Bergin

Full post as published by The Faculty Lounge on March 14, 2008 (boomark / email).