NYC to 200k

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jbagelboy

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Re: NYC to 200k

Postby jbagelboy » Wed Jun 20, 2018 11:24 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:It is unbelievable that Gibson and Latham--two of the best, most profitable, and most prestigious firms in the country--have not matched, while firms like Morgan Lewis have. Associates at Gibson, Latham, and similarly profitable firms that have not matched must be quite perturbed.


Perturbed...you must have gone to Columbia/Yale.


Because Columbia and Yale have so much in common.


Can someone explain this "Columbia/Yale" thing I keep seeing on TLS these days?

jbagelboy, a Columbia alum who thinks Top 6 prestige matters a lot while also thinking CCN is essentially equal to HYS, claimed “Yale/Columbia” alums have better exit options than everyone else in Big Law.


Thanks for this admirably shameless distortion of an unobjectionable point about the lateral market from a very brave anon. It should be painfully obvious that in no way are two top schools offered as illustrative examples exclusive of others

Ps. In what sense did this post “reveal[] sensitive employment related information about a firm” or constitute anything vaguely resembling appropriate anon use

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 11:29 am

Anonymous User wrote:LaTTTham is officially a V5 firm and still hasn't matched associate salaries LOL

http://www.vault.com/company-rankings/l ... ?sRankID=2


Wow. With the exception of the non-conformers (Wachtell, W&C, etc.) every top 25 firm that hasn't matched is based in Cali (#5 Latham, #9 Gibson, #22 Paul Hastings, #24 MoFo) or DC (#15 Covington, #20 WilmerHale, #25 Hogan Lovells). I think I get DC, it's been discussed here ad nauseam. But where the hell is Cali?!

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 11:31 am

Anonymous User wrote:
Anonymous User wrote:LaTTTham is officially a V5 firm and still hasn't matched associate salaries LOL

http://www.vault.com/company-rankings/l ... ?sRankID=2


Wow. With the exception of the non-conformers (Wachtell, W&C, etc.) every top 25 firm that hasn't matched is based in Cali (#5 Latham, #9 Gibson, #22 Paul Hastings, #24 MoFo) or DC (#15 Covington, #20 WilmerHale, #25 Hogan Lovells). I think I get DC, it's been discussed here ad nauseam. But where the hell is Cali?!


the munger move will push gibson/latham, which will push DC

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hoos89

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Re: NYC to 200k

Postby hoos89 » Wed Jun 20, 2018 11:32 am

Anonymous User wrote:Seems odd that Brown Rudnick supposedly matched but no one on here has confirmed it and ATL has not posted about it.


Probably because they no offered anyone suspected of posting on TLS.

Right2BearArms

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Re: NYC to 200k

Postby Right2BearArms » Wed Jun 20, 2018 11:34 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:LaTTTham is officially a V5 firm and still hasn't matched associate salaries LOL

http://www.vault.com/company-rankings/l ... ?sRankID=2


Wow. With the exception of the non-conformers (Wachtell, W&C, etc.) every top 25 firm that hasn't matched is based in Cali (#5 Latham, #9 Gibson, #22 Paul Hastings, #24 MoFo) or DC (#15 Covington, #20 WilmerHale, #25 Hogan Lovells). I think I get DC, it's been discussed here ad nauseam. But where the hell is Cali?!


the munger move will push gibson/latham, which will push DC


Munger had 0 effect on Gibson/Latham. They were both going to move as soon as STB matched.

No idea about Gibson, but Latham has to have a firm wide vote on crap like this, and is currently without a chair person. Anyone surprised they are being this slow doesn't work there. Both firms will match by the end of the week.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 12:06 pm

Very interesting that the only holdouts in the Vault 25 are all DC or California based, particularly because all of those firms have offices in locations where the market has already moved and because there are firms headquartered outside of DC and California that have matched in their DC and California offices.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 12:09 pm

Right2BearArms wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:LaTTTham is officially a V5 firm and still hasn't matched associate salaries LOL

http://www.vault.com/company-rankings/l ... ?sRankID=2


Wow. With the exception of the non-conformers (Wachtell, W&C, etc.) every top 25 firm that hasn't matched is based in Cali (#5 Latham, #9 Gibson, #22 Paul Hastings, #24 MoFo) or DC (#15 Covington, #20 WilmerHale, #25 Hogan Lovells). I think I get DC, it's been discussed here ad nauseam. But where the hell is Cali?!


the munger move will push gibson/latham, which will push DC


Munger had 0 effect on Gibson/Latham. They were both going to move as soon as STB matched.

No idea about Gibson, but Latham has to have a firm wide vote on crap like this, and is currently without a chair person. Anyone surprised they are being this slow doesn't work there. Both firms will match by the end of the week.


Chair person or not, how hard is it for Latham to convene a conference call to vote on something this obvious? No way they don't match.

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NakedPowerOrgan

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Re: NYC to 200k

Postby NakedPowerOrgan » Wed Jun 20, 2018 12:32 pm

NakedPowerOrgan wrote:Wall of Shame for Firms Yet to Announce:

    Fried Frank ($2.94MM PPP, 55.3% L5Y PPP growth, 2.9 EP:Assoc. leverage)
    1. Latham ($3.25MM PPP, 24.8% L5Y PPP growth, 3.0 EP:Assoc. leverage)
    2. Paul Hastings ($2.91MM PPP, 28.4% L5Y PPP growth, 2.8 EP:Assoc. leverage)
    3. Akin Gump ($2.39MM PPP, 35.5% L5Y PPP growth, 2.0 EP:Assoc. leverage)
    4. King & Spalding ($2.61MM PPP, 23.8% L5Y PPP growth, 2.1 EP:Assoc. leverage)
    5. Shearman & Sterling ($2.32MM PPP, 34.4% L5Y PPP growth, 2.6 EP:Assoc. leverage)
    Vinson & Elkins ($2.36MM PPP, 37.7% L5Y PPP growth, 3.2 EP:Assoc. leverage)
    6. Gibson Dunn ($3.24MM PPP, 13.3% L5Y PPP growth, 2.8 EP:Assoc. leverage)
    6. Schulte ($2.56MM PPP, 17.7% L5Y PPP growth, 2.1 EP:Assoc. leverage)
    8. Dechert ($2.68MM PPP, 21.7% L5Y PPP growth, 3.4 EP:Assoc. leverage)
    8. Wilmer ($2.12MM PPP, 31.0% L5Y PPP growth, 2.2 EP:Assoc. leverage)
    Cooley ($2.08MM PPP, 28.3% L5Y PPP growth, 2.4 EP:Assoc. leverage)
    10. Baker Botts ($1.84MM PPP, 26.0% L5Y PPP growth, 1.9 EP:Assoc. leverage)
    11. Alston & Bird ($1.93MM PPP, 11.0% L5Y PPP growth, 1.2 EP:Assoc. leverage)
    Kramer Levin ($2.15MM PPP, 22.2% L5Y PPP growth, 3.1 EP:Assoc. leverage)
    12. Sheppard Mullin ($1.71MM PPP, 26.0% L5Y PPP growth, 2.4 EP:Assoc. leverage)
    13. Cadwalader ($2.51MM PPP, 5.6% L5Y PPP decrease, 4.5 EP:Assoc. leverage)
    14. McDermott ($1.71MM PPP, 14.8% L5Y PPP growth, 1.8 EP:Assoc. leverage)
    14. Mayer Brown ($1.58MM PPP, 27.0% L5Y PPP growth, 2.5 EP:Assoc. leverage)
    16. Fragomen ($1.98MM PPP, 23.9% L5Y PPP growth, 4.2 EP:Assoc. leverage)
    17. Katten ($1.57MM PPP, 16.6% L5Y PPP growth, 1.7 EP:Assoc. leverage)
    18. Greenberg ($1.63MM PPP, 16.8% L5Y PPP growth, 2.2 EP:Assoc. leverage)
    18. MoFo ($1.74MM PPP, 15.3% L5Y PPP growth, 2.7 EP:Assoc. leverage)
    18. O'Melveny ($2.01MM PPP, 2.6% L5Y PPP decrease, 3.3 EP:Assoc. leverage)
    18. Orrick ($1.86MM PPP, 12.5% L5Y PPP growth, 3.8 EP:Assoc. leverage)
    22. Fish & Richardson ($1.63MM PPP, 8.9% L5Y PPP growth, 1.5 EP:Assoc. leverage)
    22. Covington ($1.54MM PPP, 18.0% L5Y PPP growth, 2.0 EP:Assoc. leverage)
    24. Fenwick ($1.51MM PPP, 23.7% L5Y PPP growth, 2.8 EP:Assoc. leverage)
    25. Jenner ($1.42MM PPP, 5.2% L5Y PPP decrease, 1.7 EP:Assoc. leverage)


A new day for some more shame.

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NakedPowerOrgan

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Re: NYC to 200k

Postby NakedPowerOrgan » Wed Jun 20, 2018 12:41 pm

Anonymous User wrote:Very interesting that the only holdouts in the Vault 25 are all DC or California based, particularly because all of those firms have offices in locations where the market has already moved and because there are firms headquartered outside of DC and California that have matched in their DC and California offices.


Yeah, although there are still NYC firms (Shearman, Schulte, and Dechert) and firms in smaller markets (King & Spalding, Baker Botts, and Alston & Bird) that are profitable enough where matching should be a no-brainer.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 12:53 pm

NakedPowerOrgan wrote:
Anonymous User wrote:Very interesting that the only holdouts in the Vault 25 are all DC or California based, particularly because all of those firms have offices in locations where the market has already moved and because there are firms headquartered outside of DC and California that have matched in their DC and California offices.


Yeah, although there are still NYC firms (Shearman, Schulte, and Dechert) and firms in smaller markets (King & Spalding, Baker Botts, and Alston & Bird) that are profitable enough where matching should be a no-brainer.


Isn't Dechert a Philly firm?

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 12:56 pm

does anyone have information on whether firms are imposing any criteria for the mid-summer bonuses? IE are these related to your pace?


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NakedPowerOrgan

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Re: NYC to 200k

Postby NakedPowerOrgan » Wed Jun 20, 2018 1:01 pm

Anonymous User wrote:
NakedPowerOrgan wrote:
Anonymous User wrote:Very interesting that the only holdouts in the Vault 25 are all DC or California based, particularly because all of those firms have offices in locations where the market has already moved and because there are firms headquartered outside of DC and California that have matched in their DC and California offices.


Yeah, although there are still NYC firms (Shearman, Schulte, and Dechert) and firms in smaller markets (King & Spalding, Baker Botts, and Alston & Bird) that are profitable enough where matching should be a no-brainer.


Isn't Dechert a Philly firm?


Yeah, maybe. I thought they were historically a Philly firm but have since rebranded themselves as an "international firm with no headquarters." They listed their NYC address on their Vault form, and NYC is now their largest office, by a sizable amount.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 1:14 pm

Anonymous User wrote:does anyone have information on whether firms are imposing any criteria for the mid-summer bonuses? IE are these related to your pace?

My firm is imposing an hours requirement that is calculated using the same calculation for prorating hours of someone who joined mid-year. It's generally a little more than 2x your billable + pro bono hours (since by the end of June there will have been 181 days elapsed). You get some credit for client development and working on firm publications, but they aren't prorated. The prorated minimum is 1950.


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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 1:57 pm

Only one question remains: wtf are Latham and Gibson doing? Hard to fault other firms when they haven't moved.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:15 pm

Anonymous User wrote:Only one question remains: wtf are Latham and Gibson doing? Hard to fault other firms when they haven't moved.


Maybe...but I’m still going to.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:25 pm

Law students ITT: when are your bid lists due for OCI? Will firms that haven't matched by then take a hit? Will firms that matched after a delay?

Associates in my office think our firm will move by bid deadlines or not at all this summer.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:27 pm

Anonymous User wrote:Law students ITT: when are your bid lists due for OCI? Will firms that haven't matched by then take a hit? Will firms that matched after a delay?

Associates in my office think our firm will move by bid deadlines or not at all this summer.


^This. What firm?

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:29 pm

I'm a slightly above median student at HYS. I'm not bidding on any firms that haven't matched by the time bid lists are due, except maybe firms like Latham/Gibson that surely will have to match...but if they haven't matched by the time CBs and offers are going out, hopefully I have options.

Don't need prestige for prestige's sake. I just want to get paid top of the market, but realistically don't have a shot at crazy high-paying shops like Wachtell.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:29 pm

Anonymous User wrote:Law students ITT: when are your bid lists due for OCI? Will firms that haven't matched by then take a hit? Will firms that matched after a delay?

Associates in my office think our firm will move by bid deadlines or not at all this summer.


2L at T13 here, we still have til early July to finalize our bid lists, so I have mine ordered as if salaries were set at pre-190k levels. When we are a couple of days out, I'll move the firms that haven't matched down accordingly.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:33 pm

Anonymous User wrote:Law students ITT: when are your bid lists due for OCI? Will firms that haven't matched by then take a hit? Will firms that matched after a delay?

Associates in my office think our firm will move by bid deadlines or not at all this summer.


I'm at one of the firms with well over $2M+ PPP that has seen a lot of growth over the past few years. The sentiment here is that the firm doesn't care about bid deadlines because law students will just assume, probably rightfully so, that the firm will match. I could see it mattering a lot more for firms that are perceived to not be doing as well financially though, i.e. firms in the $1-2M PPP range and/or with little to no profit growth.

Barrred

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Re: NYC to 200k

Postby Barrred » Wed Jun 20, 2018 2:35 pm

So Munger is raising pay for first year associates to 190K starting July 1, and doing the same for summer associates retroactive to the beginning of the summer. Unless I am missing something, doesn't this mean that for about a month or two (the start of the summer program to July 1) Munger will have effectively paid summer associates more than first year associates? I'd be pissed if I were a Munger first year if that's the case.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:37 pm

Barrred wrote:So Munger is raising pay for first year associates to 190K starting July 1, and doing the same for summer associates retroactive to the beginning of the summer. Unless I am missing something, doesn't this mean that for about a month or two (the start of the summer program to July 1) Munger will have effectively paid summer associates more than first year associates? I'd be pissed if I were a Munger first year if that's the case.


Yes, but I'm pretty sure all firms do this.

I was a summer during the 180k raises, and we got a bonus that reflected the additional amount we would've earned had we been paid 180 for the full 10 weeks.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:39 pm

HoLove associate: People throughout the firm, including current summer associates, are talking about this. At the start, it was a foregone conclusion that we would raise, but that seems more unlikely by the day. I'm thinking 60% chance we match. I know multiple people who have started picking up calls from recruiters about firms that have raised just to get the process started since it takes so long.



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