W&C to 200K

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charliekelly33
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W&C to 200K

Postby charliekelly33 » Thu Apr 16, 2015 11:51 am

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

deng
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Re: W&C to 200K

Postby deng » Thu Apr 16, 2015 12:00 pm

So... will this be enough to raise the market to $190k or above?

Whatcha think

sweeteavodka
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Re: W&C to 200K

Postby sweeteavodka » Thu Apr 16, 2015 12:03 pm

deng wrote:So... will this be enough to raise the market to $190k or above?

Whatcha think


It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.

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Cobretti
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Re: W&C to 200K

Postby Cobretti » Thu Apr 16, 2015 12:04 pm

Can I hear “NY to 190″

the movement is growing... soon my brothers (and sisters)

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Desert Fox
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Re: W&C to 200K

Postby Desert Fox » Thu Apr 16, 2015 12:06 pm

charliekelly33 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/


It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.

charliekelly33
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Re: W&C to 200K

Postby charliekelly33 » Thu Apr 16, 2015 12:09 pm

sweeteavodka wrote:
deng wrote:So... will this be enough to raise the market to $190k or above?

Whatcha think


It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.


Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.

PMan99
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Re: W&C to 200K

Postby PMan99 » Thu Apr 16, 2015 12:23 pm

sweeteavodka wrote:
deng wrote:So... will this be enough to raise the market to $190k or above?

Whatcha think


It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.


My feeling as well. Probably at least a few years of good economy off any real marketwide pay raises.

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skers
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Re: W&C to 200K

Postby skers » Thu Apr 16, 2015 1:25 pm

Desert Fox wrote:
charliekelly33 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/


It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.


idk dude. Salary increases for juniors are more encouraging than anything.

WhirledWorld
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Re: W&C to 200K

Postby WhirledWorld » Thu Apr 16, 2015 1:25 pm

W&C has always been a rogue player in the associate compensation game, so this doesn't exactly pressure other firms to up associate compensation.

For biglaw comp to change overall, one of the other NYC associate comp market makers (in the past, Simpson Thacher and Cravath, and sort of S&C and Skadden) will have to make a move.

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Desert Fox
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Re: W&C to 200K

Postby Desert Fox » Thu Apr 16, 2015 1:28 pm

skers wrote:
Desert Fox wrote:
charliekelly33 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/


It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.


idk dude. Salary increases for juniors are more encouraging than anything.


It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.

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Yukos
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Re: W&C to 200K

Postby Yukos » Thu Apr 16, 2015 1:36 pm

Desert Fox wrote:
skers wrote:
Desert Fox wrote:
charliekelly33 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/


It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.


idk dude. Salary increases for juniors are more encouraging than anything.


It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.


I've heard (from a law prof who studies the law firm industry, for what it's worth) that at more senior levels boutiques are depending on culture and a real feeling of "partnership" more than pay to keep people around. That's why many elite boutiques are pure lockstep, even with partners, while bigger firms go crazy trying to pay based on "merit" or whatever (e.g. the Mayer Brown 50-factor system). Not saying this is the real reason, or that it works, but it sounds plausible at least.

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Yardbird
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Re: W&C to 200K

Postby Yardbird » Thu Apr 16, 2015 7:21 pm

charliekelly33 wrote:
sweeteavodka wrote:
deng wrote:So... will this be enough to raise the market to $190k or above?

Whatcha think


It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.


Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.
Surely you mean the Simpson-scale with DPW bonuses.

Anonymous User
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Re: W&C to 200K

Postby Anonymous User » Thu Apr 16, 2015 7:24 pm

Anyone know or care to guess if this year's summer class will get paid more b/c of the raise? Before the news, summers were going to get paid same weekly salary as first year associates.

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Monochromatic Oeuvre
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Re: W&C to 200K

Postby Monochromatic Oeuvre » Thu Apr 16, 2015 8:18 pm

Unsurprising and effectively a match. If they didn't raise they'd be well below total comp of even Covington's crappy bonuses. No meaning not already conveyed by the DPW bonuses.

Lawyerrr
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Re: W&C to 200K

Postby Lawyerrr » Thu Apr 16, 2015 10:18 pm

Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).

TheOnePercent
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Re: W&C to 200K

Postby TheOnePercent » Thu Apr 16, 2015 10:37 pm

Desert Fox wrote:It's [still] below market for midlevels and seniors.

This.

Though still great to hear.

mvp99
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Re: W&C to 200K

Postby mvp99 » Thu Apr 16, 2015 10:49 pm

NYC -> 200k

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Monochromatic Oeuvre
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Re: W&C to 200K

Postby Monochromatic Oeuvre » Fri Apr 17, 2015 12:13 am

shadowofjazz wrote:
charliekelly33 wrote:
Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.
Surely you mean the Simpson-scale with DPW bonuses.


+1 to any instance of clarifying that Cravath deserves no credit as a compensation leader in any way, shape or form.

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yomisterd
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Re: W&C to 200K

Postby yomisterd » Fri Apr 17, 2015 12:24 am

seems like a great place to work for a couple years before going BigFed

good work if you can get it

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Arbiter213
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Re: W&C to 200K

Postby Arbiter213 » Fri Apr 17, 2015 5:58 pm

Lawyerrr wrote:Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).


Not everyone clerks. I know a first year they hired through 3L OCI

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rpupkin
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Re: W&C to 200K

Postby rpupkin » Fri Apr 17, 2015 6:03 pm

Desert Fox wrote:It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.

You overpay juniors to attract clerks. You underpay seniors because, compared to their counterparts in big law, partnership prospects are typically better and so you don't have to pay the seniors as much to stay.

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SquedTheScholar
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Re: W&C to 200K

Postby SquedTheScholar » Sat Apr 18, 2015 4:01 pm

Consensus on whether this will push DPW, STB, etc. to 200 before September?

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jbagelboy
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Re: W&C to 200K

Postby jbagelboy » Sat Apr 18, 2015 4:23 pm

SquedTheScholar wrote:Consensus on whether this will push DPW, STB, etc. to 200 before September?


I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for.

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skers
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Re: W&C to 200K

Postby skers » Sat Apr 18, 2015 4:42 pm

jbagelboy wrote:
SquedTheScholar wrote:Consensus on whether this will push DPW, STB, etc. to 200 before September? NY to 190?


I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for. NY to 190.

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jbagelboy
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Re: W&C to 200K

Postby jbagelboy » Sat Apr 18, 2015 5:33 pm

skers wrote:
jbagelboy wrote:
SquedTheScholar wrote:Consensus on whether this will push DPW, STB, etc. to 200 before September? NY to 190?


I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for. NY to 190.


:P

hey, that'd be swell.




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