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

[Actus Reus]

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

Lots of associate huddles and silence around partners who are mourning the loss of their down payment for the Outer Banks home

[KM2016]

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

Yes. No one is working.

[JenDarby]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

[Monochromatic Oeuvre]

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

Lots of associate huddles and silence around partners who are mourning the loss of their down payment for the Outer Banks home

[Monochromatic Oeuvre]

Also, start your one-year crippling recession countdown clocks...NOW!

[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.

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

Why? If Latham, Skadden, Kirkland go to 180k in their DC offices, I can't imagine Covington, A&P, Wilmer, etc. would not as well.

[Anonymous User]

so if our firm doesn't match, is it possible for a first year to lateral to another that does match?

[Anonymous User]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

Bonuses are taxed at same rate as wages. Both are considered income. However, withholding is calculated differently for bonuses than wages. You get that back when you file for your refund.

[WestOfTheRest]

Can't help but laugh at all the asshats in here who were so adamant this wouldn't happen.

[JenDarby]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

Bonuses are taxed at same rate as wages. Both are considered income. However, withholding is calculated differently for bonuses than wages. You get that back when you file for your refund.

Bonuses can be considered income (employer aggregates) or supplemental income. If they're paid out as supplemental income then it is a flat 25% (unless the bonus is over a mil then it's a whole other story). For high earners, supplemental income bonuses are generally preferable.

So if you're saying that biglaw aggregates, then yes t doesn't matter. Why is that post even anon.

[Cobretti]

Can't help but laugh at all the asshats in here who were so adamant this wouldn't happen.

where you at Johann??

[lhanvt13]

wtf this isn't what I signed up for. I wanted 190k. So di$traught right now

eta: also, where tf did the ATL comment section go? am I just retarded and can't find buttons?

[sublime]

..

[TripTrip]

MFW I signed with MBB just before the legal salary bump.

[Desert Fox]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

Bonuses are taxed at same rate as wages. Both are considered income. However, withholding is calculated differently for bonuses than wages. You get that back when you file for your refund.

Bonuses can be considered income (employer aggregates) or supplemental income. If they're paid out as supplemental income then it is a flat 25% (unless the bonus is over a mil then it's a whole other story). For high earners, supplemental income bonuses are generally preferable.

So if you're saying that biglaw aggregates, then yes t doesn't matter. Why is that post even anon.

Does this actually matter for tax payment or does it only matter for withholding.

[lonerider]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

Bonuses are taxed at same rate as wages. Both are considered income. However, withholding is calculated differently for bonuses than wages. You get that back when you file for your refund.

Bonuses can be considered income (employer aggregates) or supplemental income. If they're paid out as supplemental income then it is a flat 25% (unless the bonus is over a mil then it's a whole other story). For high earners, supplemental income bonuses are generally preferable.

So if you're saying that biglaw aggregates, then yes t doesn't matter. Why is that post even anon.

I'm saying doesn't matter cuz when you file your tax return, any diff between tax rates of bonuses is moot cuz it's taxed like general income and u get $ back or pay more depending on how taxes were withheld. Withholding is different for supplemental wages, tax rates are not.

[wiz]

MFW I signed with MBB just before the legal salary bump.

Don't you still come out ahead after bonus + benefits? And your job isn't horrible since you're not doing biglaw.

[wiz]

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.

It's a little worse than that since bonuses are typically considered supplemental wages and taxed at a flat 25% (unless biglaw aggregates?). Still, more money is more money.

Bonuses are taxed at same rate as wages. Both are considered income. However, withholding is calculated differently for bonuses than wages. You get that back when you file for your refund.

Bonuses can be considered income (employer aggregates) or supplemental income. If they're paid out as supplemental income then it is a flat 25% (unless the bonus is over a mil then it's a whole other story). For high earners, supplemental income bonuses are generally preferable.

So if you're saying that biglaw aggregates, then yes t doesn't matter. Why is that post even anon.

Does this actually matter for tax payment or does it only matter for withholding.

Yeah withholding =/= actual tax liability.

[Anonymous User]

Kirkland will match in Chicago. Chicago is the mothership office, and it has too much of an arrogant hotshot culture (I mean this only in the most loving way possible) to ever suffer lower salaries than New York. I doubt the match will take a week. There would be revolts otherwise.

So I'd expect at least some percolation to Chicago for sure.

[JenDarby]

Well shit, if it's purely for withholdings why do people even give a fuck. I' have multiple coworkers with very strong opinions on this.

[Pomeranian]

Cravath is a small elite office that could do this easily.

Most economic indicators point to another recession looming. The official government May jobs report was the worse figure in at least five years! When the economy crashes again, I don't think too many on here will be celebrating!

Woof!

[Biglaw Investor]

Well shit, if it's purely for withholdings why do people even give a fuck. I' have multiple coworkers with very strong opinions on this.

It doesn't matter - people just get confused about this issue all the time.

[Single-Malt-Liquor]

Cravath is a small elite office that could do this easily.

Most economic indicators point to another recession looming. The official government May jobs report was the worse figure in at least five years! When the economy crashes again, I don't think too many on here will be celebrating!

Woof!

BAN BAN BAN

[charliekelly33]

Cravath is a small elite office that could do this easily.

Most economic indicators point to another recession looming. The official government May jobs report was the worse figure in at least five years! When the economy crashes again, I don't think too many on here will be celebrating!

Woof!

Don't worry, soon America Will Be Great, Again!

[El Pollito]

someone stomp this little rat dog out