NYC to 200k

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:50 pm

Anonymous User wrote: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.


This is why it's shortsighted to not match. And this is why delaying when you're just going to match anyway doesn't do you any good.

Associates and summer associates are keenly aware of which firms are raising and which aren't. If you want to hire people from the best law schools who have offers from firms that matched the new salaries, you need to match the new salaries.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:52 pm

Firms may save a few dollars in the short term by not matching. In the medium and long term, they'll take hits to morale, recruiting, and retention. If you want to be a top firm, you have to pay what the top firms pay.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:53 pm

Anonymous User wrote: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.


Yep. The only thing that will save us now is pressure from other firms with DC presences.

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"Help us Gibson Dunn and Crutcher, you're our only hope."

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 2:59 pm

Anonymous User wrote:
Anonymous User wrote: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.


Yep. The only thing that will save us now is pressure from other firms with DC presences.


HoLove associate too? WTF is WilmerFail doing? They have a 400 person office! They would definitely push DC to 190.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:01 pm

Anonymous User wrote: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.


HoLove is now a V25 firm. That’s worth more to me than any raise or bonus.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:03 pm

Anonymous User wrote:
Anonymous User wrote: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.


HoLove is now a V25 firm. That’s worth more to me than any raise or bonus.


Oh hey there Steve Immelt.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:05 pm

Anonymous User wrote:
Anonymous User wrote: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.


HoLove is now a V25 firm. That’s worth more to me than any raise or bonus.


yeah and wilmerfail is v20 now lol

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:08 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote: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.


Yep. The only thing that will save us now is pressure from other firms with DC presences.


HoLove associate too? WTF is WilmerFail doing? They have a 400 person office! They would definitely push DC to 190.


Yeah I'm at Hogan, and I've talked to friends at Covington and they feel the same. [hint: rest of the world, DC isn't that different, we care more about money than "legacy" or "prestige"]. Honestly at this point I'm not even sure Wilmer moving would bump us up. Covington and Hogan definitely follow each other, but both might be willing to let Wilmer with its higher PEP take center stage in this town.

Anonymous User wrote:
Anonymous User wrote:
HoLove is now a V25 firm. That’s worth more to me than any raise or bonus.


Oh hey there Steve Immelt.


Looooollllll

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:11 pm

Anonymous User wrote:
Anonymous User wrote: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.


This is why it's shortsighted to not match. And this is why delaying when you're just going to match anyway doesn't do you any good.

Associates and summer associates are keenly aware of which firms are raising and which aren't. If you want to hire people from the best law schools who have offers from firms that matched the new salaries, you need to match the new salaries.

[different DC old guard associate]

Yup. Us regulatory folks don’t have a lot of options at much higher PPP firms (and my situation is probably too good to take the risk of lateralling even over $20k), but we arent the really profitable ones. The lit/white collar associates who soak up the hours can easily go elsewhere and do the exact same job.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:15 pm

Anonymous User wrote:Yeah I'm at Hogan, and I've talked to friends at Covington and they feel the same. [hint: rest of the world, DC isn't that different, we care more about money than "legacy" or "prestige"]. Honestly at this point I'm not even sure Wilmer moving would bump us up. Covington and Hogan definitely follow each other, but both might be willing to let Wilmer with its higher PEP take center stage in this town.


I'm assuming Covington and Hogan are already trying to figure out how to characterize Wilmer as a "Boston firm" rather than a DC peer firm.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:19 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote: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.


This is why it's shortsighted to not match. And this is why delaying when you're just going to match anyway doesn't do you any good.

Associates and summer associates are keenly aware of which firms are raising and which aren't. If you want to hire people from the best law schools who have offers from firms that matched the new salaries, you need to match the new salaries.

[different DC old guard associate]

Yup. Us regulatory folks don’t have a lot of options (and my situation is probably too good to take the risk of lateralling even over $20k), but we arent the really profitable ones. The lit/white collar associates who soak up the hours can easily go elsewhere and do the exact same job.


Don't give them any ideas...don't think for one second that these clowns won't send out an email saying something like "Colleagues: As a token of our appreciation, we have decided to increase the salaries for Corporate and Litigation associates. While we will continue to monitor the market, we do not believe that the raises have spread to Regulatory associates at peer firms, even though we understand that many of you work side-by-side with your Corporate and Litigation colleagues on achieving bold, distinctive, and valuable solutions for the firm's clients. Sincerely yours, Steve"

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:20 pm

Anonymous User wrote: HoLove is now a V25 firm. That’s worth more to me than any raise or bonus.


Won't be for long if it doesn't raise salaries/give bonuses.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:25 pm

Anonymous User wrote:K&S has a firm-wide meeting tomorrow (was already on the books). Wouldn't be a bad time to announce...


Anyone know how this went?

Sincerely,
Every ATL associate

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:30 pm

Anonymous User wrote:
Anonymous User wrote:K&S has a firm-wide meeting tomorrow (was already on the books). Wouldn't be a bad time to announce...


Anyone know how this went?

Sincerely,
Every ATL associate


Hopefully either celebratory or painfully awkward. Associates at V50/AmLaw 50 firms need to start straight up asking management when the final decision will be made on raises. No more of this waiting it out in silence crap.

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:33 pm

EMAIL FROM COVINGTON

We are aware of the recent announcement by several New York-Based Firms* that they are increasing their associate salary scale and providing special, one-time bonuses to associates. At this point, our view is that the special, one-time bonuses and the increase in New York salaries does not reflect the prevailing market in Washington or other cities outside New York. Traditionally, associate salaries in New York** have been somewhat higher than in other markets around the country. With the recent increase in associate bonuses and our salary scale to match New York levels (which we announced roughly two years ago), we see this recent move by some New York firms as reinstating the modest differential that we’ve traditionally seen in New York vis-à-vis other markets around the country. To some extent, this may reflect cost-of-living differences,*** and it may also reflect a slight premium for working in highly leveraged firms with quite limited partnership and promotion opportunities. At this stage, we are not planning to increase associate salaries in any market outside of our one New York City office, though of course we will continue to study these issues carefully.

* For purposes of this email and salary comparison in general, the term "New York-Based Firms" shall include all firms not based in Washington DC, including but not limited to Kirkland & Ellis and Sidley Austin. For the avoidance of doubt, WilmerHale shall be considered a New York-Based Firm if they raise salaries and provide bonuses in line with other New York-Based Firms.

** For purposes of this email and salary comparison in general, the term "New York" shall include all cities other than Washington DC, including but not limited to Chicago, Los Angeles, Houston, Boston, and Atlanta.

*** Please do not believe everything you read about the cost-of-living differences between Washington and, e.g., Houston, which actually has a significantly higher cost of living and income-tax structure than Washington.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:35 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote: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.


This is why it's shortsighted to not match. And this is why delaying when you're just going to match anyway doesn't do you any good.

Associates and summer associates are keenly aware of which firms are raising and which aren't. If you want to hire people from the best law schools who have offers from firms that matched the new salaries, you need to match the new salaries.

[different DC old guard associate]

Yup. Us regulatory folks don’t have a lot of options (and my situation is probably too good to take the risk of lateralling even over $20k), but we arent the really profitable ones. The lit/white collar associates who soak up the hours can easily go elsewhere and do the exact same job.


Don't give them any ideas...don't think for one second that these clowns won't send out an email saying something like "Colleagues: As a token of our appreciation, we have decided to increase the salaries for Corporate and Litigation associates. While we will continue to monitor the market, we do not believe that the raises have spread to Regulatory associates at peer firms, even though we understand that many of you work side-by-side with your Corporate and Litigation colleagues on achieving bold, distinctive, and valuable solutions for the firm's clients. Sincerely yours, Steve"


Sounds like trouble is brewing.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:36 pm

Anonymous User wrote:EMAIL FROM COVINGTON

We are aware of the recent announcement by several New York-Based Firms* that they are increasing their associate salary scale and providing special, one-time bonuses to associates. At this point, our view is that the special, one-time bonuses and the increase in New York salaries does not reflect the prevailing market in Washington or other cities outside New York. Traditionally, associate salaries in New York** have been somewhat higher than in other markets around the country. With the recent increase in associate bonuses and our salary scale to match New York levels (which we announced roughly two years ago), we see this recent move by some New York firms as reinstating the modest differential that we’ve traditionally seen in New York vis-à-vis other markets around the country. To some extent, this may reflect cost-of-living differences,*** and it may also reflect a slight premium for working in highly leveraged firms with quite limited partnership and promotion opportunities. At this stage, we are not planning to increase associate salaries in any market outside of our one New York City office, though of course we will continue to study these issues carefully.

* For purposes of this email and salary comparison in general, the term "New York-Based Firms" shall include all firms not based in Washington DC, including but not limited to Kirkland & Ellis and Sidley Austin. For the avoidance of doubt, WilmerHale shall be considered a New York-Based Firm if they raise salaries and provide bonuses in line with other New York-Based Firms.

** For purposes of this email and salary comparison in general, the term "New York" shall include all cities other than Washington DC, including but not limited to Chicago, Los Angeles, Houston, Boston, and Atlanta.

*** Please do not believe everything you read about the cost-of-living differences between Washington and, e.g., Houston, which actually has a significantly higher cost of living and income-tax structure than Washington.


LLLLLLLLLOOOOOOOOOOOOOOOOOOOOOOOOOLLLLLLLLL

Anonymous User
Posts: 326368
Joined: Tue Aug 11, 2009 9:32 am

Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:37 pm

Anonymous User wrote:EMAIL FROM COVINGTON

We are aware of the recent announcement by several New York-Based Firms* that they are increasing their associate salary scale and providing special, one-time bonuses to associates. At this point, our view is that the special, one-time bonuses and the increase in New York salaries does not reflect the prevailing market in Washington or other cities outside New York. Traditionally, associate salaries in New York** have been somewhat higher than in other markets around the country. With the recent increase in associate bonuses and our salary scale to match New York levels (which we announced roughly two years ago), we see this recent move by some New York firms as reinstating the modest differential that we’ve traditionally seen in New York vis-à-vis other markets around the country. To some extent, this may reflect cost-of-living differences,*** and it may also reflect a slight premium for working in highly leveraged firms with quite limited partnership and promotion opportunities. At this stage, we are not planning to increase associate salaries in any market outside of our one New York City office, though of course we will continue to study these issues carefully.

* For purposes of this email and salary comparison in general, the term "New York-Based Firms" shall include all firms not based in Washington DC, including but not limited to Kirkland & Ellis and Sidley Austin. For the avoidance of doubt, WilmerHale shall be considered a New York-Based Firm if they raise salaries and provide bonuses in line with other New York-Based Firms.

** For purposes of this email and salary comparison in general, the term "New York" shall include all cities other than Washington DC, including but not limited to Chicago, Los Angeles, Houston, Boston, and Atlanta.

*** Please do not believe everything you read about the cost-of-living differences between Washington and, e.g., Houston, which actually has a significantly higher cost of living and income-tax structure than Washington.


180

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:37 pm

Schulte Roth matched scale and bonus with 90% prorated bonus requirement (900 hours) to get the special bonus or if you fall short, but hit end of year hours target (2000), you get the special bonus then

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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:39 pm

Anonymous User wrote:Schulte Roth matched scale and bonus with 90% prorated bonus requirement (900 hours) to get the special bonus or if you fall short, but hit end of year hours target (2000), you get the special bonus then


So today we have Schulte Roth, Munger, and whatever a Brown Rudnick is.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:41 pm

Anonymous User wrote:EMAIL FROM COVINGTON

* For purposes of this email and salary comparison in general, the term "New York-Based Firms" shall include all firms not based in Washington DC, including but not limited to Kirkland & Ellis and Sidley Austin. For the avoidance of doubt, WilmerHale shall be considered a New York-Based Firm if they raise salaries and provide bonuses in line with other New York-Based Firms.

** For purposes of this email and salary comparison in general, the term "New York" shall include all cities other than Washington DC, including but not limited to Chicago, Los Angeles, Houston, Boston, and Atlanta.

*** Please do not believe everything you read about the cost-of-living differences between Washington and, e.g., Houston, which actually has a significantly higher cost of living and income-tax structure than Washington.


LJL. Well done.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:43 pm

Anonymous User wrote:
Anonymous User wrote:Schulte Roth matched scale and bonus with 90% prorated bonus requirement (900 hours) to get the special bonus or if you fall short, but hit end of year hours target (2000), you get the special bonus then


So today we have Schulte Roth, Munger, and whatever a Brown Rudnick is.


Munger and Brown Rudnick were yesterday. So today we have Schulte, a megarich NYC firm, and that's it. We don't feel any better in DC and LA.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:51 pm

V25 Wall of Shame:

    1. Cravath
    2. Wachtell
    3. Skadden
    4. Sullivan & Cromwell
    5. Latham
    6. Davis Polk
    7. Simpson Thacher
    8. Kirkland
    9. Gibson
    10. Paul Weiss
    11. Weil
    12. Quinn
    13. Sidley Austin
    14. Cleary Gottlieb
    15. Covington
    16. Jones Day
    17. Williams & Connolly (they do their own thing)
    18. Debevoise
    19. White & Case
    20. WilmerHale
    21. Ropes & Gray
    22. Paul Hastings
    23. Boies Schiller
    24. Morrison & Foerster
    25. Hogan Lovells

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:52 pm

i thought sidley matched

Anonymous User
Posts: 326368
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Re: NYC to 200k

Postby Anonymous User » Wed Jun 20, 2018 3:53 pm

Anonymous User wrote:V25 Wall of Shame:

    1. Cravath
    2. Wachtell
    3. Skadden
    4. Sullivan & Cromwell
    5. Latham
    6. Davis Polk
    7. Simpson Thacher
    8. Kirkland
    9. Gibson
    10. Paul Weiss
    11. Weil
    12. Quinn
    13. Sidley Austin
    14. Cleary Gottlieb
    15. Covington
    16. Jones Day
    17. Williams & Connolly (they do their own thing)
    18. Debevoise
    19. White & Case
    20. WilmerHale
    21. Ropes & Gray
    22. Paul Hastings
    23. Boies Schiller
    24. Morrison & Foerster
    25. Hogan Lovells



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