NY to 200k?! Forum

[ExpOriental]

I hope S&C drops comp - people are making too much

S&C to 100k + weekly floggings

[Anonymous User]

I hope S&C drops comp - people are making too much

S&C to 100k + weekly floggings

And the floggings won't stop until morale improves!

[Anonymous User]

Fried Frank matched Millbank.

Is this confirmed?

[Anonymous User]

Do summer associates get a piece of the action if the new scale is effective July 1?

[Monochromatic Oeuvre]

Just got an email from CovingTTTon DC that staring July 1 they're only going to be reimbursing the Circulator and Boost Mobile phone plans.

[rk42]

Do summer associates get a piece of the action if the new scale is effective July 1?

Yup. Email said summer associate salaries will be increased to match first year salary.

[Anonymous User]

Milbank's new comp scale (starting July 2021):

2021/2020: $200,000 ($10,000 increase)
2019: $210,000 ($10,000 increase)
2018: $230,000 ($10,000 increase)
2017: $270,000 ($15,000 increase)
2016: $295,000 ($15,000 increase)
2015: $320,000 ($15,000 increase)
2014: $340,000 ($15,000 increase)
2013: $355,000 ($15,000 increase)

So first years and second years are paid the same?

[Anonymous User]

Milbank's new comp scale (starting July 2021):

2021/2020: $200,000 ($10,000 increase)
2019: $210,000 ($10,000 increase)
2018: $230,000 ($10,000 increase)
2017: $270,000 ($15,000 increase)
2016: $295,000 ($15,000 increase)
2015: $320,000 ($15,000 increase)
2014: $340,000 ($15,000 increase)
2013: $355,000 ($15,000 increase)

So first years and second years are paid the same?

I believe the way it works is that your first few months the year you graduate are a "stub year" that is paid the same as a first year. Your first full calendar year of work after graduation (January to January) is when you are a "first year." Raises go up each calendar year after that as you'd expect. So class of 2021 is about to be "stub," class of 2020 are first years, and class of 2019 are second years.

[showusyourtorts]

Milbank's new comp scale (starting July 2021):

2021/2020: $200,000 ($10,000 increase)
2019: $210,000 ($10,000 increase)
2018: $230,000 ($10,000 increase)
2017: $270,000 ($15,000 increase)
2016: $295,000 ($15,000 increase)
2015: $320,000 ($15,000 increase)
2014: $340,000 ($15,000 increase)
2013: $355,000 ($15,000 increase)

So first years and second years are paid the same?

I think it's just a stub year overlap question. I.e., C/O 2021 is about to start their stub year, and will be making 200k (i.e. treated as a first-year) for their stub year and for their first full year. C/O 2020 is almost done with their first full year, will now start making 200k until presumably December 2021 (or whenever they typically get their raise), and then will move on to make 210k and be treated as a second year.

[towel13661]

How long did it take for other firms to match back in 2018? Will this impact summer salaries for 2022 as well?

[bigboybob]

Also, lets not be fooled. This isnt that great after taxes. Is a couple thousand gonna make you stay? idk.

[Blackjack45]

For context:

the 180-190 raises were on the same scale essentially -
1-3rd years +$10K
4-8 years +$15k

the 160-180 raises were on a more graduated scale and (obviously) larger -
1-2nd years +$20k
3-4th years +$25k
5-6th years +$30k
7-8th years +$35k

Kind of surprised this scale is more like the 180-90 bump than the 160-80 bump given the issues with midlevel retention.

Sources:

https://www.vault.com/blogs/vaults-law- ... -where-why

https://abovethelaw.com/2016/06/breakin ... -salaries/

For clarity, the 180 to 190k scale raise you mention is true for the initial Milbank raise. Cravath came in and increased the raises for mid levels by even more:

4th - 5th years +20k total
6th - 8th years +25k total

Additionally, Simpson added special bonuses that 'true up'd' associates to effectively make the salary increase apply for the entire year.

Source:

https://abovethelaw.com/2018/06/cravath ... ssociates/

[Sackboy]

Also, lets not be fooled. This isnt that great after taxes. Is a couple thousand gonna make you stay? idk.

Even after the most aggressive taxes, this is $5,000 on the low end. A bit more than just a "couple thousand". But, if that makes people hesitate moving on from biglaw or to another firm for even just a month more, it's a win for the firms.

[bigboybob]

True. But to realize that 5k, you'd have to spend 12 months. Now is it worth it?

[ConfusedNYer]

For context:

the 180-190 raises were on the same scale essentially -
1-3rd years +$10K
4-8 years +$15k

the 160-180 raises were on a more graduated scale and (obviously) larger -
1-2nd years +$20k
3-4th years +$25k
5-6th years +$30k
7-8th years +$35k

Kind of surprised this scale is more like the 180-90 bump than the 160-80 bump given the issues with midlevel retention.

Sources:

https://www.vault.com/blogs/vaults-law- ... -where-why

https://abovethelaw.com/2016/06/breakin ... -salaries/

For clarity, the 180 to 190k scale raise you mention is true for the initial Milbank raise. Cravath came in and increased the raises for mid levels by even more:

4th - 5th years +20k total
6th - 8th years +25k total

Additionally, Simpson added special bonuses that 'true up'd' associates to effectively make the salary increase apply for the entire year.

Source:

https://abovethelaw.com/2018/06/cravath ... ssociates/

Damn, totally forgot it went up again. Wouldn't be surprised if something similar happened here given the midlevel issues.

[Anonymous User]

Milbank's new comp scale (starting July 2021):

2021/2020: $200,000 ($10,000 increase)
2019: $210,000 ($10,000 increase)
2018: $230,000 ($10,000 increase)
2017: $270,000 ($15,000 increase)
2016: $295,000 ($15,000 increase)
2015: $320,000 ($15,000 increase)
2014: $340,000 ($15,000 increase)
2013: $355,000 ($15,000 increase)

So first years and second years are paid the same?

I think it's just a stub year overlap question. I.e., C/O 2021 is about to start their stub year, and will be making 200k (i.e. treated as a first-year) for their stub year and for their first full year. C/O 2020 is almost done with their first full year, will now start making 200k until presumably December 2021 (or whenever they typically get their raise), and then will move on to make 210k and be treated as a second year.

Okay, this makes sense, thank you!

[Monochromatic Oeuvre]

How long did it take for other firms to match back in 2018? Will this impact summer salaries for 2022 as well?

https://abovethelaw.com/2018/06/salary- ... 2018/?rf=1

It included summers last time.

[polareagle]

Just got an email from CovingTTTon DC that staring July 1 they're only going to be reimbursing the Circulator and Boost Mobile phone plans.

Bruh, the Circulator is free. Do you even #fairshot?

[DworkinLikeMyDaddy]

It's seriously time for pedigreed undergrads to start considering whether they want to become lawyers, bankers, or milbankers.

[Lesion of Doom]

Here's where the firms being obstinate about WFH may rethink. If you don't want to match, then allow people to work remotely from anywhere.

Even for midlevels, a 255k salary in Kentucky is worth much more than 270k in NYC. And sure, not everyone wants to live in KY, but it's true to some extent almost everywhere. You could buy a house in Durham with no sweat and escape the daily ratrace into the tunnels.

[Anonymous User]

Here's where the firms being obstinate about WFH may rethink. If you don't want to match, then allow people to work remotely from anywhere.

Even for midlevels, a 255k salary in Kentucky is worth much more than 270k in NYC. And sure, not everyone wants to live in KY, but it's true to some extent almost everywhere. You could buy a house in Durham with no sweat and escape the daily ratrace into the tunnels.

Or move to a state like TX or WA that has no income tax.

[FedFan123]

I would rather make 270k and live in nyc then make 300k and live in Kentucky. Think that’s probably true for most people

[NYto200K]

It's seriously time for pedigreed undergrads to start considering whether they want to become lawyers, bankers, or milbankers.

+1.

Milbank will be V15 by next year, if it isn't when Vault releases its results later this summer. If anyone comes over Milbank, I'm going to need a new username.

[ExpOriental]

I want to hear some hot takes on who WON'T match.

Also, inb4 endless hysterics over firms that are clearly going to match taking a long time to announce.

[Monochromatic Oeuvre]

Just got an email from CovingTTTon DC that staring July 1 they're only going to be reimbursing the Circulator and Boost Mobile phone plans.

Bruh, the Circulator is free. Do you even #fairshot?

Not after Covid is over. Then the policy goes back to loading up your SmarTrip with littered paper farecards, with all emails noting that the paper farecards have been gone for years mysteriously returning a Mailer Daemon reply.