In case the sheer exclusivity of law firm summer associate programs isn't enough to create a frenzied demand, here's another reason: The pay is getting even better.
Indeed, summer associate programs in New Jersey and elsewhere aren't what they once were, in terms of both size and number, and the wine-and-dine itinerary of eras past has given way to programs that more resemble apprenticeships. But after years of relative stasis in pay rates, there were signs of upward momentum in 2017.
Among 17 firms and offices in New Jersey, average weekly salary for outgoing second-year law students (2Ls, or rising 3Ls) has increased 8.9 percent, to $2,446 from $2,247, according to data collected by the Law Journal.
Six of the 17 firms reported weekly 2L salaries that were higher than last year.
The increase follows numerous reported instances of first-year associate pay increases last year.
Lowenstein Sandler about a year ago increased first-year salary to $180,000 from $160,000, and that move has led to a corresponding increase in summer associate salary to $3,100 from $2,700, a 14.8 percent jump.
"It is tied to the increase in associate salary across the firm," said Donatella Verrico, the firm's chief human resources officer. "Our primary motivation was not necessarily as a recruiting tool, but just being fair. ... In a perfect world, if it helps on the recruiting side, we'd love for that to be the case."
Other firms that juiced 2L weekly salary were: Cole Schotz, to $2,500 from $2,300 (an 8.7 percent increase); Mandelbaum Salsburg, to $900 from $800 (12.5 percent); McElroy, Deutsch, Mulvaney & Carpenter, to $2,150 from $2,000 (7.5 percent); and Reed Smith, to $3,077 from $2,788 (10.4 percent).
Fox Rothschild, too, increased some 2L salaries, but its summer associate pay varies by office. This year, the firm is paying its four summer associates in the Morristown and Princeton offices $2,884, and its lone Atlantic City summer associate $2,403. Last year, the firm offered the same $2,403 weekly salary in Atlantic City, but salaries of $2,586 in Princeton and $2,692 in the Roseland office (which has since been absorbed by the Morristown office). This summer's $2,884 salary for Morristown and Princeton associates represents a 7.1 percent increase on the $2,692 figure, and an 11.1 percent increase on the $2,596 figure.
At McElroy Deutsch, the pay increase was "tied to keeping our eyes on the market, [and] cost-of-living adjustments," according to Nicole Alexander, the firm's director of professional and business development. "You want to attract the most talented candidates from diverse backgrounds."