Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Wanderingdrock]

Please find attached the biggest dipshit of the week:

https://www.law.com/international-editi ... e-pay-war/

If anyone knows this chump please let him know how embarrassing this article is. He really seems convinced he can gloss over record breaking profit growth by repeating "the economics don't support it" over and over again.

He also brings us the shocking revelation that clients don't like it when rates go up. Really hard hitting stuff here.

"The clients don't want to pay for it" is easily the biggest inanity on which we can dunk in a sea of inanities. My clients aren't idiots! They understand that they pay my firm the same hourly rate for my services regardless of whether the firm decides to give me a slightly larger fraction of that!

[ExpOriental]

Please find attached the biggest dipshit of the week:

https://www.law.com/international-editi ... e-pay-war/

If anyone knows this chump please let him know how embarrassing this article is. He really seems convinced he can gloss over record breaking profit growth by repeating "the economics don't support it" over and over again.

He also brings us the shocking revelation that clients don't like it when rates go up. Really hard hitting stuff here.

He's abroad, who cares about what he says.

No one would care regardless of his location, but he deserves bullying anyways.

[Anonymous User]

Is it possible that a top firm will just get sick of waiting and re-raise themselves? I imagine they wouldn’t want to match prematurely and then have to match again if someone finally steps up

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

[Anonymous User]

Are you trolling or is this real?

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

They matched, didn't raise.

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

They matched, didn't raise.

Correct. All that announcement shows is that they're applying the increase across the board including for more senior attorneys. That happens everywhere unless some firm tries to cheap out. Meaning there's a general pay scale increase of 20k, so if you were making like 405k as a fifth year of counsel at Skadden or whatever, then the effect of Milbank is to bump you to 425k. Choate just included that fact explicitly in their chart.

[Anonymous User]

For real tho no more overly excited posts unless it’s a re-raise

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

What the fuck is Choate?

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

What the fuck is Choate?

It’s either the thing I could never find or what my ex said I have. Can’t remember

[Anonymous User]

For real tho no more overly excited posts unless it’s a re-raise

Speak for yourself. Though I know my firm will at least match, there will be some relief when it does announce.

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

They matched, didn't raise.

Sorry, that's what I meant. They raised their salaries.

[Anonymous User]

The moment we've been waiting for is here. Choate raised. Thanks, Choate!

What the fuck is Choate?

My next firm if my current one doesn't match and quick

[Anonymous User]

Some firm no one has ever heard of matched and the V10 hasn't.

[Anonymous User]

Some firm no one has ever heard of matched and the V10 hasn't.

I really think it’s because they are waiting to see if there is a re-raise because they will just match that. Which from what I’ve seen in the thread is what everyone is really excited for. Obviously it will be a relief when your firm matches but even more exciting if the salary is even higher

[Anonymous User]

Some firm no one has ever heard of matched and the V10 hasn't.

That’s a good thing. We don’t want a match. The floor for V10 firms is the Milbank rate. They won’t let random V100s pay more. There’s clearly an open question about a further raise, and it won’t matter if it takes 3 weeks or 3 months to resolve it if it’s more money for us all.

[Anonymous User]

Curious about what the Choate announcement says. What for instance is the impact of associate raises over time on non-equity partner salaries at firms with two partnerships?

[Anonymous User]

If something were going to happen today, is it typically early/mid afternoon as people roll into their (working) weekend?

Someone posted an analysis of the last few announcements by DPW. I think 3 of the 4 came late morning (10 - 12 Eastern) and then one outlier came early afternoon (130 Eastern). You get the sense they're generally things they put together night before (the memo), vet one more time AM and then shoot around before lunch but that's obv just reading a few data points

12 PM and no word. I’m losing hope

[Anonymous User]

Curious about what the Choate announcement says. What for instance is the impact of associate raises over time on non-equity partner salaries at firms with two partnerships?

https://abovethelaw.com/2022/02/choate-match-22/2/

[Anonymous User]

Curious about what the Choate announcement says. What for instance is the impact of associate raises over time on non-equity partner salaries at firms with two partnerships?

https://abovethelaw.com/2022/02/choate-match-22/2/

Everything I've heard (and personally seen) is that when one of these scale increases hits the industry, it is applied generally to all salaried employees. Like I said above (I'm the same anon), if you were making 400k at Skadden as an of counsel before, you're bumped to 420k. It wouldn't make sense otherwise because the employees above associate would get screwed every time there was an associate scale increase which is obviously not happening.

[Anonymous User]

Some firm no one has ever heard of matched and the V10 hasn't.

That’s a good thing. We don’t want a match. The floor for V10 firms is the Milbank rate. They won’t let random V100s pay more. There’s clearly an open question about a further raise, and it won’t matter if it takes 3 weeks or 3 months to resolve it if it’s more money for us all.

Well actually the floor for v10 firms is 205k right now.

[Anonymous User]

I mean I just don’t understand what’s taking DPW so long, tho. It’s either (i) match with/without special bonus or (ii) re-raise with/without special bonus. I am starting to think they are regretting their decision to be a comp leader and just waiting for other v10 to match Milbank so they can just match too.

[Anonymous User]

I mean I just don’t understand what’s taking DPW so long, tho. It’s either (i) match with/without special bonus or (ii) re-raise with/without special bonus. I am starting to think they are regretting their decision to be a comp leader and just waiting for other v10 to match Milbank so they can just match too.

If they regret and just want to match they could just...match. The rest of the V10 aren't matching yet bc they're waiting for DPW.

[Anonymous User]

I mean I just don’t understand what’s taking DPW so long, tho. It’s either (i) match with/without special bonus or (ii) re-raise with/without special bonus. I am starting to think they are regretting their decision to be a comp leader and just waiting for other v10 to match Milbank so they can just match too.

If they regret and just want to match they could just...match. The rest of the V10 aren't matching yet bc they're waiting for DPW.

Exactly. IMO, at this point the only plausible explanation for what's taking DPW so long is indecision. Nothing else explains delaying more than 3 weeks

[NoLongerALurker]

I mean I just don’t understand what’s taking DPW so long, tho. It’s either (i) match with/without special bonus or (ii) re-raise with/without special bonus. I am starting to think they are regretting their decision to be a comp leader and just waiting for other v10 to match Milbank so they can just match too.

If they regret and just want to match they could just...match. The rest of the V10 aren't matching yet bc they're waiting for DPW.

Exactly. IMO, at this point the only plausible explanation for what's taking DPW so long is indecision. Nothing else explains delaying more than 3 weeks

"When we raised last time we told ourselves it was the last raise for at least a year, come hell or high water, so we just aren't matching. Fuck it." = also an explanation