NYC to 200k

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 10:59 am

Let’s shame Milbank for trying to swing a big dick but yet still hasn’t matched

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 10:59 am

Anonymous User wrote:Let’s shame Milbank for trying to swing a big dick but yet still hasn’t matched


Milbank is a grower, not a shower.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:15 am

Anonymous User wrote:This thread is dying people.


We're like 2 hours into business hours on the East Coast on a Monday, give it some time.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:18 am

Anonymous User wrote:Nothing like spending your Monday morning watching bar prep videos x2 and waiting for your firm to match


That was me in 2016, except back then DC matched in a week. Now we're 2 weeks AM (After Milbank) and 1 week AC...

What market you going to?

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:24 am

Anonymous User wrote:
Anonymous User wrote:Nothing like spending your Monday morning watching bar prep videos x2 and waiting for your firm to match


That was me in 2016, except back then DC matched in a week. Now we're 2 weeks AM (After Milbank) and 1 week AC...

What market you going to?


DC

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:29 am

Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:35 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.


According to Vault, Wachtell base was 185k.


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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:44 am

White & Case matches Cravath with bonus (only a good standing requirement)

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 11:51 am

Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


Firms with middling revenue per lawyers marks like White and Case and MLB matching is a good sign for everyone else.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:02 pm

Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


confirmation?


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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:23 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.


W&C especially will have to considering it already was below market.

Consider 4yrs, under current W&C scale they get a 250,000 salary and no bonus.

Cravath is 255 + bonus (60k last year) + 15K summer bonus (~320,000 in total comp this year when accounting for the fact that salary increase was mid year).

That's a pretty huge differential

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:33 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.


W&C especially will have to considering it already was below market.

Consider 4yrs, under current W&C scale they get a 250,000 salary and no bonus.

Cravath is 255 + bonus (60k last year) + 15K summer bonus (~320,000 in total comp this year when accounting for the fact that salary increase was mid year).

That's a pretty huge differential


Imagine being simultaneously smart enough to land a gig at W&C but dumb enough to work there instead of Covington/Wilmer/GDC/A&P given the compensation.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:39 pm

The cream don't go to White & Case.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:41 pm

Anonymous User wrote:The cream don't go to White & Case.


No, they go to Williams & Connolly even though they're given less compensation to do so.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:44 pm

Forget about Williams & Connolly. A lot of SCOTUS clerks go to McGuire Woods, which pays...what?...50-60K less BEFORE bonuses?

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 12:56 pm

.

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NakedPowerOrgan

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Re: NYC to 200k

Postby NakedPowerOrgan » Mon Jun 18, 2018 12:57 pm

Anonymous User wrote:
Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


Firms with middling revenue per lawyers marks like White and Case and MLB matching is a good sign for everyone else.


RPL is probably a more useful metric in general, but PPP (while keeping leverage, total number of associates, and profitability growth in mind) is probably a better indicator for which firms can afford to give raises. Much bigger deal that Morgan Lewis matched than White & Case, which is more comparable to Sidley, Proskauer, etc.

They way I’m thinking about it: At White & Case, approx. 319 equity partners have to take a hit to their profits per partner of $2.260MM on account of approx. 1206 associates getting raises. At Morgan Lewis, approx. 717 equity partners have to take a hit to their profits per partner of $1.368MM on account of approx. 950 associates getting raises. For comparison’s sake, let’s assume average additional associates costs of $35K (summer bonus of $15K and salary bump of $20K).

White & Case’s PPP adjusted for associate raises and summer bonuses is $2.128MM, a 5.85% decrease, and Morgan Lewis’s adjusted PPP is $1.322MM, a 3.39% decrease. Morgan Lewis equity partners will experience a smaller decrease, although it’s likely that a biglaw partner making $1.4MM/yr would feel a hit of $46K more than a biglaw partner making $2.3MM/yr would feel a hit of $132K.

Importantly, though, White & Case has averaged 5.0 percent increases per year in PPP over the last five years, while Morgan Lewis has averaged 2.7 decreases. So if White & Case continues to grow at the historical rate, partners will hardly feel the effect this year, and given that summer bonuses are unlikely to become regular occurrences, this is blip on the radar for the wallets of White & Case equity partners. The same can’t be said for Morgan Lewis partners.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 1:00 pm

NakedPowerOrgan wrote:
Anonymous User wrote:
Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


Firms with middling revenue per lawyers marks like White and Case and MLB matching is a good sign for everyone else.


RPL is probably a more useful metric in general, but PPP (while keeping leverage, total number of associates, and profitability growth in mind) is probably a better indicator for which firms can afford to give raises. Much bigger deal that Morgan Lewis matched than White & Case, which is more comparable to Sidley, Proskauer, etc.

They way I’m thinking about it: At White & Case, approx. 319 equity partners have to take a hit to their profits per partner of $2.260MM on account of approx. 1206 associates getting raises. At Morgan Lewis, approx. 717 equity partners have to take a hit to their profits per partner of $1.368MM on account of approx. 950 associates getting raises. For comparison’s sake, let’s assume average additional associates costs of $35K (summer bonus of $15K and salary bump of $20K).

White & Case’s PPP adjusted for associate raises and summer bonuses is $2.128MM, a 5.85% decrease, and Morgan Lewis’s adjusted PPP is $1.322MM, a 3.39% decrease. Morgan Lewis equity partners will experience a smaller decrease, although it’s likely that a biglaw partner making $1.4MM/yr would feel a hit of $46K more than a biglaw partner making $2.3MM/yr would feel a hit of $132K.

Importantly, though, White & Case has averaged 5.0 percent increases per year in PPP over the last five years, while Morgan Lewis has averaged 2.7 decreases. So if White & Case continues to grow at the historical rate, partners will hardly feel the effect this year, and given that summer bonuses are unlikely to become regular occurrences, this is blip on the radar for the wallets of White & Case equity partners. The same can’t be said for Morgan Lewis partners.


So what you're saying is my firm should raise my pay already


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NakedPowerOrgan

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Re: NYC to 200k

Postby NakedPowerOrgan » Mon Jun 18, 2018 1:04 pm

Anonymous User wrote:
NakedPowerOrgan wrote:
Anonymous User wrote:
Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


Firms with middling revenue per lawyers marks like White and Case and MLB matching is a good sign for everyone else.


RPL is probably a more useful metric in general, but PPP (while keeping leverage, total number of associates, and profitability growth in mind) is probably a better indicator for which firms can afford to give raises. Much bigger deal that Morgan Lewis matched than White & Case, which is more comparable to Sidley, Proskauer, etc.

They way I’m thinking about it: At White & Case, approx. 319 equity partners have to take a hit to their profits per partner of $2.260MM on account of approx. 1206 associates getting raises. At Morgan Lewis, approx. 717 equity partners have to take a hit to their profits per partner of $1.368MM on account of approx. 950 associates getting raises. For comparison’s sake, let’s assume average additional associates costs of $35K (summer bonus of $15K and salary bump of $20K).

White & Case’s PPP adjusted for associate raises and summer bonuses is $2.128MM, a 5.85% decrease, and Morgan Lewis’s adjusted PPP is $1.322MM, a 3.39% decrease. Morgan Lewis equity partners will experience a smaller decrease, although it’s likely that a biglaw partner making $1.4MM/yr would feel a hit of $46K more than a biglaw partner making $2.3MM/yr would feel a hit of $132K.

Importantly, though, White & Case has averaged 5.0 percent increases per year in PPP over the last five years, while Morgan Lewis has averaged 2.7 decreases. So if White & Case continues to grow at the historical rate, partners will hardly feel the effect this year, and given that summer bonuses are unlikely to become regular occurrences, this is blip on the radar for the wallets of White & Case equity partners. The same can’t be said for Morgan Lewis partners.


So what you're saying is my firm should raise my pay already


If you’re at a firm that’s top 50 in PPP, yeah, probably no reason why they shouldn’t have raised when Morgan Lewis already has.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 1:07 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.


W&C especially will have to considering it already was below market.

Consider 4yrs, under current W&C scale they get a 250,000 salary and no bonus.

Cravath is 255 + bonus (60k last year) + 15K summer bonus (~320,000 in total comp this year when accounting for the fact that salary increase was mid year).

That's a pretty huge differential


That’s the old salary scale. Fourth years currently make $285,000.

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Joined: Tue Aug 11, 2009 9:32 am

Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 1:24 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Anyone heard of match activity at one of the above/off-market scale comp firms (Wachtell, Boies Schiller, Willims & Connolly?).


Wachtell never matched 180k because their comp was already higher. The same is true for the new scale. No need to send out a memo when all associates already get paid well above-market.


This is not accurate; Wachtell did move its base salary. As did Boies and W&C.


W&C especially will have to considering it already was below market.

Consider 4yrs, under current W&C scale they get a 250,000 salary and no bonus.

Cravath is 255 + bonus (60k last year) + 15K summer bonus (~320,000 in total comp this year when accounting for the fact that salary increase was mid year).

That's a pretty huge differential


That’s the old salary scale. Fourth years currently make $285,000.


Nope...re-read any of the salary memos:

2017 (1st year): $190,000
2016 (2nd year): $200,000
2015 (3rd year): $220,000
2014 (4th year): $255,000

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Joined: Tue Aug 11, 2009 9:32 am

Re: NYC to 200k

Postby Anonymous User » Mon Jun 18, 2018 1:30 pm

NakedPowerOrgan wrote:
Anonymous User wrote:
Anonymous User wrote:White & Case matches Cravath with bonus (only a good standing requirement)


Firms with middling revenue per lawyers marks like White and Case and MLB matching is a good sign for everyone else.


RPL is probably a more useful metric in general, but PPP (while keeping leverage, total number of associates, and profitability growth in mind) is probably a better indicator for which firms can afford to give raises. Much bigger deal that Morgan Lewis matched than White & Case, which is more comparable to Sidley, Proskauer, etc.

They way I’m thinking about it: At White & Case, approx. 319 equity partners have to take a hit to their profits per partner of $2.260MM on account of approx. 1206 associates getting raises. At Morgan Lewis, approx. 717 equity partners have to take a hit to their profits per partner of $1.368MM on account of approx. 950 associates getting raises. For comparison’s sake, let’s assume average additional associates costs of $35K (summer bonus of $15K and salary bump of $20K).

White & Case’s PPP adjusted for associate raises and summer bonuses is $2.128MM, a 5.85% decrease, and Morgan Lewis’s adjusted PPP is $1.322MM, a 3.39% decrease. Morgan Lewis equity partners will experience a smaller decrease, although it’s likely that a biglaw partner making $1.4MM/yr would feel a hit of $46K more than a biglaw partner making $2.3MM/yr would feel a hit of $132K.

Importantly, though, White & Case has averaged 5.0 percent increases per year in PPP over the last five years, while Morgan Lewis has averaged 2.7 decreases. So if White & Case continues to grow at the historical rate, partners will hardly feel the effect this year, and given that summer bonuses are unlikely to become regular occurrences, this is blip on the radar for the wallets of White & Case equity partners. The same can’t be said for Morgan Lewis partners.


Not to derail, but this math is based on a bad assumption about White & Case: that it’s predominantly American. Less than half the firm’s attorneys are US-based — nowhere near 1200.

As an aside, this also cuts to the firm’s PPP, which likely understates the profitability attributable to the US partnership.



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