Since the inception of the new $180k salary scale for associates at Cravath, many firms across the U.S. have matched the scale, including a few in Denver. This puts pressure on others in the Denver market to follow suit, and while a few have, it remains to be seen who else will fall in line.
Thus far, Above the Law posted an article which lists the law firms to date who have adapted this salary scale. In Denver, they include:
Morrison & Foerster
Arnold & Porter
Haynes & Boone
We’ll most likely have updates to this list as this quarter comes to an end and into Q3 & Q4!
Today’s traditional flat organizational structures were set in place to save costs for companies, but research purports that it may actually do the opposite– at up to $25,000 per employee. Because organizational structures have flattened and companies have removed positions to save money, promotion opportunities have decreased over the last ten years, and individuals spend roughly three years longer at each job-level than in 2010, resulting in much turnover.
What can companies do to mitigate this turnover? Encourage employees to move across functions, so that individuals do not feel so stagnant and itching to move. Employers need to simply develop a relationship with their employees and provide an open source of communication for the employee to be able to express his or her desires and how individuals want to continue to grow and improve their skills within the organization. Motivate employees with personal growth, experience, and new skill-learning opportunities to increase their capabilities, so that they can still value and enjoy their career development even if it does not mean being promoted quickly. Steve Bruce, writer for Recruiting Daily Advisor, cites these strategies can decrease turnover by 33%, saving an organization with 10,000 employees $7.5 million per year.
Source: The Vast Majority of Employees Want for Career Opportunities