NY to 200k?! Forum

[NYto200K]

What does it mean that Winston and Strawn matched Milbank AFTER Davis Polk surpassed Milbank? That they were too slow to put the breaks on their decision? That they do not want to do Davis Polk? Maybe they'll raise again, as Milbank inevitably will?

It was posted about 10 minutes later in this thread. So it might have actually come beforehand, and even if it didn't, it definitely wasn't enough time to have heard about it.

Can you really call yourself an elite firm if you don't have a staff member or ten dedicated to monitoring TLS for the latest market intelligence?

[showusyourtorts]

What does it mean that Winston and Strawn matched Milbank AFTER Davis Polk surpassed Milbank? That they were too slow to put the breaks on their decision? That they do not want to do Davis Polk? Maybe they'll raise again, as Milbank inevitably will?

It was posted about 10 minutes later in this thread. So it might have actually come beforehand, and even if it didn't, it definitely wasn't enough time to have heard about it.

Can you really call yourself an elite firm if you don't have a staff member or ten dedicated to monitoring TLS for the latest market intelligence?

Is it too late for you to change your username? Does TLS accept fractions?

[Yardbird]

I wonder if the $202.5 is about DPW wanting to establish a line of demarcation for bonus purposes. Instead of getting prorated at the first year bonus rate, they just get their own low bonus. Maybe it means something good for 2020 class bonuses.

All I can think of.

This makes a lot of sense. Only other thing I can think of is class year salary bumps will happen in July instead of January (so a 2016 for example will be at 305 until July instead of getting bumped up to 330 in January).

I'm just thinking this through - if that's right, then they would totally have to tell associates that in the compensation email though, right? If they did, I think they would effectively have to say "We're raising the salary for [third years], effective immediately, but you're also going to be treated as a [third year] for another entire full year, instead of the only six months that you had remaining before getting bumped up to being a [fourth year]." At certain class years that only gained +15 in the DPW/Milbank salary raise but would otherwise gain +30k a year in a typical class year advancement, that's probably not even a plus but instead an overall minus that you're held back at "third year" pay for another six months. Am I missing something?

With that said, I still cannot make heads or tails of DPW's stub year distinction.

Time value of money? If you are essentially paying each paycheck that you would otherwise get in 2022 six months early, there would be a discounting since you are getting the money now. Pretty sure you still come out ahead from a TVM perspective with a 2016 associate at 305 from now until next July than you would if same 2016 was at 285 now through December and 310 January until July.

[Anonymous User]

Not sure the pharaohs at the top of the pyramid scheme are all that concerned with what we have to say. Right now they’re just calculating how many months the salary increases will delay adding an outdoor kitchen to their Hamptons place.

Edit: was meant to respond to whether they have staff monitoring TLS.

[UnfrozenCaveman]

Not sure the pharaohs at the top of the pyramid scheme are all that concerned with what we have to say. Right now they’re just calculating how many months the salary increases will delay adding an outdoor kitchen to their Hamptons place.

Edit: was meant to respond to whether they have staff monitoring TLS.

That's why stubs at DPW are getting what their getting. Otherwise, someone would have had to wait.

[Tonyk]

Wilson Sonsini will match whatever market rate is. Can confirm from the summer associate who asked the managing partner during orientation.

[NYto200K]

What does it mean that Winston and Strawn matched Milbank AFTER Davis Polk surpassed Milbank? That they were too slow to put the breaks on their decision? That they do not want to do Davis Polk? Maybe they'll raise again, as Milbank inevitably will?

It was posted about 10 minutes later in this thread. So it might have actually come beforehand, and even if it didn't, it definitely wasn't enough time to have heard about it.

Can you really call yourself an elite firm if you don't have a staff member or ten dedicated to monitoring TLS for the latest market intelligence?

Is it too late for you to change your username? Does TLS accept fractions?

It is too late. Fractions are so catchy TLS probably doesn't accept them, but they should. Because it's not just about the pleasures of a precise username and the importance of market trends. It's also a personal statement about TLS itself.

[Anonymous User]

Anon for obvious reasons. Word on the street at my V10 is that the idea of hitting $210k has already been floated among the partners, according to a couple seniors who are tapped into the rumor mill. No idea how much support it has or if they’ll pull the trigger, but it’s at least on the table. Hope they have the balls to actually do it!!!

[whats an updog]

Anon for obvious reasons. Word on the street at my V10 is that the idea of hitting $210k has already been floated among the partners, according to a couple seniors who are tapped into the rumor mill. No idea how much support it has or if they’ll pull the trigger, but it’s at least on the table. Hope they have the balls to actually do it!!!

this is what im here for

[stupididiot]

2 + 0 + 2 + 5 (dont forget the .5) = 9. Composed of three trinities (3 times 3), nine represents the principles of the sacred Triad taken to their utmost expression. Any number that was initially increased by a factor of 9 loses its own identity and instead takes on the characteristics of the 9. Example: 3 x 9= 27; 2+7= 9. 6 x 9 = 54; 5+4 = 9. No other number has this quality.
Thoughts?

[Yardbird]

2 + 0 + 2 + 5 (dont forget the .5) = 9. Composed of three trinities (3 times 3), nine represents the principles of the sacred Triad taken to their utmost expression. Any number that was initially increased by a factor of 9 loses its own identity and instead takes on the characteristics of the 9. Example: 3 x 9= 27; 2+7= 9. 6 x 9 = 54; 5+4 = 9. No other number has this quality.
Thoughts?

Name checks out.

[cornerstone]

Love ATL the shade on Mintz quick drawing to $200k but missing the special bonuses: https://abovethelaw.com/2021/06/salary- ... cker-2021/

[Anonymous User]

Wilson Sonsini will match whatever market rate is. Can confirm from the summer associate who asked the managing partner during orientation.

Lmao there’s no way.

[okaygo]

Surprised at how little movement there's been.

[MrLions]

Wilson Sonsini will match whatever market rate is. Can confirm from the summer associate who asked the managing partner during orientation.

Lmao there’s no way.

Please let this be true

[LBJ's Hair]

Wilson Sonsini will match whatever market rate is. Can confirm from the summer associate who asked the managing partner during orientation.

beautiful

[Monochromatic Oeuvre]

Anon for obvious reasons. Word on the street at my V10 is that the idea of hitting $210k has already been floated among the partners, according to a couple seniors who are tapped into the rumor mill. No idea how much support it has or if they’ll pull the trigger, but it’s at least on the table. Hope they have the balls to actually do it!!!

this is what im here for

Once things slow down we'll start hearing from people who heard directly from Paul Cravath himself.

[Anonymous User]

Wilson Sonsini will match whatever market rate is. Can confirm from the summer associate who asked the managing partner during orientation.

Lmao there’s no way.

Please let this be true

I swear on my life. At the end he was like “Yeah, I’m not afraid to ask the tough questions.”

[Anonymous User]

Milbank associates, your firm (and project finance and whatever other shit practice areas you focus on) will never be prestigious. Never forget that.

troll

[Anonymous User]

Anonymous for obvious reasons: Had a check-in call with a partner at my old firm (currently clerking). He said partners were aware that firms are having a banner year and are worried more will go over the top. Thought $220k starting was possible with special bonus converted into salary. Partners don’t want to go there but he thinks leadership committee might push it.

[Bosque]

Surprised at how little movement there's been.

It's been like 24 hours, and it's Friday. Besides just organizing the meeting to decide how to respond, everyone wants to avoid having to look like they were shortchanging their associates by matching and then having to increase. Give it a week or so.

[Bosque]

Milbank associates, your firm (and project finance and whatever other shit practice areas you focus on) will never be prestigious. Never forget that.

[Anonymous User]

The raises aren’t done. The crappy firms like McDermott and Cadwalader see the writing on the wall and so are trying to fight the inevitable by making Milbank market by matching quickly and accepting this amount of loss. They are scared of what is likely to happen: a more profitable firm goes over the top, especially for mid level class years. That’s what all the tippy top firms are scared of and why nobody is a second mover.

It’s happening this time. Milbank does not rule the roost in Manhattan.

Called it. I think we’re done but not 100% sure of it. Maybe another top firm pushes to $210k.

[Untitleddestiny]

I doubt things are over. DPW basically guaranteed it by doing the Stub year thing. Cooley and Fenwick (probably WSGR too) at the very least will definitely end up matching final market. But Fenwick has their weird tier level thing. Doubt they will bother with the stub year cheapness since it likely isn't worth the effort of making it fit into their system/changing payroll, so they'll likely need to at least kill that and vring it up to 205.

[Anonymous User]

.