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

[Anonymous User]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Here we go again with this C+ analysis.

[ExpOriental]

Isn’t it getting more obvious that tech bros (CA) have more money to blow than finance bros (NY)?

Tech firms also have to compete with FAANG and growth startups. Lol at the exit opps available to V10ers in NY - compliance at a bank?

Do tech firms have better exit opps than NY V10s? If yes, why don’t more people go for tech firms? Is it they think they’ll make partner at their V10, despite the odds? Or does compliance at banks pay more than in-house at tech?

They do. What are you missing here?

[Anonymous User]

Isn’t it getting more obvious that tech bros (CA) have more money to blow than finance bros (NY)?

Tech firms also have to compete with FAANG and growth startups. Lol at the exit opps available to V10ers in NY - compliance at a bank?

Do tech firms have better exit opps than NY V10s? If yes, why don’t more people go for tech firms? Is it they think they’ll make partner at their V10, despite the odds? Or does compliance at banks pay more than in-house at tech?

They do. What are you missing here?

Yeah, tech firms draw a lot of interest and students from Harvard, Stanford, Berkeley especially. Look at Cooley's 2021 summer class for example.

[Anonymous User]

Isn’t it getting more obvious that tech bros (CA) have more money to blow than finance bros (NY)?

Tech firms also have to compete with FAANG and growth startups. Lol at the exit opps available to V10ers in NY - compliance at a bank?

Do tech firms have better exit opps than NY V10s? If yes, why don’t more people go for tech firms? Is it they think they’ll make partner at their V10, despite the odds? Or does compliance at banks pay more than in-house at tech?

Not everyone can get tech firm jobs. Or really wants to live in the Bay Area. (Also a reason why there aren’t more Stanford law grads in NY Biglaw - they’ve stayed close to home.)

[2023Hopeful]

Isn’t it getting more obvious that tech bros (CA) have more money to blow than finance bros (NY)?

Tech firms also have to compete with FAANG and growth startups. Lol at the exit opps available to V10ers in NY - compliance at a bank?

Do tech firms have better exit opps than NY V10s? If yes, why don’t more people go for tech firms? Is it they think they’ll make partner at their V10, despite the odds? Or does compliance at banks pay more than in-house at tech?

Not everyone can get tech firm jobs. Or really wants to live in the Bay Area. (Also a reason why there aren’t more Stanford law grads in NY Biglaw - they’ve stayed close to home.)

As a mere law student who has limited info on the real world, what's the thought on Cooley/Fenwick/Gunderson in NY? I assume 'lesser' exit ops compared to the Bay Area offices, but still an interesting proposition?

[Monochromatic Oeuvre]

I’m not trolling. I heard it from someone at Skadden. Obviously it’s like a game of telephone, but it’s something.

Edit: I just read what you wrote! That’s exactly what someone told him was happening!

"Time for Operation NORAISE Make Go Longer"

I heard DPW is raising in the summer, purple monkey dishwasher.

[Anonymous User]

I’m not trolling. I heard it from someone at Skadden. Obviously it’s like a game of telephone, but it’s something.

Edit: I just read what you wrote! That’s exactly what someone told him was happening!

"Time for Operation NORAISE Make Go Longer"

I heard DPW is raising in the summer, purple monkey dishwasher.

Might be a code red Agent Lobster. My men have told me no new raises just inflation jokes and crying

[Anonymous User]

I’m not trolling. I heard it from someone at Skadden. Obviously it’s like a game of telephone, but it’s something.

Edit: I just read what you wrote! That’s exactly what someone told him was happening!

"Time for Operation NORAISE Make Go Longer"

I heard DPW is raising in the summer, purple monkey dishwasher.

Might be a code red Agent Lobster. My men have told me no new raises just inflation jokes and crying

[Anonymous User]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

[Anonymous User]

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

The bigger tell was "A-" That rules out Chicago too.

[Anonymous User]

I’m not trolling. I heard it from someone at Skadden. Obviously it’s like a game of telephone, but it’s something.

Edit: I just read what you wrote! That’s exactly what someone told him was happening!

"Time for Operation NORAISE Make Go Longer"

I heard DPW is raising in the summer, purple monkey dishwasher.

Well, we'll show Neil Barr. Especially for that "purple monkey dishwasher" remark!

[Anonymous User]

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

The bigger tell was "A-" That rules out Chicago too.

Specifically organizing it "YHS" reeks of ivy-bias, so I'm going 75% Columbia.

[legalpotato]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

Like the Skadden associate who says "I work at one of the v3"

[Anonymous User]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

Like the Skadden associate who says "I work at one of the v3"

Or the Harvard student who says "I go to one of the T3". H is as much of a peer to Y and S as Skadden is to Wachtell and Cravath.

[Anonymous User]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

Also 90% of the time whoever claims to have gone to HYS or a T3 didn't go to Y or S.

[Anonymous User]

This has taken too long. I’m going to line up interviews this week. IMHO, shows how little partners care about their underlings - if it was their pay that was below market, how long would they stick around?

[Anonymous User]

With the retention bonuses being unevenly applied, there’s an argument to be made that the associate lockstep model is falling by the wayside.

[Anonymous User]

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

The bigger tell was "A-" That rules out Chicago too.

Specifically organizing it "YHS" reeks of ivy-bias, so I'm going 75% Columbia.

No such class at Columbia

[Anonymous User]

WSGR only went retroactive to Feb 1. I bet the longer this drags on the less likely firms are to go all the way back to Jan 1 for retroactive payments.

[Anonymous User]

WSGR only went retroactive to Feb 1. I bet the longer this drags on the less likely firms are to go all the way back to Jan 1 for retroactive payments.

Winston started Feb 1 too. It's when the firms normally elevate class years. Annoying and silly (other firms have different fiscal year ends but can figure out the accounting to pay bonuses in December and give raises in January), but it's how they do it and when bonuses are paid and when salaries are raised are just something to consider when looking at firms. At least, both Winston and WSGR raised (WSGR took its sweet time compared to its SV competitors but better than old guard in NYC).

[Anonymous User]

What does CSM do when their Monday lunch falls on a bank holiday? Move it to Tuesday?

[Anonymous User]

What does CSM do when their Monday lunch falls on a bank holiday? Move it to Tuesday?

Lmaoooo, cmon, they really are not going to do anything. CSM partners eat lunch when their friends at DPW tell them they can.

[Anonymous User]

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

This is either bizarre but effective counter-trolling, or you sincerely missed the fact that this was literally the joke, in which case I wouldn't go around parading how not-dumb you are.

[Anonymous User]

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

This is either bizarre but effective counter-trolling, or you sincerely missed the fact that this was literally the joke, in which case I wouldn't go around parading how not-dumb you are.

Let's save this kind of talk for when the timers are running. Neil, you are costing yourself money

[Anonymous User]

Someone told me yesterday that they had some inside information that DPW is planning to re-raise significantly but don’t expect it to happen until closer to the summer. Obviously I’m not going to immediately believe that but if it is as significant as a raise as they described I would probably ultimately be happy even though it’s not convenient.

Bullshit. If DPW was going to do this there is absolutely no reason not to do it by now. They'll have to true up anyways.

I wrote a brilliant analysis upthread about why they wouldn't do it now (and didn't even mention the potential market crash in the works). I'm glad other people who exist outside of this forum agree with my analysis (or at least are willing to troll on my behalf). Pasted below for your edification

Alright look I got an A- in law firm finance seminar at YHSCCN so I can tell you exactly what's happening. (lol)

(but seriously) Think like a managing partner for a second. If v10 matches now, then v10 will be expected to pay increased salary all year and at least one mid year special bonus. If they all collectively agree to ignore this, DPW can SHATTER the millybank scale effective April 1 or July 1, with a 3 or 6 month true up disguised as a pretty fat "special bonus" (like 2018 or whatever year that happened). And the market will follow. Final result: DPW maintains its spot as top comp dog and they nip the firehose of *actual* special bonuses. Remember, firms DO NOT want to pay us these bonuses for the rest of forever. The gravy train has to end eventually.

The one big risk is whether all firms play ball (kind of a millionaire prisoner's dilemma). A cascading match would force DPW to abandon this plan and match/raise early. Debatably this has already started with Cooley but we'll see.

And take note that no recruiting season exists between now and April/July so there is not a real risk of recruiting issues until late summer/early fall. If peer firms are playing along, then your top talent will stay. They won't leave for a temporary pay increase.

Unfortunately, that analysis cannot be considered brilliant because it purports to be from a "YHSCCN" alum who thinks we are too dumb to understand that no one who writes "YHSCCN" went to any of Y, H, or S.

Like the Skadden associate who says "I work at one of the v3"

Or the Harvard student who says "I go to one of the T3". H is as much of a peer to Y and S as Skadden is to Wachtell and Cravath.

Ehhh Y and S are better than H but not by THAT much. Pretty sure H's incoming class numbers are still better than S's but I'm too lazy to look it up.