NY GOES TO 180k! IT HAPPENED!!!! (CovingTTTon does a 180! Holder wept.) Forum

[Anonymous User]

I work in the foreign office of a V10, and I can confirm that salaries are going to be rising next year. Partners have openly told me that they know the current pay is "not competitive" and needs to increase. Take from that what you will.

[Anonymous User]

I'm taking a class that's being taught by an adjunct biglaw partner. We were talking about associate salaries today in class and, I kid you not, when talking about what we would be making when we all started our biglaw jobs (tone deaf, but that's a different post), he said 190k (not 160k) throughout the entire discussion. Must've said it about 10 times. A friend (also a TLSer, so he was probably thinking the same thing I was -- how did he get the 190 in his head?) talked to him after and brought up the Simpson memo leak. Not only did he know about it, he was pissed because he doesn't want to have to raise salaries. Said it would be bad for associates in the long run.

This is a 100% true story. Seriously.

Regardless of what this big law partner knows or expects about future big law salaries, I think it's hilarious that he mentioned a specific salary number 10 separate times. I mean, how many different ways can it come up?

"Now, when you're writing that first draft of the motion to strike—and, remember, as I've said several times today already, you will be getting paid $190K per year for this during your first year *wink*—you want to make sure that every citation is correct even though it's only a rough draft."

I can take some of the blame for that - class was about pro bono, and I kept saying "you're not paying us 190k to go to landlord tenant court". It just kind of stuck in his head after that.

[instride91]

I think all associates should start using subliminal messages to convince the partners that $190k is a good idea. Just place constant and subtle hints around the office:

1. Try your hardest to bill exactly 190 hours each month.
2. Walk into the partner's office every 190 minutes to ask a question.
3. Have a senior associate yell at a junior associate, "I must have told you how to do [blah blah blah] 190 times now!"
4. Bring up some random fact about an event that occurred 190 years ago to a partner: "You know, on this day 190 years ago, [blank] was born."

You get the idea.

[Johann]

I think all associates should start using subliminal messages to convince the partners that $190k is a good idea. Just place constant and subtle hints around the office:

1. Try your hardest to bill exactly 190 hours each month.
2. Walk into the partner's office every 190 minutes to ask a question.
3. Have a senior associate yell at a junior associate, "I must have told you how to do [blah blah blah] 190 times now!"
4. Bring up some random fact about an event that occurred 190 years ago to a partner: "You know, on this day 190 years ago, [blank] was born."

You get the idea.

next time a partner berates me for not having a hard copy of something for them
jesus christ it's like i'm a lawyer and a fucking secretary. you know they make 30k for this right? you planning on paying me to do both

[El Pollito]

I think all associates should start using subliminal messages to convince the partners that $190k is a good idea. Just place constant and subtle hints around the office:

1. Try your hardest to bill exactly 190 hours each month.
2. Walk into the partner's office every 190 minutes to ask a question.
3. Have a senior associate yell at a junior associate, "I must have told you how to do [blah blah blah] 190 times now!"
4. Bring up some random fact about an event that occurred 190 years ago to a partner: "You know, on this day 190 years ago, [blank] was born."

You get the idea.

next time a partner berates me for not having a hard copy of something for them
jesus christ it's like i'm a lawyer and a fucking secretary. you know they make 30k for this right? you planning on paying me to do both

crafty

[WestOfTheRest]

http://abovethelaw.com/2015/10/will-dec ... landscape/

Just look at the nonsense ATL is posting these days. NY to $185? I think not.

[Thrive]

http://abovethelaw.com/2015/10/will-dec ... landscape/

Just look at the nonsense ATL is posting these days. NY to $185? I think not.

I guess they assumed they were taking their 2.6% cut right off the top..you know...for their services to the community

[abitaman6363]

185? WTH. 190 or Bust.

[rpupkin]

http://abovethelaw.com/2015/10/will-dec ... landscape/

Just look at the nonsense ATL is posting these days. NY to $185? I think not.

The dude obviously stole the idea from this thread. He just tweaked his projection by $5K so that it would look like he came up with it himself.

He deserves credit, however, for managing to tie his claim regarding the overall decline in legal talent to GULC's annual practice of inflating its ranks with scores of TTT transfers. It's hard to stay mad at a guy who engages in gratuitous anti-GULC trolling.

In conclusion, the dude should start posting in this thread.

[Anonymous User]

If this does happen, I'd be interested to see how the Chicago-based firms react. Surely Sidley and Kirkland would match. But what about Mayer, Jenner, McDermott, Katten, Winston? Could there be some kind of split in the Chicago market w/ the NY-based firms (Skadden, Latham, Jones Day) and Sidley/Kirkland at 190 and everyone else at 160?

Or Chicago just stays put at 160.

Also, would the other 160k markets match NY right away?

[Mr. Blackacre]

If this does happen, I'd be interested to see how the Chicago-based firms react. Surely Sidley and Kirkland would match. But what about Mayer, Jenner, McDermott, Katten, Winston? Could there be some kind of split in the Chicago market w/ the NY-based firms (Skadden, Latham, Jones Day) and Sidley/Kirkland at 190 and everyone else at 160?

Or Chicago just stays put at 160.

Also, would the other 160k markets match NY right away?

I'd be interested in seeing how DC reacts too. Would the big players instantly match? You'd have to feel bad for W&C, who just raised their salaries to 200k this year.
Anyway I've been following this thread for a long time. I want to believe now. NYC TO 190!

[84651846190]

http://abovethelaw.com/2015/10/will-dec ... landscape/

Just look at the nonsense ATL is posting these days. NY to $185? I think not.

ATL's LateralLink shithead: "Demand for new hires already outpaces supply."

lol wut?

[Mr. Blackacre]

http://abovethelaw.com/2015/10/will-dec ... landscape/

Just look at the nonsense ATL is posting these days. NY to $185? I think not.

ATL's LateralLink shithead: "Demand for new hires already outpaces supply."

lol wut?

Have you seen the NY bar passage rates? And that's with the 2012 class; LSAT scores have continued decreasing since then. Ergo, so few people are going to pass the bar in the next few years that firms will be begging schools for competent graduates. 190 is not going to be enough; expect salaries to go up to 220 within a few years. AT LEAST.

[Old Gregg]

Once key players raise, all V100 firms, at the very least, will match, at least in major markets where perceived peers are paying that much.

As to whether a firm can afford it, all of them can. They've been able to afford it for a very, very long time. Even firms like MWE.

[Anonymous User]

Once key players raise, all V100 firms, at the very least, will match, at least in major markets where perceived peers are paying that much.

As to whether a firm can afford it, all of them can. They've been able to afford it for a very, very long time. Even firms like MWE.

I think this is a bit of an exaggeration. I don't see how a place like Drinker Biddle (not trolling here just picked out a random firm towards the bottom of PPP top 100 list), which sits at #92 in Vault's rankings and has a PPP of $680K, can possibly match. If $680K is average surely some junior partners have to be making around half a million, or even less. If salaries raise 30K for first years then surely the salaries are going to have to raise even more than that for senior associates, who are much more in demand and harder to retain. Once you raise the base and add in market bonuses, senior associates will likely be earning well over a third of a million and maybe around $400K. If that happens the marginal financial benefit of being a partner will be really minimal because the increase from senior associate to junior partner won't be anywhere near as large as it is now. While that gradual increase might make sense on paper, I don't see any partners, even junior ones letting that happen.

But yes I agree that most major firms will match, at least 190K, when it happens, just not all.

[BigZuck]

Once key players raise, all V100 firms, at the very least, will match, at least in major markets where perceived peers are paying that much.

As to whether a firm can afford it, all of them can. They've been able to afford it for a very, very long time. Even firms like MWE.

I think this is a bit of an exaggeration. I don't see how a place like Drinker Biddle (not trolling here just picked out a random firm towards the bottom of PPP top 100 list), which sits at #92 in Vault's rankings and has a PPP of $680K, can possibly match. If $680K is average surely some junior partners have to be making around half a million, or even less. If salaries raise 30K for first years then surely the salaries are going to have to raise even more than that for senior associates, who are much more in demand and harder to retain. Once you raise the base and add in market bonuses, senior associates will likely be earning well over a third of a million and maybe around $400K. If that happens the marginal financial benefit of being a partner will be really minimal because the increase from senior associate to junior partner won't be anywhere near as large as it is now. While that gradual increase might make sense on paper, I don't see any partners, even junior ones letting that happen.

But yes I agree that most major firms will match, at least 190K, when it happens, just not all.

I refuse to believe that a firm would name itself "Drinker Biddle" so I'm calling flame on this one

Sorry Anon

[Old Gregg]

Once key players raise, all V100 firms, at the very least, will match, at least in major markets where perceived peers are paying that much.

As to whether a firm can afford it, all of them can. They've been able to afford it for a very, very long time. Even firms like MWE.

I think this is a bit of an exaggeration. I don't see how a place like Drinker Biddle (not trolling here just picked out a random firm towards the bottom of PPP top 100 list), which sits at #92 in Vault's rankings and has a PPP of $680K, can possibly match. If $680K is average surely some junior partners have to be making around half a million, or even less. If salaries raise 30K for first years then surely the salaries are going to have to raise even more than that for senior associates, who are much more in demand and harder to retain. Once you raise the base and add in market bonuses, senior associates will likely be earning well over a third of a million and maybe around $400K. If that happens the marginal financial benefit of being a partner will be really minimal because the increase from senior associate to junior partner won't be anywhere near as large as it is now. While that gradual increase might make sense on paper, I don't see any partners, even junior ones letting that happen.

But yes I agree that most major firms will match, at least 190K, when it happens, just not all.

does drinker biddle pay $160k in any market?

Edit: First year associate salary of $160,000 firmwide; first year associates have the same salary during the First Year Associate Development Program

guess they do.

[gk101]

Drinker Biddle just raised their first year salaries to 160k along with all the other Philadelphia firms. They were at 145k even when market was 160k. When the market goes to 190k in a few months, I am sure they will be comfortable being below market for a while

ETA: This is probably a very strategic decision by Drinker. They know the market is going to 190k. By matching the current market salary of 160k, they can raise their firm profile in the short term before returning to their normal market position next year

[Frm312]

Once key players raise, all V100 firms, at the very least, will match, at least in major markets where perceived peers are paying that much.

As to whether a firm can afford it, all of them can. They've been able to afford it for a very, very long time. Even firms like MWE.

I think this is a bit of an exaggeration. I don't see how a place like Drinker Biddle (not trolling here just picked out a random firm towards the bottom of PPP top 100 list), which sits at #92 in Vault's rankings and has a PPP of $680K, can possibly match. If $680K is average surely some junior partners have to be making around half a million, or even less. If salaries raise 30K for first years then surely the salaries are going to have to raise even more than that for senior associates, who are much more in demand and harder to retain. Once you raise the base and add in market bonuses, senior associates will likely be earning well over a third of a million and maybe around $400K. If that happens the marginal financial benefit of being a partner will be really minimal because the increase from senior associate to junior partner won't be anywhere near as large as it is now. While that gradual increase might make sense on paper, I don't see any partners, even junior ones letting that happen.

But yes I agree that most major firms will match, at least 190K, when it happens, just not all.

You're saying a jump from $400k to $500k is a marginal?? That's a 25% raise and another $100,000 dollars. While maybe not as big a pay jumps as at a V10, I'm SURE any senior associate would be foaming at the mouth for a $100,000 raise.

[Anonymous User]

http://abovethelaw.com/2015/11/leaked-m ... insurance/

As a Debevoisean, I don't see them doing this and not raising salaries next year.

Don't know how sure we are on the salary increase, but I think this is another great sign.

[fats provolone]

lol the spouse penalty is pretty shitty

[MCFC]

Skadden is hosting an impromptu firmwide meeting next Tuesday. The invitation specifically mentions that a cocktail party will follow.

Skadden to 190?

Any updates on this?

[BigZuck]

http://abovethelaw.com/2015/11/leaked-m ... insurance/

As a Debevoisean, I don't see them doing this and not raising salaries next year.

Don't know how sure we are on the salary increase, but I think this is another great sign.

We are all 100% sure that the salary increase is happening. Even the Drinker Biddleians.

[BigZuck]

Skadden is hosting an impromptu firmwide meeting next Tuesday. The invitation specifically mentions that a cocktail party will follow.

Skadden to 190?

Any updates on this?

Let's just say that we'll all be Biddle Drinkers come tomorrow evening.

[MCFC]

I was just worrying they were announcing similar health care changes and smoothing it over with cocktails.