From the Annals of Associate Compensation

I've always thought that this "lock-step" compensation strategy at law firms was pretty weird. If any law firm in town raises salaries, then every other firm must correspondingly raise their salaries to protect against the perception that they are of a lower "tier". However, as a soon-to-be young associate, I seem to be the prime beneficiary of the model.

And of course, no article about lawyers would be complete without a friendly jab:

Within their risk-averse, insular world, it’s a way of saying, “We’re in the top tier.” But it doesn’t necessarily make good business sense. Though partners at elite firms routinely pocket millions, law firms have never been run as efficiently as truly great companies. After all, they’re run by lawyers.