NYC to 200k Forum

[Clearly]

200 is a symbolic line no one wants to cross to clients. it's the 170 of salaries, it just looks significant

[Anonymous User]

ATL at it again with another hot take

I find it unfathomable that not just one but many law firms believe that a first-year associate coming out of law school would command such a high starting salary.

The tone deafness is astounding. We as purchaser of legal services keep asking our firms to bill based on value because that is what we want to buy, not hours. They respond by raising rates across the board. It is no wonder that the largest-growing segment in the legal industry over the past few years has been the role of in-house counsel. You can keep living in your ‘reality distortion field’ and pay a first-year associate $190,000. You certainly will attract lawyers to come work for you but we are firing you everyday, you’re just too busy playing #metoo to notice.

— An anonymous in-house legal operations director, commenting quite candidly about the new $190K salary scale for first-year Biglaw associates, in an interview with Corporate Counsel.

[Anonymous User]

lol that article was discussed, including the #metoo bad line about 30 pages back

[JusticeJackson]

By “too busy playing #metoo” is he trying to say that biglaw firms are ignoring their clients in favor of pursuing social justice initiatives? If so, that’s pretty ballsy.

[Anonymous User]

Any news on Winston matching Cravath's scale?

[Anonymous User]

Any news on Winston matching Cravath's scale?

Winston Churchill is dead and will not be matching anything.

[cookiejar1]

Call me tone deaf but if these same in-house lawyers want to run their own big ticket M&A deals then by all means go ahead. I just don’t get how they get so riled up at this and then turn around and pay a multiple of our legal fees on a 6 page fairness opinion.

[Anonymous User]

By “too busy playing #metoo” is he trying to say that biglaw firms are ignoring their clients in favor of pursuing social justice initiatives? If so, that’s pretty ballsy.

I think the consensus was it's more likely it's just a babyboomer partner riffing on stereotypical millennial things to make a pun

Definitely tone deaf as fuck though so pretty ironic

[Anonymous User]

lol that article was discussed, including the #metoo bad line about 30 pages back

Yeah i haven't been following that closely. Then ATL just re-posted it for clicks i guess

[Anonymous User]

200 is a symbolic line no one wants to cross to clients. it's the 170 of salaries, it just looks significant

Lol this has dick to do with justifying to clients and entirely to do with partner take hone (esp for v10)

[Anonymous User]

[Anonymous User]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

[Anonymous User]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

Yes, it is highly probable that Kirkland, Latham, DPW, S&C, Cleary, Gibson and Skadden are all super comfortable with Cravath, Proskauer, Milbank and Winston paying more than them. /s

JFC are you slow?

[Anonymous User]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

It's highly probable that it's currently almost 7 PM in NYC and firm-wide policies don't get drafted and sent out after business hours.

[Anonymous User]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

Yes, it is highly probable that Kirkland, Latham, DPW, S&C, Cleary, Gibson and Skadden are all super comfortable with Cravath, Proskauer, Milbank and Winston paying more than them. /s

JFC are you slow?

Right now we're in a slow-motion three way auction between Milbank, STB and CravaTTTh. Each have finally posted their initial bids, but everyone knows that the market rate will go even higher than this. Other firms are just waiting for the dust to settle, likely at 215.

[Anonymous User]

My brother in law is a DPW partner and just told us that they are going to 200 either tomorrow or Wednesday.

[Anonymous User]

My brother in law is a DPW partner and just told us that they are going to 200 either tomorrow or Wednesday.

Trolling or no? We all want to believe you, but....

[Anonymous User]

My brother in law is a DPW partner and just told us that they are going to 200 either tomorrow or Wednesday.

Trolling or no? We all want to believe you, but....

Probably troll. DPW will only go to 200 if they put associates in cubicles.

[Anonymous User]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

Yes, it is highly probable that Kirkland, Latham, DPW, S&C, Cleary, Gibson and Skadden are all super comfortable with Cravath, Proskauer, Milbank and Winston paying more than them. /s

JFC are you slow?

Right now we're in a slow-motion three way auction between Milbank, STB and CravaTTTh. Each have finally posted their initial bids, but everyone knows that the market rate will go even higher than this. Other firms are just waiting for the dust to settle, likely at 215.

Nonsense. Cravath would not go public unless they felt very confident that the market was staying 190k. They would be embarrassed to have to raise in anything under a year.

I hope someone else tries, but this is not some kind of public auction.

[Anonymous User]

Have a hunch we'll see Cravath jump to 190k, but then exceed the "Milbank Scale" for midlevels and seniors, so as to attempt to maintain their status as market leaders.

[Anonymous User]

Have a hunch we'll see Cravath jump to 190k, but then exceed the "Milbank Scale" for midlevels and seniors, so as to attempt to maintain their status as market leaders.

Wow what an incredible hunch.

P.s. that's what happened, 3 hours ago : )

[Anonymous User]

Have a hunch we'll see Cravath jump to 190k, but then exceed the "Milbank Scale" for midlevels and seniors, so as to attempt to maintain their status as market leaders.

Wow what an incredible hunch.

P.s. that's what happened, 3 hours ago : )

Perfect timing. I may as well have predicted NYC to 160k!

[Anonymous User]

I doubt anyone will jump over 190. As Cravath showed with their (mediocre) increase on top of Milbank, the firms are mostly worried about losing midlevels. Their midlevel recruiting/retention will best be served with big year-end bonuses right before the lateraling and leaving season gets crazy. That comes with the added effect of being able to lower bonuses in the future if things get worse (vs. salaries which cannot come down).

So even the firms that might otherwise be inclined to come over the top to 200 or 210 or whatever will just match Cravath and then perhaps go over the top with bonuses - particularly midlevel bonuses - in December.

[Anonymous User]

https://abovethelaw.com/2018/06/salary- ... 2018/?rf=1

Staci is really rubbing it in that she can take a vaca while we are quibbling over whether we deserve raises for selling our souls for yet another year. Maybe she just can't figure out how to update the scorecard with all these minor number changes...

[Blindweaponsfumbler]

Now that Cravath has raised the salaries, there is actually no reason for the other law firms to hesitate. Why do you think have S&C, DPW, Skadden, K&E, L&W etc. not yet responded? Is it possible that they will not raise salaries?

Yes, it is highly probable that Kirkland, Latham, DPW, S&C, Cleary, Gibson and Skadden are all super comfortable with Cravath, Proskauer, Milbank and Winston paying more than them. /s

JFC are you slow?

Right now we're in a slow-motion three way auction between Milbank, STB and CravaTTTh. Each have finally posted their initial bids, but everyone knows that the market rate will go even higher than this. Other firms are just waiting for the dust to settle, likely at 215.

Nonsense. Cravath would not go public unless they felt very confident that the market was staying 190k. They would be embarrassed to have to raise in anything under a year.

I hope someone else tries, but this is not some kind of public auction.

The undercutting ship has sailed. If any big players jump to 200 now, there won’t be anyone willing to be first movers for at least five years