Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Anonymous User]

It’s wild to me that not a single article about “jaw dropping” associate raises and “salary wars” ever bothers to (a) do the inflation math, or even mention it, or (b) properly contextualize associate salaries in the broader environment of firm profitability.

There’s no doubt that associates in 2022 are doing pretty well, but inflation makes the current numbers look much less eye popping (first years in 2008 were better off, midlevels now are ahead) and is going to continue to quickly erode those momentary gains unless salary increases continue like this (which is never guaranteed).

Also, law firms generally are doing extremely well - when every new day brings another article with an AmLaw firm showing PEP up 10 to 50%, it should be expected that the worker bees see some benefit - isn’t that their Reaganomics in action?

I just can’t stand the tone of these articles.

I largely agree, and IMO the explanation is that outlets like American Lawyer, Law360, Bloomberg Law etc. churn out propaganda pieces that are intended to mirror back the views of the partners and GCs who have the final say on whether to subscribe or not. I have no idea what accounts for the stupefied tone of ATL “articles,” maybe just normal clickbait pressure…

[Tbontbtitq]

Milbank silence makes me think they are going to re-raise.

Also, this article implies that some firms aren't going to raise. Is the author referring to non-v100 firms?

https://news.bloomberglaw.com/ip-law/bi ... g-as-elite

I think Milbank is waiting for a bit to announce (a) Cravath salary match PLUS (b) special bonuses at 2021 levels, payable in summer & fall.

The firm's townhall is next Monday. Would expect any moves by then. But can say that the firm cares more about being first than being comp. leader, so I would not expect a re-raised or bonus announcement.

Milbank looking to one up this and increase by $1k at each level

[Anonymous User]

It’s wild to me that not a single article about “jaw dropping” associate raises and “salary wars” ever bothers to (a) do the inflation math, or even mention it, or (b) properly contextualize associate salaries in the broader environment of firm profitability.

There’s no doubt that associates in 2022 are doing pretty well, but inflation makes the current numbers look much less eye popping (first years in 2008 were better off, midlevels now are ahead) and is going to continue to quickly erode those momentary gains unless salary increases continue like this (which is never guaranteed).

Also, law firms generally are doing extremely well - when every new day brings another article with an AmLaw firm showing PEP up 10 to 50%, it should be expected that the worker bees see some benefit - isn’t that their Reaganomics in action?

I just can’t stand the tone of these articles.

I largely agree, and IMO the explanation is that outlets like American Lawyer, Law360, Bloomberg Law etc. churn out propaganda pieces that are intended to mirror back the views of the partners and GCs who have the final say on whether to subscribe or not. I have no idea what accounts for the stupefied tone of ATL “articles,” maybe just normal clickbait pressure…

Never chalk up to [trait of your choice] what can be explained by laziness. I would be shocked if the ATL editors spend more than an hour a day doing their "jobs." If they are, then they are astoundingly inefficient.

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

...?

[Anonymous User]

SRZ match, retro Jan 1

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

...?

Kellogg is not comparable to the firms on the Milbank/Cravath scale

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

...?

Kellogg is not comparable to the firms on the Milbank/Cravath scale

Kellogg associate spotted.

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

...?

Kellogg is not comparable to the firms on the Milbank/Cravath scale

Correct, at those firms more than 10% of the partners are women

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

Lol at the idea of your average law student knowing Kellogg exists

[Anonymous User]

Wow Kellogg Hansen raised 1st year to 255k - 6 year to 420k

1. Most Kellogg first years are the equivalent of a third year at a normal law firm, since they have to clerk and most clerk twice

2. Lol at the idea of your average law student being able to get an offer at Kellogg

Lol at the idea of your average law student knowing Kellogg exists

Hence why it’s not that relevant to mention their pay increase. They’re on a different scale with WLRK and the boutiques and Cravath isn’t increasing to match them.

[Anonymous User]

Gunderson rematched. The difference from our last match to the new match will be in the end end of March paycheck.

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

[BrowsingTLS]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

If I were Milbank's chairman, that's what I'd do just so it would be called the Milbank Scale. But I suppose if you are fuck you rich you don't care about such petty things.

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

If I were Milbank's chairman, that's what I'd do just so it would be called the Milbank Scale. But I suppose if you are fuck you rich you don't care about such petty things.

That's all they have left to care about

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

If I were Milbank's chairman, that's what I'd do just so it would be called the Milbank Scale. But I suppose if you are fuck you rich you don't care about such petty things.

That's all they have left to care about

Then they would have to raise their juniors' billing rates accordingly. Who would want to pay so much for juniors' work? It's all about finding the balance between the need to retain/attract the best talent and the need to maintain their profitability.

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

If I were Milbank's chairman, that's what I'd do just so it would be called the Milbank Scale. But I suppose if you are fuck you rich you don't care about such petty things.

That's all they have left to care about

Then they would have to raise their juniors' billing rates accordingly. Who would want to pay so much for juniors' work? It's all about finding the balance between the need to retain/attract the best talent and the need to maintain their profitability.

Why would they have to raise junior billing rates? Partner profits are at record highs. Just use the cash in the bank. It's an investment.

[Anonymous User]

Any news on Greenberg Traurig? A bunch of associate dinners by comp year were scheduled with managing shareholders in at least two offices that I know of, but only juniors have had that so far I think. Don't have high hopes given it's GT and all, but they did come out last year and make a big deal about matching the market scale in those offices where they weren't already...so would be hypocritical to now dodge market raises. But, that's Greenberg Traurig's thing (along with being cheap), really.

[Anonymous User]

What if Milbank screws this all up and raises juniors another 5k? Would be funny honestly.

It's not the screw up we deserve, but it's the screw up we want.

Pls do this Milbank. Thanks.

If I were Milbank's chairman, that's what I'd do just so it would be called the Milbank Scale. But I suppose if you are fuck you rich you don't care about such petty things.

That's all they have left to care about

Then they would have to raise their juniors' billing rates accordingly. Who would want to pay so much for juniors' work? It's all about finding the balance between the need to retain/attract the best talent and the need to maintain their profitability.

Why would they have to raise junior billing rates? Partner profits are at record highs. Just use the cash in the bank. It's an investment.

That's not how it works. Everytime they raise salary, they raise rates. That's how it's always been.

[Anonymous User]

It would be such a chad move if Milbank waited a month and raised again.

[Anonymous User]

It's pretty funny that biglaw associates are the only professional class that don't see a recession coming very soon.

[nahumya]

It's pretty funny that biglaw associates are the only professional class that don't see a recession coming very soon.

What does this speculation have to do with comp?

[Anonymous User]

It's pretty funny that biglaw associates are the only professional class that don't see a recession coming very soon.

How is there possibly a recession? There is a huge labor shortage in this country

[Anonymous User]

It's pretty funny that biglaw associates are the only professional class that don't see a recession coming very soon.

Barring something truly extreme happening, there's still plenty of room for economic growth. Sectors of the economy haven't started to overheat. Maybe, MAYBE you get the perfect storm of fed raising interest rates as inflation skyrockets and oil prices continue spiking, but even then I don't see that repeating 2008.