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Associate Overcompensation?
As Jim Cotterman points out in Compensation Plans for Law Firms 4th edition, the whole issue of associate profitability gained prominence in recent years because the economics of associate compensation changed.
In former times, associates in their early training stages got very low salaries. They also had very low hourly billing rates. Clients understood that they weren't usually getting enormous value from an hour of work by a new trainee, but they were getting more or less what they paid for.
After an extended round of associate salary and rate raises a few years back, however, increasingly budget-conscious and assertive clients became reluctant to pay for an associate to sit in on meetings as an observer, or to pay for a slow trainee to accomplish what an experienced lawyer could do quickly at a lower total cost.
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