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

[Anonymous User]

Any magic circle matches yet?

[tacolawyer]

This thread was better when we were talking about school prestige. Also S >>>>>>> Harvard UniversiTTTy, no cap

Why we even comparing Harvard to S when the only discussions it deserves are Chicago Columbia and NYU. H had never been much more selective than Uchi/CLS, and now their outcomes are also in the same tier with Uchi even having a slight edge. It’s clearly YS with an enormous gap with the rest of the schools at this point. It’s only the Harvard kids who wont shut up about “YSH”

Lmao at UChi having an "edge" in outcomes over H

Higher percentage of FC, higher number of SCOTUS clerks, which then led to careers academia. It’s more than an edge. Its a gap and the gap is vast and consistent.

You obviously went to UChi

[Anonymous User]

Willkie matched.

[Anonymous User]

Willkie matched.

Chances of a re-raise are slimming. Willkie, STB and Cooley all matched. Maybe Cravath will grow a pair again and make a splash.

[Anonymous User]

Summer at nyc office of a firm ranked v80-v90. What are the odds that they match dpw?

Are they currently lockstep throughout or "starting 205"? If the former, likely to match. If the latter, they will not truly match but they might raise starting.

[Anonymous User]

Willkie matched.

Chances of a re-raise are slimming. Willkie, STB and Cooley all matched. Maybe Cravath will grow a pair again and make a splash.

I'd think the rapid pace of matches today points against this. The firms are expecting this to be it.

[Anonymous User]

Summer at nyc office of a firm ranked v80-v90. What are the odds that they match dpw?

Are they currently lockstep throughout or "starting 205"? If the former, likely to match. If the latter, they will not truly match but they might raise starting.

What if it starts at $202.5, and is lockstep for the first couple of years and then compresses? Any hope they eventually pay true lockstep?

[Wanderingdrock]

Summer at nyc office of a firm ranked v80-v90. What are the odds that they match dpw?

Are they currently lockstep throughout or "starting 205"? If the former, likely to match. If the latter, they will not truly match but they might raise starting.

What if it starts at $202.5, and is lockstep for the first couple of years and then compresses? Any hope they eventually pay true lockstep?

If they become more profitable and start competing for talent with V50s, sure. Otherwise, seems like they've found their niche with a compressed payscale.

[Anonymous User]

Per ATL, only Ropes matched Deb's entire scale up to $406,500. What say you, TLS commentariat?

[Anonymous User]

Per ATL, only Ropes matched Deb's entire scale up to $406,500. What say you, TLS commentariat?

DPW stays below-market

/s (sorta)

[Anonymous User]

What are the chances Crowell & Moring match?

[Anonymous User]

What are the chances Crowell & Moring match?

Those cheap bastards might match the scale for juniors but they compress mid-level and senior associate salaries.

[Anonymous User]

Skadden match (retroactive to 1/1/22)

[Anonymous User]

Proskauer match, retroactive to Jan. 1, effective 3/15

[Anonymous User]

What are the chances Crowell & Moring match?

Are they market paying now? If so, they'll have to match after Hogan, Covington, and AP do. Since Wilmer has already matched, DC should come around soon.

If Crowell isn't market now, no reason they'd match.

[Anonymous User]

What are the chances Crowell & Moring match?

Are they market paying now? If so, they'll have to match after Hogan, Covington, and AP do. Since Wilmer has already matched, DC should come around soon.

If Crowell isn't market now, no reason they'd match.

Before this round of raises, they were pretty much paying market. They had a "two-tier" compensation scale: 2000+ billable hours was market, and 1900 billable hours was below market. So I'm very curious what people think they will do.

[Anonymous User]

What are the chances Crowell & Moring match?

Are they market paying now? If so, they'll have to match after Hogan, Covington, and AP do. Since Wilmer has already matched, DC should come around soon.

If Crowell isn't market now, no reason they'd match.

Before this round of raises, they were pretty much paying market. They had a "two-tier" compensation scale: 2000+ billable hours was market, and 1900 billable hours was below market. So I'm very curious what people think they will do.

I don't have any inside info, but seems like the most likely scenario is that they stick to the same scale you just described: market for those hitting hours, below market for those who do not.

Same thing with the question earlier about what the V80-V90 will do: those that currently pay market will very likely continue to pay market; those that don't, won't.

[TigerIsBack]

What are the chances Crowell & Moring match?

Are they market paying now? If so, they'll have to match after Hogan, Covington, and AP do. Since Wilmer has already matched, DC should come around soon.

If Crowell isn't market now, no reason they'd match.

Before this round of raises, they were pretty much paying market. They had a "two-tier" compensation scale: 2000+ billable hours was market, and 1900 billable hours was below market. So I'm very curious what people think they will do.

I don't have any inside info, but seems like the most likely scenario is that they stick to the same scale you just described: market for those hitting hours, below market for those who do not.

Same thing with the question earlier about what the V80-V90 will do: those that currently pay market will very likely continue to pay market; those that don't, won't.

And can't you just search "[Firm name]" on ATL and go back and see if they have historically matched raises within a month or so? Then you'd have your answer. We've had a bunch of scale raises in the past 5 years (2016, 2018, 2021, 2022) so there's plenty of precedent to see how they've handled it recently.

[Anonymous User]

The best chance of another firm raising above DPW was and remains Milbank looking to reclaim the title (which they have not really lost).

[Anonymous User]

This thread was better when we were talking about school prestige. Also S >>>>>>> Harvard UniversiTTTy, no cap

Why we even comparing Harvard to S when the only discussions it deserves are Chicago Columbia and NYU. H had never been much more selective than Uchi/CLS, and now their outcomes are also in the same tier with Uchi even having a slight edge. It’s clearly YS with an enormous gap with the rest of the schools at this point. It’s only the Harvard kids who wont shut up about “YSH”

What's interesting is that I've heard rumors that S is even starting to edge out Y on some metrics. S to USNWR1 by 2030.

Edit: More seriously, I don't think the spread between S and H is an "enormous gap"; H is still good and able to keep up with the big dogs

[Anonymous User]

Has anyone else seen Banking bonuses this year?

Given the similarity in hours required, lifestyle for our jobs, and that we're often working side-by-side, there seems to be a pretty big gap in compensation?

https://nypost.com/2022/02/22/goldman-s ... ll-street/

Seems pretty cheap to be rounding our salaries/bonuses to increments of $500

[Anonymous User]

Has anyone else seen Banking bonuses this year?

Given the similarity in hours required, lifestyle for our jobs, and that we're often working side-by-side, there seems to be a pretty big gap in compensation?

https://nypost.com/2022/02/22/goldman-s ... ll-street/

Seems pretty cheap to be rounding our salaries/bonuses to increments of $500

Banking hours are significantly longer, its basically 24/7 firedrills for bankers (particularly in M&A).

[tlsguy2020]

Has anyone else seen Banking bonuses this year?

Given the similarity in hours required, lifestyle for our jobs, and that we're often working side-by-side, there seems to be a pretty big gap in compensation?

https://nypost.com/2022/02/22/goldman-s ... ll-street/

Seems pretty cheap to be rounding our salaries/bonuses to increments of $500

Law firms bill by the hour and don’t bring in anywhere near the amount of revenue per deal as banks. Just as a Goldman associate makes $600k to a DPW associate’s $350k, a Goldman partner likely makes $7.5M to a DPW partner’s $4M.

^ these numbers are made up to be clear, just spitballing

[LBJ's Hair]

Has anyone else seen Banking bonuses this year?

Given the similarity in hours required, lifestyle for our jobs, and that we're often working side-by-side, there seems to be a pretty big gap in compensation?

https://nypost.com/2022/02/22/goldman-s ... ll-street/

Seems pretty cheap to be rounding our salaries/bonuses to increments of $500

bonuses are insanely high this year, like highest since '06. which is awesome for them, but not "normal" compensation cycle

re the above poster, in a normal year a median IBD Goldman MD does not average $7M. more like $2M. was what my MDs were making in 2016. (yes, substantially less than a V10 equity partner)

[Anonymous User]

Proskauer associate here. How did people know that we matched? I never saw any email...