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

[lhanvt13]

Weil matched

all offices?

[pancakes3]

Expect one of the Texas big 3 to match by the end of next week.

[/quote]

Ljl, MFH 180k is HOU 417k.

HOU to 500k by 2030.

[lhanvt13]

Expect one of the Texas big 3 to match by the end of next week.

Ljl, MFH 180k is HOU 417k.

HOU to 500k by 2030.[/quote]
we'll be replaced by AI at that time.

[Anonymous User]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

[Anonymous User]

Irell just matched

[Anonymous User]

Weil matched

all offices?

I think so. The e-mail says "All U.S. Associates"

[Anonymous User]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

[Anonymous User]

How dumb do partners think clients are? The idea that high billing rates are a product of high associate salaries is as dumb as thinking that baseball tickets would be cheaper if only the players made less.

Eh, salaries are the major expense for law firms, and partner profit literally = (all income) - (all expenses), so they're not exactly unrelated.

But yeah firms aren't just going to be able to raise rates and peg it to increased associate salaries. I mean, they'll try, but there will be pushback on realization that will mostly or completely negate the rate changes.

They've been raising rates for a while. I'm C/O 2013 and I'm billing out at around $700/hr. A decade ago, it would have been sub-$500.

"Standard Rates" have been raising but actually billed rates have risen WAY lower and collection rates have dropped. See this report on the Legal Market for more info (pgs. 5-6)

All things taken together, actual rate growth is somewhere around 1.5%

I'd say 95% of the time, the entire $700/hr is billed out and collected from the client. I often send invoices to the client and work with our billing dept to make sure everything's squared away, so I'm not out of the loop on this. But I'll concede this may vary by firm, client, etc.

[Anonymous User]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

http://www.americanlawyer.com/id=120275 ... &curpage=1


"Source familiar with the firm" is super nebulous though...

[MKC]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

http://www.americanlawyer.com/id=120275 ... &curpage=1


"Source familiar with the firm" is super nebulous though...

"UPS guy"

[anon919]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

http://www.americanlawyer.com/id=120275 ... &curpage=1


"Source familiar with the firm" is super nebulous though...

"UPS guy"

TITCR.

[Anonymous User]

Irell just matched

source?

anyone heard from MTO or any other LA firms?

[NakedPowerOrgan]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

http://www.americanlawyer.com/id=120275 ... &curpage=1


"Source familiar with the firm" is super nebulous though...

Doesn't exactly take a genius, though, to say that Kirkland is expected to match the new market scale.

[imalreadyamember?]

American Lawyer:
"Kirkland & Ellis is also expected to match Cravath’s new pay scale in all of its offices, said a source familiar with the firm. Kirkland itself has not officially yet commented on the matter."

Link? Couldn't find on Google...

http://www.americanlawyer.com/id=120275 ... &curpage=1


"Source familiar with the firm" is super nebulous though...

Doesn't exactly take a genius, though, to say that Kirkland is expected to match the new market scale.

This just in: Kirkland willingly allows a V40 to slap its dick against Kirkland's face while refusing to match market when said V40 did so in under 24 hours. When reached for comment, Kirkland said "we just didn't have the stones, and Milbank did. Sorry, all. We're closing down and becoming middle school shop teachers."

[Anonymous User]

Irell just matched

source?

anyone heard from MTO or any other LA firms?

And where are the SV firms?

[Desert Fox]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

[Anonymous User]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

Jones Day is probably loving their black box system right about now.

[Anonymous User]

Irell just matched

source?

anyone heard from MTO or any other LA firms?

anonymous user

[Br3v]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

*Deletes "[Joke insinuating un-prestige] dla piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc." from iPhone Notes.*

[smaug]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

My money is on Sidley to lead the way.

[lonerider]

I thought someone would post that. They did that after they axed their summer class to save money... They needed a way to build classes after that. They're still saving money. They also require billing 10 hrs to take a taxi home. Doesn't matter if you did pro bono from 8 til noon and then got slammed at 1 and worked non-stop until 10:30pm. You're SOL.

Wouldn't axing their summer program--and the need to build classes--provide some motivation for them to beat Cravath? I'm not saying it will happen, but unless they are content to hire almost exclusively clerks, a slightly higher salary could be a way to build classes. Comparing forms of comp is more relevant than comparing seamless or taxis.

2 points:1. Quinn's PPP is down 10% from last year. 2. Paying higher than market is a great recruiting tool, except that the only way to do that is if you're a boutique. Because once a big firm pays above market then that becomes market. So no recruiting advantage.

1. Quinn's PPP are sufficiently high to beat market, regardless of recent performance.
2. Setting higher than market comp does not necessarily mean that will become the market. Quinn's clerkship bonus has been matched by some firms but does not appear to be "market" yet. Also, Quinn certainly has the PPP to beat market if they want. Moreover, after getting rid of their summer program, they have however much (~$30k at least) saved by not having the candidate summer with the firm. So all else equal, they have at least some more flexibility to spend a little more money. Simply, at some point, not every firm is going to be able to match.

Again, not saying it will happen, but certainly not out of the realm of possibility.

Quinn pays $25k above market for clerkship bonuses. If those people had summered at Quinn, they would be pocketing more than $30k instead, and at a much lower tax rate. No one will match Quinn's clerkship bonus because they are on the whole saving money.

[imalreadyamember?]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

*Deletes "[Joke insinuating un-prestige] DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc." from iPhone Notes.*

*Slowly and silently unzips pants*

[Mack.Hambleton]

We need some unprestigious nationwide firm to do it all markets for this to be totally over. DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc.

*Deletes "[Joke insinuating un-prestige] DLA Piper, Goodwin, Cooley, Paul Hastings, Sidely, Mayer Brown, Jones Day, Winston, etc." from iPhone Notes.*

*Slowly and silently unzips pants*

*unzips dick*

[Actus Reus]

The silence from Skadden DPW and STB is interesting

[Desert Fox]

The silence from Skadden DPW and STB is interesting

Nah, of course they will match. It's all about dat generic V50 action right now.