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Law Firm Leaders Seem Nervous About Cash Heading Into 2024 -- Are Salary Increases To Blame?

Law firm leaders are no longer looking at things through rose-colored glasses when it comes to their finances. How do these raises and bonuses make them feel?

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Ed. note: Welcome to our daily feature, Quote of the Day.

I would probably think it’s more of an issue now. It costs more to borrow money. And all the other expenses are going up faster. I haven’t heard of any costs going down. Whether it’s rent, or electricity, or gas, or employees’ health insurance—everything is more money.

— Bill Sansone, a practice leader for law firm advisory at Withum Smith+Brown, in comments given to the American Lawyer on how law firm leaders feel heading into 2024 now that salary wars have arrived. Prior to the latest raises being announced, 42% of respondents to a recent Withum study said that increased salary demands posed a moderate to significant risk to their bottom lines.

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.

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