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

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[jbagelboy]

What if nobody matches?

then I would feel real shitty about my choices

[84651846190]

Of course this happens the year after I leave biglaw (and after a decade of no salary increases).

[Anonymous User]

Tuition to 70k/yr confirmed

[Anonymous User]

What if nobody matches?

Maybe Cravath could actually recruit people? They've been dying in recent years at top schools.

[Anonymous User]

I want to be optimistic, but not sure the increase makes biglaw any less terrible......maybe if salaries were increased to 300k for first years then it'd be worth it IMO.

[PvblivsScipio]

I want to be optimistic, but not sure the increase makes biglaw any less terrible......maybe if salaries were increased to 300k for first years then it'd be worth it IMO.

It lets you get out sooner, at least.

[smaug]

What if nobody matches?

then I would feel real shitty about my choices

I'm trying to think of the firm who is most pressured by this to raise. I mean instinct says S&C and DPW but...

[jbagelboy]

What if nobody matches?

then I would feel real shitty about my choices

I'm trying to think of the firm who is most pressured by this to raise. I mean instinct says S&C and DPW but...

I think the literal answer is Wachtell, who would always have to have a higher base than CSM, but that's not super relevant. Yea S&C/DPW would be my assumption.

[lowdmouse]

What if nobody matches?

then I would feel real shitty about my choices

I'm trying to think of the firm who is most pressured by this to raise. I mean instinct says S&C and DPW but...

I think the literal answer is Wachtell, who would always have to have a higher base than CSM, but that's not super relevant. Yea S&C/DPW would be my assumption.

I am curious how firms who currently beat market will react. With Wachtell and Boies, the real compensation comes at bonus time. The above-market salaries help, but aren't the real draw (except to summers). Williams & Connolly will likely hold, as they just jumped from $180k to $200, so they sat at market +$20k for a while and just adjusted early.

[Cobretti]

Of course this happens the year after I leave biglaw (and after a decade of no salary increases).

hey its that guy that swore up and down this was never going to happen

[TheoO]

Wachtell will dust 20k from its shoulders easily.

[dailygrind]

What if nobody matches?

At least half of the top NYC players will match within a week. Unlikely anyone matches on the same day as the announcement (b/c you need time to talk to the partnership and get votes), but this is def. getting matched by at least a few other top firms, who will in turn put pressure on other firms to match.

[84651846190]

Of course this happens the year after I leave biglaw (and after a decade of no salary increases).

hey its that guy that swore up and down this was never going to happen

I don't recall say this was *never* going to happen.

[patentlitigatrix]

Let's start guessing on how long this is going to take to make it to the west coast please.

[Monochromatic Oeuvre]

Oh I finally downloaded the AmLaw 200 that just came out - I'm gonna look at financials for this year, compare them to the past two years, and see how many firms can actually afford this. I'm so excited to play with the numbers for this - though I need to figure out how to quickly find out breakdowns of associates at various offices/regions, which will be difficult.

All of the 100 most profitable firms could afford this. It's just a matter of attempting to quantify which ones are greedy and which ones are spectacularly greedy. The lights are not gonna go out tomorrow if Haynes and Boones starts paying $180k.

[Monochromatic Oeuvre]

What if nobody matches?

then I would feel real shitty about my choices

I'm trying to think of the firm who is most pressured by this to raise. I mean instinct says S&C and DPW but...

I think the literal answer is Wachtell, who would always have to have a higher base than CSM, but that's not super relevant. Yea S&C/DPW would be my assumption.

I am curious how firms who currently beat market will react. With Wachtell and Boies, the real compensation comes at bonus time. The above-market salaries help, but aren't the real draw (except to summers). Williams & Connolly will likely hold, as they just jumped from $180k to $200, so they sat at market +$20k for a while and just adjusted early.

Wachtell made $6.6M per partner last year. Money isn't even real to them. They might give an extra $20k to all the associates just because it makes the math easier.

[MCFC]

https://bol.bna.com/180k-for-a-first-ye ... is-paying/

And as for clients? Elisa Garcia, chief legal officer of Office Depot, took a diplomatic stance on the raise.

“$180K is steep for a newly minted lawyer, she said. “But, if Cravath can make their model work and still provide me with alternative and fixed fee billing that provides value to my company, then I guess I don’t really care. If, however, they are planning to bill a first year out at an hourly rate that covers that salary, plus a bonus and then some, then I don’t expect Cravath will be able to meet the needs of in-house counsel with limited budgets.”

From a law firm standpoint, Quinn Emanuel name partner John Quinn didn’t seem all that moved one way or another.

“The increases happen periodically,” he said, in an email.

[jbagelboy]

Let's start guessing on how long this is going to take to make it to the west coast please.

anyone know how long it took in 2007 for 145->160 to reach CA?

[patentlitigatrix]

Let's start guessing on how long this is going to take to make it to the west coast please.

anyone know how long it took in 2007 for 145->160 to reach CA?

Yeah, that'd be a good datapoint. And also if it took longer to reach CA-based firms than NY firms that have offices here?

[rpupkin]

Let's start guessing on how long this is going to take to make it to the west coast please.

anyone know how long it took in 2007 for 145->160 to reach CA?

That's before my time, but I believe most firms/offices slowly raised it over a period of about 18 months. Some firms were quick to match NYC, others not.

[jarofsoup]

Most of the V10 is lock step right? So they would raise salaries across the board.

[PvblivsScipio]

Let's start guessing on how long this is going to take to make it to the west coast please.

anyone know how long it took in 2007 for 145->160 to reach CA?

Yeah, that'd be a good datapoint. And also if it took longer to reach CA-based firms than NY firms that have offices here?

Some poking around on Google shows that a lot of NY firms increased either all their offices or the ones in major markets.

Apparently CA firms waited a few days. QE matched but OMM matched in NY only.

http://www.nationallawjournal.com/home/ ... ?__nored=2

[Anonymous User]

Hueston Hennigan (with Los Angeles, Newport Beach offices) just matched Cravath.

Hopefully this starts all the California matches!

[bruinfan10]

Hueston Hennigan (with Los Angeles, Newport Beach offices) just matched Cravath.

Hopefully this starts all the California matches!

music to my ears. irell should come next.