NY GOES TO 180k! IT HAPPENED!!!! (CovingTTTon does a 180! Holder wept.) Forum

[Single-Malt-Liquor]

The two big Boston firms kind of have to follow, right? Please. Pretty please.

[cookiejar1]

Having a bit of a laugh at the selection of firms above

Eh, I just went down the vault list. Probably should have used PPP but whatever.

I think there is one extra slot if there is anybody in particular you/people think I should throw in.

Pls include Quinn remains.

[TLSModBot]

Having a bit of a laugh at the selection of firms above

Eh, I just went down the vault list. Probably should have used PPP but whatever.

I think there is one extra slot if there is anybody in particular you/people think I should throw in.

DLA probably should be on there given the number of associates and high quality work

I was thinking a more prestigious firm like White & Case

Or maybe it's finally Cadwalader's time to shine!

[sublime]

..

[Anonymous User]

Any guesses about how this might affect clerkship bonuses? If the point of the bonus is to account somewhat for the gap between government salaries and biglaw salaries, you'd think the clerkship bonus would need to rise in tandem with salaries, right?

I'd say it's possible that clerkship bonuses will remain a bit more individualized. It doesn't appear that Quinn's $75K clerkship bonus moved the market in any meaningful way. If there was a decent time for firms to increase the clerkship bonus to $75K across the board, I think the Quinn announcement would have been the impetus - not base salaries. That said, I did receive an offer from a firm that matched Quinn and I think it's safe to say there are at least some firms that are making similar moves. I can also see a scenario where clerkship bonuses remain where they are because there's less incentive for firms to pay $75K now that base salaries have increased (at least in NYC).

[smaug]

Having a bit of a laugh at the selection of firms above

Eh, I just went down the vault list. Probably should have used PPP but whatever.

I think there is one extra slot if there is anybody in particular you/people think I should throw in.

Pls include Quinn remains.

(at 160 + flip flops)

[Anonymous User]

As someone summering at one of the "prestigious" firms mentioned in jest, this feels bittersweet.

[jingosaur]

It's not a coincidence that QUINN rhymes with WIN

[Tiago Splitter]

This is the greatest June 6 in American history.

After the absolute worst week of my life this was such amazing news.

[Actus Reus]

As someone summering at one of the "prestigious" firms mentioned in jest, this feels bittersweet.

You're doing the same work as anyone else.

Not your fault that the letterhead of your firm is inadequate.

[georgej]

The two big Boston firms kind of have to follow, right? Please. Pretty please.

Absolutely no question boston goes up too, it has to

[nothingtosee]

[BizBro]

I heard sull crom already matched

[Anonymous User]

Do you guys think the major SV firms will match? WSGR, Fenwick, Cooley, etc?

[Actus Reus]

I heard sull crom already matched

All offices?

[Big Shrimpin]

Bonus minimums to 2200

Hope you guys enjoyed whatever Sundays you had off

Wouldn't surprise me a bit

Also blown away by this news never thot id c this in my lifetime

[abitaman6363]

With the $20K raise we can now afford stock image fees.

[El Pollito]

This is the greatest June 6 in American history.

After the absolute worst week of my life this was such amazing news.

yeah honestly i was on the brink of killself thoughts until this news saved me

[desertlaw]

Curmudgeon partner in our office just said that bonuses will probably go down a bit. Thoughts?

[Wolfpac2]

odds that this is a nyc-only raise?

Most of the comp leaders won't do NYC only. But I could see a bunch of V50's only doing NYC. It'll be interesting to see what Latham, Skadden, K&E, Quinn, and Gibson do. If they all go 180k in CA & DC, I don't see how the most of the rest of the V50 don't.

But for DC, I could see Covington, A&P, etc. not doing 180k.

I doubt this. Seems like there is a difference between not matching NYC bonuses, as some elite DC offices have done in the past, and not matching standard NYC pay scale.

[Slytherpuff]

I can't focus at work anymore. Time to pop open some champagne!!!

[Desert Fox]

odds that this is a nyc-only raise?

Most of the comp leaders won't do NYC only. But I could see a bunch of V50's only doing NYC. It'll be interesting to see what Latham, Skadden, K&E, Quinn, and Gibson do. If they all go 180k in CA & DC, I don't see how the most of the rest of the V50 don't.

But for DC, I could see Covington, A&P, etc. not doing 180k.

I doubt this. Seems like there is a difference between not matching NYC bonuses, as some elite DC offices have done in the past, and not matching standard NYC pay scale.

They'll match for their NYC office, but I'm not so sure about their the DC offices.

[Single-Malt-Liquor]

I can't focus at work anymore. Time to pop open some champagne!!!

Yeah, any chance at bar study is soooo gone.

Also, ADP paycheck calculator is probs about to explode.

[sweeteavodka]

Curmudgeon partner in our office just said that bonuses will probably go down a bit. Thoughts?

Bonuses are merely deferred compensation. If first year bonuses drop from $15k to $10k, that's still a raise, and money now is better than money later.

Obviously, though, I'd rather bonuses stay flat or up. But if lower bonuses and higher base pay is the new normal, I'll take that trade any day.

[Mr. Peanutbutter]

Is it really awkward in the office right now for people not at Cravath?