Letter to the Editor

Thursday, January 1st, 1987 at 12:00 am by Louis Lowenstein
Louis Lowenstein, Letter to the Editor, 1987 Colum. Bus. L. Rev. 177

How far New York has come since its dark days a decade ago. Now an old one bedroom apartment rents for $1,500 a month and fuzzy new law school graduates rent for $6,000 a month. Who would have guessed in 1975 that the price of associates would rise faster than the price of oil. One reason for the salary jump is the change in aggregate volume of mergers and acquisitions in the United States. In 1975, it was $12 billion. In 1985, it skyrocketed to $180 billion. The bankers and lawyers’ fees are now averaging about 4% of transaction values, which adds up to about $7 billion annually. There you have it — expensive associates and streets cluttered with stretch limos.

Author Information

Professor of Law, Columbia University