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

[mvp99]

Any chance some of the big Philly firms match this? There's a few at 160 already and many at 145. Seems like they've tried to stay competitive salary-wise with NY on the whole.

Philly to 180k? u greedy bastarrrrd.

[dixiecupdrinking]

I don't understand what Capitol is trying to show with his "research".

You're seriously calling PW a "doomsday" firm but saying this is loose change for Chapman & Cutler? That's just wrong. Firms like PW and Cleary are in a far better position to much than literally every one of your 36 firms. You can spin data to show anything, so I'm guessing that's what you were doing here

I mean it literally just amounts to a list of firms by associate to partner ratio. Of course that means the firms that get "hit hardest" by a pay raise are the exact same firms that have profited most by splitting associate billables among the fewest people so it's probably not a great measure of anything.

[Anonymous User]

Any chance some of the big Philly firms match this? There's a few at 160 already and many at 145. Seems like they've tried to stay competitive salary-wise with NY on the whole.

A market that just went up to 160K last year? Seems unlikely.

[DELG]

I don't think philly was trying to compete with NY and I don't think they'll move now or soon.

[Anonymous User]

I'd love if Texas goes to 180. Philly is a TTT.

[Anonymous User]

Any chance some of the big Philly firms match this? There's a few at 160 already and many at 145. Seems like they've tried to stay competitive salary-wise with NY on the whole.

A market that just went up to 160K last year? Seems unlikely.

It would be kind of funny if Dechert raised all its offices to 180k except for Philly, like it was before the increase last year.

[Anonymous User]

Chicago, D.C., LA were all 160k by 2008.

[smaug]

well this was fun

but also kinda anticlimactic

[jbagelboy]

well this was fun

but also kinda anticlimactic

It'll heat up over the next few days.

[dailygrind]

well this was fun

but also kinda anticlimactic

It'll heat up over the next few days.

Yeah, the real question now is whether your firm matches and, if so, when. Initial questions that come before that - what other firms are matching, and are they peers that will put pressure on your firm?

[lhanvt13]

well this was fun

but also kinda anticlimactic

It'll heat up over the next few days.

Yeah, the real question now is whether your firm matches and, if so, when. Initial questions that come before that - what other firms are matching, and are they peers that will put pressure on your firm?

Don't forget: and which firm will DPW the new cravath scale. 190k believe.

[dailygrind]

Haha, can't believe I forgot the most important part. NY to 190K!!!

[Anonymous User]

my dad is in house and deals with Hiring Outside Counsel and I told him this news about cravath and he was like "lol i'm not paying for that"

[Anonymous User]

my dad is in house and deals with hiring outside counsel and I told him this news about cravath and he was like "lol i'm not paying for that"

my dad is in house and deals with Hiring Outside Counsel and I told him this news about cravath and he was like "lol i would totally pay an additional $10k"

NY to 190 confirmed.

[5ky]

firms raise their billing rates all of the time

[Tiago Splitter]

well this was fun

but also kinda anticlimactic

It'll heat up over the next few days.

Yeah, the real question now is whether your firm matches and, if so, when. Initial questions that come before that - what other firms are matching, and are they peers that will put pressure on your firm?

Don't forget: and which firm will DPW the new cravath scale. 190k believe.

DPw the Cravath scale! Make it happen someone!

[Johann]

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

where you at Johann??

im still here. still waiting to be proven wrong. we knew cravath could move. the questions lie in the week ahead.

[Br3v]

Mods pls

[BigZuck]

Lol

[lhanvt13]

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

where you at Johann??

im still here. still waiting to be proven wrong. we knew cravath could move. the questions lie in the week ahead.

Triggered

[Redamon1]

Well, if the big ones don't follow, at least we'll have ourselves a fun antitrust class action.

[Cobretti]

[Johann]

It's all leverage, right? So any firm with more than 5.0 associates to partners is in doomsday territory.

ideally youd look at % of PPP because of this. scraping a hunnyK off of 3M isnt shit.

[Johann]

Cleary and PW will have to match without a doubt.

It will hit PW hard due to their leverage. But they had to expect that would happen.

theyve prepared by determining the 50 associates they would fire in order to match

im obviously ecstatic by the news but still a lot left to play out.

[Johann]

said this in july of last year. now the fun part begins. obviously all major NY and SV players match (PPP>2M). obviously kirkland chicago matches. the tricky spots come in with Texas and Chicago in the 1.5M PPP arena. we will see.

I think it would be haves and have nots for at least a few years. Obviously all major firms would eventually match, but NY would go bimodal for a bit and I imagine other markets with a few firm exceptions would lag behind at 160.

I doubt Chicago or Texas would match 190k ever. Maybe Kirkland and Skadden. They might go up to liek 170k, but if NYC associates start getting paid like they should (more billables and higher rates), then Chicago firms would have a tough time matching.

I mean there would certainly be a lag, but they'd have to match eventually or lose out on top students.

not really. you can use lower cost of living and lower billables at most firms to continue to draw top talent from UC and Northwestern. I don't really see a way firms like Mayer, McDermott, and Baker in the V30-V50 range would keep up with the Davis Polks. Don't get me wrong, I want NYC to 190k, but realistically the Chicago and Texas markets may never match if NYC goes drastic enough with the raise. I think they would match 170k, just not 190.