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

[Actus Reus]

Don't changes in associate compensation have to be approved by partner vote? The largest firms with many international offices (e.g., Skadden, Latham, Cleary) may take longer to respond as a result.

Some firms may also wait for STB and DPW to match before being caught having to revise twice. Note that the the Paul, Weiss memo also explicitly stated that the firm would pay top of the market, meaning that they are open to revising higher if necessary.

Also, any thoughts on when Magic Circle will increase comp for US qualified associates in New York and London?

my friend at cleary said this is the hold up there and she expects a match soon

A friend of mine at Cleary said the same. Maybe it's the same person.

Separately, I heard rumblings that DPW just going through the motions for the same reason. Essentially match but don't want to look bad for being jumped.

[Anonymous User]

any predictions on SF / SV first mover?

I would vote Gunderson. Sounds a bit odd b/c they aren't as big as WSGR, Fenwick or Cooley, but they have been market setters before for comp, so I wouldn't be surprised if they do it again. Could also be any of those other three though. I doubt MoFo or Orrick beat the SV firms to the punch.

I am a mid-level at one of those firms. I think of one does it, the rest will.

I would be surprised if gunderson moves first. Not to be a hater but it aint 1999.

Same mid-level as above. My vote is on WSGR.

[plurilingue]

Don't changes in associate compensation have to be approved by partner vote? The largest firms with many international offices (e.g., Skadden, Latham, Cleary) may take longer to respond as a result.

Some firms may also wait for STB and DPW to match before being caught having to revise twice. Note that the the Paul, Weiss memo also explicitly stated that the firm would pay top of the market, meaning that they are open to revising higher if necessary.

Also, any thoughts on when Magic Circle will increase comp for US qualified associates in New York and London?

my friend at cleary said this is the hold up there and she expects a match soon

A friend of mine at Cleary said the same. Maybe it's the same person.

Separately, I heard rumblings that DPW just going through the motions for the same reason. Essentially match but don't want to look bad for being jumped.

If this is true, then it's all down to STB to raise to $190k.

Would love to see this happen.

[trebekismyhero]

My money is on Sidley to lead the way.

My money is on Sidley freezing all class advances

Hah. If they move, it won't be before KE.

But if KE moves, Sidley almost has to as well, right?

I think so, if only for optics/morale. They are slow/reactive with bonus releases though, so I doubt there's any word this week.

In CHI, my guess is KE any minute, Skadden/Latham matching nationally later this week, then Sidley next week at the earlier (+ MB, JD, whoever else).

Agreed. I think for Chicago it all is about what Sidley does. If Sidley matches then Winston, Jenner and MB have no choice but to match. If not, the other Chicago firms might hold off for awhile. For those in Chicago let's hope Sidley moves

[Anonymous User]

How much do we think Morgan Lewis will drag its feet?

[Anonymous User]

DPW partners meetings are Thursdays, most here assume it's a quorum issue. We were a couple days late to match bonuses this year too for presumably the same reason.

Would be absolutely stunned if anything other than a match given the high leverage ratio even amongst peer firms as it would disproportionately hurt the DPW partnership to move higher.

[Anonymous User]

PW is upping summers for july, per memo just now

[mvp99]

PW is upping summers for july, per memo just now

they will change it again when STB goes 190k

[Anonymous User]

From the other thread:
"Latham [Office] [M]anaging [P]artner announced today at a meeting with ummer [A]ssociates in a West Coast office that a new compensation scheme will be announced within the next 72 hours."

[WestOfTheRest]

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.

Proven wrong.

[Monochromatic Oeuvre]

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.*

175

[WestOfTheRest]

I must say, I'm ashamed of everyone in this thread. What happened to the dream? You know the one. It was supposed to be painted in the sky--NY to 190. This is a sham, a ruse, a sleight of hand. Stay strong TLS. None of Cravath's peer firms have matched yet. Hope remains strong!

[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.

Proven wrong.

happily admit wrong on some issues. still not wrong about the DLAs, Jones Days and Paul Hastings though, which was where most of my work was.

[Anonymous User]

Paul, Weiss just matched for summers!!!!!

Edit: Scooped. Too excited to read the thread first.

[WestOfTheRest]

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.

Proven wrong.

happily admit wrong on some issues. still not wrong about the DLAs, Jones Days and Paul Hastings though, which was where most of my work was.

Just giving you a hard time for the hard time you give everyone else. Glad you were wrong about the rest of the market too.

[MCFC]

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.*

175

Below market. Ouch.

[dwyf]

I've been drinking since the news first broke so my memory is even worse than usual. Can someone remind me the origins of the cheese plate meme?

[wiz]

I've been drinking since the news first broke so my memory is even worse than usual. Can someone remind me the origins of the cheese plate meme?

http://abovethelaw.com/2015/11/associat ... igibility/

[bern victim]

* Everyone in the room was awestruck and was taken aback by the announcement. Afterward they had a reception where all associates had to share one plate of cheese. It was humiliating. Everyone was openly shocked by the new hours made it WORSE for compensation at Skadden.

it's the "it was humiliating" that kills me every time

[Anonymous User]

From the other thread:
"Latham [Office] [M]anaging [P]artner announced today at a meeting with ummer [A]ssociates in a West Coast office that a new compensation scheme will be announced within the next 72 hours."

Bracketed by someone without all the info - Latham global managing partner announced this in SD town hall meeting

[Anonymous User]

From the other thread:
"Latham [Office] [M]anaging [P]artner announced today at a meeting with ummer [A]ssociates in a West Coast office that a new compensation scheme will be announced within the next 72 hours."

Bracketed by someone without all the info - Latham global managing partner announced this in SD town hall meeting

Those Del Mar digs are NICE!

[Anonymous User]

Weil has offices in Texas and SV and matched for all offices. Go pressure go!

[Serett]

Has K&L Gates gone to 180 offices yet?

[mvp99]

Has K&L Gates gone to 180 offices yet?

only 45 for now

[Anonymous User]

Brad Karp sent out an email to all Paul Weiss associates stating that the firm is raising summer salaries to $3.5K starting July 1.