Salaries were definitely affected by the changes in the market, though they didn't drop so much as stop growing nearly as quickly. Also, because internship, fi

Salaries were definitely affected by the changes in the market, though they didn't drop so much as stop growing nearly as quickly. Also, because internship, first-year and clerkship positions became much more scarce, much of the glut of law grads have no real path to gain the experience they need to compete for firm salaries. Even in the good old days, it was very easy to get left behind in the biglaw game if you didn't score a position or clerkship right out of school. Another factor is the partnership structure. In the 50 US States, only lawyers can have an ownership stake in a law firm. Partners are often practicing, so there is some motivation to keep the hourly rates high for their own benefit. * DC is an outlier, mostly to enable our 'wonderful' lobbying system.