maanv11

Toronto Salary Increases

45 posts in this topic

Rumour that Norton Rose is raising salaries this year. Anyone else hear this? Davies up to 120k already.

 

How long's it been since we saw our salaries go up? 10 years?

 

Maybe it's finally happening

 

 

~Maanv

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By what proportion are base salaries being raised? 120k for what year of call? 

 

120k (from 100ish k) for a first year is significant. 120k for a third year is not.

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Wtf. Why am I not working at Slavies. I buy everything on amazon and on the bay website anyway. I demand a raise.

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Wtf. Why am I not working at Slavies. I buy everything on amazon and on the bay website anyway. I demand a raise.

Don't forget to budget for vitamin D supplements, they lose an associate or two a year to rickets owing to a lack of sunlight.

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By what proportion are base salaries being raised? 120k for what year of call?

 

120k (from 100ish k) for a first year is significant. 120k for a third year is not.

In the link I posted NALP says 120k for first year associate at Davies.

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FYI, general "street" is 90-100 for most firms for first years, and increasing at a rate of 10 or 15 per year until 3/4th year, and then 20-25 per year after that until partner.

Davies, BJs are known to pay above. Cassels too, but not to the same degree.

All the rumours I've heard recently have been debunked by people working at the firms in question. 

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Would an increase in salary mean less hires though? Is it a  zero sum game? lets pay 5 people 120K, instead of 6 people 100K. 

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On 2017-04-22 at 3:07 PM, hmyo said:

Would an increase in salary mean less hires though? Is it a  zero sum game? lets pay 5 people 120K, instead of 6 people 100K. 

I'm not going to say that this is impossible. But for sure not. 

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1 hour ago, BlackSwan said:

Maybe the recent raise of starting salaries for associates in the U.S. is having a knock-on effect in Canada?

I'm not going to say that this is impossible. But for sure not.

We aren't seeing the talent pool being depleted with students flocking to NYC. So there's just no rationale.

But seriously, has anyone heard about increases? I would love that. But I haven't heard anything, and I have it on decent authority that NR is not raising as OP speculated (and started all of this off with, lol). 

And WHY would any of the firms implement raises? There's an abundance of great legal talent in Toronto and coming out of Canada's law schools who would probably take a lot less than is currently offered for the opportunity to work on Bae Street. 

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6 minutes ago, leafs_law said:

I'm not going to say that this is impossible. But for sure not.

We aren't seeing the talent pool being depleted with students flocking to NYC. So there's just no rationale.

But seriously, has anyone heard about increases? I would love that. But I haven't heard anything, and I have it on decent authority that NR is not raising as OP speculated (and started all of this off with, lol). 

And WHY would any of the firms implement raises? There's an abundance of great legal talent in Toronto and coming out of Canada's law schools who would probably take a lot less than is currently offered for the opportunity to work on Bae Street. 

 

Well there are some reasons they may offer wage increases, such as keeping track with inflation and the rapid increase in Ontario school's tuition costs. It could also be that they're facing a greater than expected attrition rate for associates, and a base pay bump for all years would likely combat this, at least temporarily.

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Yeah, I know I'm talking out of my ass since I'm nowhere close to Bay St, but I'm just spitballing ideas. They clearly care about inflation at some point, since salaries aren't the same as they were 50 years ago, but it's likely just whenever they start to lose good people at a higher rate than expected.  A quick calculation says that $100,000 CAD in 2008 is ~$115,000 CAD today, so it seems like a salary bump would be coming eventually.

Honestly I don't think a correction after ~10 years is that uncommon for an industry like law, but maybe I'm wrong? How were salaries trending during the years prior 2008, if you happen to remember? Stagnant for a long time, recent bump, steady rise?

 

 

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I have no idea about the trend. I do know that the salaries for students went from $1300/week to $1450/week at most firms between 2006 and 2007, and I understand they've been stagnant since then. At the same time, starting associate salaries went form 90 to 100 and have stayed stagnant since.

They don't care about inflation. They compare about competing salaries for students. And I don't think there's been that much competition in recent years.

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