When was the last Toronto Big-Law First Year Associate raise?

[GoldenBoy]

As I understand it (and could be wrong), many of the Bay St firms will fix their entry-level salaries to be the exact same.

I was wondering when the last time they bumped it up was and how often they do it. I'm trying to figure out if there's a raise coming due to the crazy inflation of 2022-2023 or if the $130k first-year salary accounts for that and is a recent bump up.

[BlockedQuebecois]

29 minutes ago, GoldenBoy said:

I'm trying to figure out if there's a raise coming due to the crazy inflation of 2022-2023

No. 

29 minutes ago, GoldenBoy said:

or if the $130k first-year salary accounts for that and is a recent bump up.

Also no. 

(The last pay raise was in 2021, after about a decade of no changes.)

[grassfedcow0231]

My understanding was entry level is 110k, is that incorrect?

[LMP]

3 minutes ago, grassfedcow0231 said:

My understanding was entry level is 110k, is that incorrect?

Yeah, it is 130k. 

[Jaggers]

1 hour ago, BlockedQuebecois said:

No. 

Also no. 

(The last pay raise was in 2021, after about a decade of no changes.)

13 years, to be exact. It went up to 110,000 in 2008.

[easttowest]

During 2021 a lot of them handed out special bonuses that were essentially rewards to associates for being chained to their desks all of lockdown as dealflow and work exploded since everyone was bored. But that was a one off and they didn’t do anything for inflation. 

And, why would they? A job where you get a 20% raise annually plus typically a substantial bonus is pretty inflation proof. 

(That’s not to say that associates shouldn’t be paid more for other reasons, namely that I used to be one and would like my friends to get raises). 

 

[Ghalm]

2021 seemed to be a special time when American firms were poaching basically any corp associate they could get their hands on, and even then they dragged their feet before a pay bump. Though I recall when I was a summer student in 2019 that there was an associate pay bump from 100 to 110... I think the 2008 bump was to 100. 

[GoatDuck]

Just curious, why didn’t more people make the move? Was the Toronto landscape that appealing or did pretty much everyone who could make the move do it? 

[Rembrandt]

https://abovethelaw.com/2024/11/breaking-cravath-delights-associates-with-both-year-end-and-special-bonuses/

[erin otoole]

13 minutes ago, GoatDuck said:

Just curious, why didn’t more people make the move? Was the Toronto landscape that appealing or did pretty much everyone who could make the move do it? 

While I work mid-law (whatever the hell that means) its tough to move when my partner lives here, my parents cottage is an hour away, I can visit family for dinner, my law school friends all work within a couple blocks of me. Frankly my  non-seven sister Toronto salary gives me a nice big rented condo, a new car, and comfortable LOC repayment terms, the juice isn't worth the squeeze to go down and restart. 

Maybe I am just jealous and bitter on my part I did have one friend move down for the $$$. 

[easttowest]

On 11/19/2024 at 10:15 PM, GoatDuck said:

Just curious, why didn’t more people make the move? Was the Toronto landscape that appealing or did pretty much everyone who could make the move do it? 

So, so many midlevels did, but if you were a first year it was harder (not impossible) and if you were a senior associate approaching partnership it might not make sense financially. 

But as already discussed, if you were somewhat rooted in Toronto it could be hard to upend your whole life to start over in another country. 

[PzabbytheLawyer]

As someone who's recently moved abroad but has mostly decided to go back instead of staying, home roots are really tough to let go of. Especially as your parents age.