Warren Bongard, shares his perspective in the Globe and Mail on the recent salary increases for associates at Bay Street law firms. With hiring slowing down amid economic uncertainty, firms are still boosting compensation to retain top talent.

Legal recruiters said the raises are coming at an interesting time, given a slowdown in the law firm job market.

Warren Bongard, president and co-founder of ZSA Legal Recruitment, said with the uncertainty around Canada-U.S. relations, they’re seeing hesitancy on both sides of the equation: Law firms are holding off on bringing in new hires and candidates are waiting to see what happens with the economy before jumping to a new shop.

“If you’re walking into a potential recession, it’s last in first out. I think that applies in any downward cycle,” Mr. Bongard said. (As an aside, he added that while law firms aren’t hiring as much, there is still robust demand in the in-house market, which refers to lawyers who work as employees for businesses.)

With the tariff threat looming over corporate Canada, big law firms are also bracing for a hit to their bottom line amid less deal activity. It may seem like a strange time for firms to raise their compensation costs, but Mr. Bongard said it’s a sign that firms are thinking in the long-term. Once this period passes, they want to make sure their best talent has stuck around.

Read the full article here: https://www.theglobeandmail.com/business/article-bay-street-law-firms-raise-salaries-for-associates-even-as-hiring/