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

[smaug]

A friend who SA'd at a non major city Latham office said last summer that they made a really big deal about how all lawyers get the same comp firm wide because they are a part of Latham, not just that individual office. It's Latham, so they may walk it back, but they had to have some idea this may happen.

Latham and Skadden will probably match firm wide because the have to. Kirkland will because they have too much pride.

I don't know if a few firms doing that will be enough to push everyone else higher though. Kirkland, Skadden, and Latham have the advantage of being Kirkland, Skadden, and Latham.

I have the same thoughts re Texas.

Yea, it was a Texas office. Texas is kind of the most interesting for me. If I had to take a guess, if the national firms raise comp in Houston, at least the big ones like VE will follow.

I agree but I think it'll cause some partner defections. Not a strong market right now

[Anonymous User]

A friend who SA'd at a non major city Latham office said last summer that they made a really big deal about how all lawyers get the same comp firm wide because they are a part of Latham, not just that individual office. It's Latham, so they may walk it back, but they had to have some idea this may happen.

Latham and Skadden will probably match firm wide because the have to. Kirkland will because they have too much pride.

I don't know if a few firms doing that will be enough to push everyone else higher though. Kirkland, Skadden, and Latham have the advantage of being Kirkland, Skadden, and Latham.

I have the same thoughts re Texas.

If Kirkland and Latham match in Houston, V&E/BB almost have to match.

Lol at Houston being a "non major city" (above)

[sublime]

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[Anonymous User]

How about a market like Charlotte where several of the big firms pay 160k? I'm thinking it might happen because the 160k firms in Charlotte have pretty small offices, so the bump wouldn't cut into PPP that much.

[Mr. Peanutbutter]

Yeah, it feels like it'd be pretty petty for someone making 160MFingK in Texas to be butt hurt because the poor schmucks in NYC got a pay bump that maybe makes up for the difference in taxes alone.

People are petty though.

[Anonymous User]

A friend who SA'd at a non major city Latham office said last summer that they made a really big deal about how all lawyers get the same comp firm wide because they are a part of Latham, not just that individual office. It's Latham, so they may walk it back, but they had to have some idea this may happen.

Latham and Skadden will probably match firm wide because the have to. Kirkland will because they have too much pride.

I don't know if a few firms doing that will be enough to push everyone else higher though. Kirkland, Skadden, and Latham have the advantage of being Kirkland, Skadden, and Latham.

I have the same thoughts re Texas.

Yea, it was a Texas office. Texas is kind of the most interesting for me. If I had to take a guess, if the national firms raise comp in Houston, at least the big ones like VE will follow.

I know their Houston office is small, but Quinn seems likely to raise comp there. It could be at least a little bit of a push toward the rest of Texas raising.

[kcdc1]

I think some of the "other markets will match" thinking is misguided. It's probably right but you've seen people on TLS say "why would anyone choose NYC" forever. Now that there's potentially a reason for that to happen folks (some of the same people, even) say "of course every market will match."

Who knows. We have one real, confirmed match so far, and it's from an above-market boutique. Kinda early to speculate on everyone matching outside of NY. CA seems more obvious to me than DC or Chicago re: matching.

I'd be shocked if the big players in DC, SF, and Chi didn't match. What would be the argument for not matching? That profits aren't high enough? Is litigation in NYC really more profitable than litigation in DC? That cost of living doesn't necessitate an increase? Are rent and student loans meaningfully cheaper in SF than NYC?

[Br3v]

ATL has to just be asleep right? Someone else has to have matched already.

[kcdc1]

How about a market like Charlotte where several of the big firms pay 160k? I'm thinking it might happen because the 160k firms in Charlotte have pretty small offices, so the bump wouldn't cut into PPP that much.

The denominator is small, which is good. Problem is the numerator.

[Anonymous User]

Milbank has matched. We just got the memo.

[Anonymous User]

If Jones Day doesn't pay midlevels market, how do they have any?

Different anon. My impression as an SA was that they have some midlevels working 2400+ for above market and some working <2000 for below market.

Different different anon. My impression as an SA was that, for the average associate, your base pay would be a bit above market, but they don't do bonuses (it's "built in" to base compensation for the next year). When bonuses were shit it didn't really matter because maybe you were 10k under market and who's going to lateral for that if you otherwise like your job.

Now that bonuses are substantial, the gap will obviously widen a lot more if they continue. I never cared because I don't plan on staying long enough that I lose a lot by not going to a firm with higher total comp, and I won't have to worry about hitting a number of hours to be bonus eligible, I just have to hit enough not to get fired in the first couple years.

[sublime]

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[dailygrind]

Milbank has matched. We just got the memo.

Across the board or just in NYC?

[sublime]

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[DELG]

If Jones Day doesn't pay midlevels market, how do they have any?

Different anon. My impression as an SA was that they have some midlevels working 2400+ for above market and some working <2000 for below market.

Different different anon. My impression as an SA was that, for the average associate, your base pay would be a bit above market, but they don't do bonuses (it's "built in" to base compensation for the next year). When bonuses were shit it didn't really matter because maybe you were 10k under market and who's going to lateral for that if you otherwise like your job.

Now that bonuses are substantial, the gap will obviously widen a lot more if they continue. I never cared because I don't plan on staying long enough that I lose a lot by not going to a firm with higher total comp, and I won't have to worry about hitting a number of hours to be bonus eligible, I just have to hit enough not to get fired in the first couple years.

I could have written this post as a law student/first year.

Take it from future-you. You can never leave biglaw. Get paid.

[Anonymous User]

Milbank has matched. We just got the memo.

Across the board or just in NYC?

The memo doesn't specify, but they sent the memo to all associates in all offices (including, from what I can see, our international offices), so I'd say it's across the board.

[Anonymous User]

Jones Day is such a bullshit firm.

Yeah the kool-aid drinking is strong. but there are upsides. Less leverage, you don't get the Latham-esque boom/bust cycles of bullish hiring fired by mass layoffs, etc.

But really people tend to go there because of a specific culture. Hard to define (tends to be very political, especially at certain offices), but you either like it or really don't. Pretty sure several SAs in my class jumped ship during 3L oci because they really didn't like the culture.

[sublime]

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[LLS2L]

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[smaug]

I think some of the "other markets will match" thinking is misguided. It's probably right but you've seen people on TLS say "why would anyone choose NYC" forever. Now that there's potentially a reason for that to happen folks (some of the same people, even) say "of course every market will match."

Who knows. We have one real, confirmed match so far, and it's from an above-market boutique. Kinda early to speculate on everyone matching outside of NY. CA seems more obvious to me than DC or Chicago re: matching.

I'd be shocked if the big players in DC, SF, and Chi didn't match. What would be the argument for not matching? That profits aren't high enough? Is litigation in NYC really more profitable than litigation in DC? That cost of living doesn't necessitate an increase? Are rent and student loans meaningfully cheaper in SF than NYC?

Actually yes, the New York offices are often considerably more profitable than the others.

Listen, I'm not saying they won't match. I think they will for the most part. I think *everyone* in NY will match and think *most* outside will match.

But, Covington used to have a comp split between NY and DC. It's not absurd to think that some firms who struggle more will raise in NY and not in other markets.

I think LA is the exception here. KVN, MTO and the like would always match. Latham will match firm wide. QE said they would match. Gibson will assuredly match. It would leave some odd stragglers in CA so I think that market is set.

But I could see firms rasing in those markets and not elsewhere. In Chicago Kirkland and Skadden will match. You'd think that Sidley would be forced to and that Jenner would as well. I'd feel safe with MB. Who knows about the rest though.

[Byakuya769]

I think some of the "other markets will match" thinking is misguided. It's probably right but you've seen people on TLS say "why would anyone choose NYC" forever. Now that there's potentially a reason for that to happen folks (some of the same people, even) say "of course every market will match."

Who knows. We have one real, confirmed match so far, and it's from an above-market boutique. Kinda early to speculate on everyone matching outside of NY. CA seems more obvious to me than DC or Chicago re: matching.

Smaug--my man, your pessimistic analysis is now on timeout until bonus discussion. It's over. The battle has been won.

[dailygrind]

Milbank has matched. We just got the memo.

Across the board or just in NYC?

The memo doesn't specify, but they sent the memo to all associates in all offices (including, from what I can see, our international offices), so I'd say it's across the board.

[smaug]

I am this thread's Toby. Let me Toby a little.

Alternatively, I really do think a couple of firms could push past 180 as a fuck you to everyone. Waiting on that.

[smaug]

How big is Milbank DC?

[Br3v]

How big is Milbank DC?

39
NY is like 300 something (proportional to other NY/satellite splits)