I saw a segment on the ABC news last night reporting on the economy (of course) and the current economic downturn's effect on pay-raises. It suggested that in many fields an employee's increase in annual pay isn't keeping up with inflation, if an increase even occurs.
Many firms conduct annual reviews in Q4, if yours happens to be one have you had a similar experience? Are tensions running high because of the media coverage of economic troubles or is your firm still faring well? Does your firm have a plan to ride-out slower than average quarters, even if those quarters add up to a full year?
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My perception has generally been that pay increases for new lawyers far outpace inflation for the first several years. Mine did, but, now, several years out, it has been made quit clear that nobody in my small firm is getting a raise this year.
Business is noticeably down and I am hearing this from a lot of attorneys. My firm says they intend to ride this out and will not lay anybody off, but one wonders . . .
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