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

[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

lol at "similarity in hours required". They work longer hours. I'm a midlevel corporate associate at a V20. We are not always getting crushed with work. We do have slower days here and there. In banking, they always have fire drills and work late nights.

[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

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)

Did not mean to imply that $7M is typical money for an MD at Goldman. Just that the windfall numbers can be a lot higher on that side than for Biglaw

[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

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

Yeah the billing by the hour construction of biglaw is frankly stupid. Too bad the WLRK model hasn't caught on; % of the deal size would be much more indicative of the value brought to the table. Unsure how you'd work it for litigation, but I'm sure there could be some method.

[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)

Did not mean to imply that $7M is typical money for an MD at Goldman. Just that the windfall numbers can be a lot higher on that side than for Biglaw

sure wouldn't disagree w/that at all

[Anonymous User]

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

Also a Proskauer associate, we definitely got an email

[Monochromatic Oeuvre]

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

Also a Proskauer associate, we definitely got an email

Oof, rough way for first anon to found out he's getting NORAISE.

[Anonymous User]

OMM matched yesterday via ATL.

[Anonymous User]

CHADwalader matched DPW.

[Anonymous User]

SRZ match

[Anonymous User]

CHADwalader matched DPW.

Ugh, there go our changes of a re-re-raise

[Anonymous User]

Sidley match.

[Anonymous User]

Sidley match.

Will Bloomberg be reporting this as a re-re-raise?

[nahumya]

Sidley match.

Will Bloomberg be reporting this as a re-re-raise?

That poor reporter.

[Anonymous User]

Is it unusual that Cravath hasn't matched yet? Could they be contemplating a re-raise, hmmm

[Anonymous User]

I’m pretty sure the only reason White & Case hasn’t matched yet is because they are waiting for Cravath. W&C will always match, but they NEVER want to risk having to re-match.

[Anonymous User]

deleted

[Anonymous User]

I’m pretty sure the only reason White & Case hasn’t matched yet is because they are waiting for Cravath. W&C will always match, but they NEVER want to risk having to re-match.

What is the risk?

[Anonymous User]

V&E matched, retro to January 1

[Anonymous User]

I’m pretty sure the only reason White & Case hasn’t matched yet is because they are waiting for Cravath. W&C will always match, but they NEVER want to risk having to re-match.

What is the risk?

1) they look classier and less like a follower if they make the change once rather than multiple times in a compensation war “season” and 2) HR/Payroll is very slow to make updates and has a reputation for not getting the correct figures (or such figures not being accurately communicated).

[Anonymous User]

Anyone know if Lock lord is likely to match?

[Anonymous User]

I’m pretty sure the only reason White & Case hasn’t matched yet is because they are waiting for Cravath. W&C will always match, but they NEVER want to risk having to re-match.

What is the risk?

1) they look classier and less like a follower if they make the change once rather than multiple times in a compensation war “season” and 2) HR/Payroll is very slow to make updates and has a reputation for not getting the correct figures (or such figures not being accurately communicated).

This is ridiculous. They're not worried about looking less classy or less like followers. No firm is that worried about having to re-match. At this point, if someone does re-raise, the majority if not all of the V10 firms are going to have to re-up. Why would any one firm think they'd be singled out? No rational person thinks this.

[Anonymous User]

Of the V100 firms, which ones are NOT likely to match? Pretty sure all of the V30 will. A lot of the rest of the V100 do. Just wondering what firms *don't*

[Anonymous User]

Of the V100 firms, which ones are NOT likely to match? Pretty sure all of the V30 will. A lot of the rest of the V100 do. Just wondering what firms *don't*

Jones Day.

[Anonymous User]

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

Also a Proskauer associate, we definitely got an email

Oof, rough way for first anon to found out he's getting NORAISE.

Seriously. Skadden associate here. I didn't get an email either. Am I not getting a raise?

[Anonymous User]

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

Also a Proskauer associate, we definitely got an email

Oof, rough way for first anon to found out he's getting NORAISE.

Seriously. Skadden associate here. I didn't get an email either. Am I not getting a raise?

friedman circulated the memo yesterday around 6 pm ET