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

[Br3v]

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/

Wait Skadden's billable requirement is only 1800? Are there really people that are making NY base+bonuses and just billing 1800, or is that "target" just for show? The article made it seem like there were people skating by on 1600 hours at Skadden, which seems unlikely.

I can confirm that Skadden gave market bonuses to anyone who billed near 1600 prior to the bump to 1800 minimum. If you didn't bill 1600 once, you still got a market bonus, but were essentially put on probation. Miss 1600 again and you were politely shown the door.

This is patently false. At Skadden, if you hit 1450 by the end of November last year [2015] (pro-rated 1600 for the year), you got market bonus. (If you somehow hit 1600 by the end of December, full market bonus.) If you were reasonably close (but didn't hit this mark), you got half bonus. Now, Skadden associates have to hit 1650 (pro-rated 1800) by the end of November to get market this year [2016]. Most Skadden associates (especially in Corporate) made bonus last year (but not all.) but I'd say the majority of junior associates in Corporate (1st-3rd) years now bill anywhere in the range of 1600-2400 per year, with median around 1900-2000. Litigation associates probably consistently bill upward of 2000. Don't believe anyone is at risk of getting fired for missing bonus if practice group is slow.

As re: 180k, Skadden has not made any announcement. Strong possibility, a match will be announced via firm memo by end of week, and slimmer chance compensation (likely a match IMHO) will be addressed at next week's State of the Firm meeting.

Very elaborate use of parenthesis and brackets. Why did you opt to place the period inside the pair of parenthesis bolded above though?

[Anonymous User]

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/

Wait Skadden's billable requirement is only 1800? Are there really people that are making NY base+bonuses and just billing 1800, or is that "target" just for show? The article made it seem like there were people skating by on 1600 hours at Skadden, which seems unlikely.

I can confirm that Skadden gave market bonuses to anyone who billed near 1600 prior to the bump to 1800 minimum. If you didn't bill 1600 once, you still got a market bonus, but were essentially put on probation. Miss 1600 again and you were politely shown the door.

This is patently false. At Skadden, if you hit 1450 by the end of November last year [2015] (pro-rated 1600 for the year), you got market bonus. (If you somehow hit 1600 by the end of December, full market bonus.) If you were reasonably close (but didn't hit this mark), you got half bonus. Now, Skadden associates have to hit 1650 (pro-rated 1800) by the end of November to get market this year [2016]. Most Skadden associates (especially in Corporate) made bonus last year (but not all.) but I'd say the majority of junior associates in Corporate (1st-3rd) years now bill anywhere in the range of 1600-2400 per year, with median around 1900-2000. Litigation associates probably consistently bill upward of 2000. Don't believe anyone is at risk of getting fired for missing bonus if practice group is slow.

As re: 180k, Skadden has not made any announcement. Strong possibility, a match will be announced via firm memo by end of week, and slimmer chance compensation (likely a match IMHO) will be addressed at next week's State of the Firm meeting.

Very elaborate use of parenthesis and brackets. Why did you opt to place the period inside the pair of parenthesis bolded above though?

Error on my part — fingers crossed for a DPW/S&C/Skadden/STB match soon!

[Big Shrimpin]

i suddenly want to work at skadden

sounds like a UTOPIA

[PennBull]

"Goulston & Storrs to maybe $100K idk I've never heard of them" just isn't as catchy

[Anonymous User]

i suddenly want to work at skadden

sounds like a UTOPIA

I don't even work at Skadden, but I've been chewed out by enough Skadden partners to get a glimpse of dat Skadden-associate life. A true utopia.

[Yardbird]

Just realized pre-tax paychecks are going to be integers now:

$160K paid bimonthly was $6666.67 per paycheck.
$180K paid bimonthly is $7500 per paycheck.

[anonnymouse]

Just realized pre-tax paychecks are going to be integers now:

$160K paid bimonthly was $6666.67 per paycheck.
$180K paid bimonthly is $7500 per paycheck.

Makes dat 401k contribution a cool even 10%.

[Anonymous User]

everyone in this thread is nothing more than a walking vagina monologue. of course every biglaw firm is going to match. It's not a matter of if, but when. No firm is going to send a signal to the market that they are a 2T firm vis-a-vis its compensation. imagine the impact on OCI and lateral hiring. it starts at the top and slowly makes its way down market.

+1 to myself.

[Single-Malt-Liquor]

everyone in this thread is nothing more than a walking vagina monologue. of course every biglaw firm is going to match. It's not a matter of if, but when. No firm is going to send a signal to the market that they are a 2T firm vis-a-vis its compensation. imagine the impact on OCI and lateral hiring. it starts at the top and slowly makes its way down market.

+1 to myself.

Solid anon. +1 for substance. -180 for cowardice.

[dailygrind]

Nah, there are definitely some lower-end firms that won't match. And it wouldn't be insane if some firms don't match in secondary markets (though it's looking more and more like secondary markets will be treated the same as NYC).

[rpupkin]

i suddenly want to work at skadden

sounds like a UTOPIA

At huge NYC law firms, I have the sense that—if you don't care and/or you suck—it's pretty easy for junior associates to coast at 1,400-1,800 hours/yr for a couple of years before getting the talk.

[Anonymous User]

i suddenly want to work at skadden

sounds like a UTOPIA

At huge NYC law firms, I have the sense that—if you don't care and/or you suck—it's pretty easy for junior associates to coast at 1,400-1,800 hours/yr for a couple of years before getting the talk.

This true of any firm where junior associates remain unassigned it seems.

[Big Shrimpin]

i suddenly want to work at skadden

sounds like a UTOPIA

At huge NYC law firms, I have the sense that—if you don't care and/or you suck—it's pretty easy for junior associates to coast at 1,400-1,800 hours/yr for a couple of years before getting the talk.

i have spent time at mega-firms in mfh and this is probably true but no more than like 2 years

last year did a bit over 2000 but wasn't in "zone" until 4th qtr due to business at end of year (billed over 600 in oct-dec)

during 3rd quarter was not on "track" and was made known about it regularly by head partner of mfh lit group

[TripTrip]

Guys can we stop talking about billable hours and continue shit posting about $$$$ please?

[Big Shrimpin]

good call

hoap my firm matches

back when i went to LS in the late 00s i culd have never imagined such richez

[dwyf]

dlksjdf

[TLSModBot]

good call

hoap my firm matches

back when i went to LS in the late 00s i culd have never imagined such richez

God I can't even imagine what the payscale was back in, say, '08. Law firms surely wouldn't have just kept the same pay rates from 2007 all the way til now!

[Big Shrimpin]

good call

hoap my firm matches

back when i went to LS in the late 00s i culd have never imagined such richez

God I can't even imagine what the payscale was back in, say, '08. Law firms surely wouldn't have just kept the same pay rates from 2007 all the way til now!

for years i have given my vacations, my relationships and my hobbies for the dream that someday the partners would acknowledge and remedy our strife

today we celebrate this great victory

¡sí, se puede!

[Anonymous User]

Covington is planning to match for NY only

[Mack.Hambleton]

Covington is planning to match for NY only

DC BTFO

[mushybrain]

God damn it Covington don't you ruin this for me.

[Anonymous User]

i suddenly want to work at skadden

sounds like a UTOPIA

At huge NYC law firms, I have the sense that—if you don't care and/or you suck—it's pretty easy for junior associates to coast at 1,400-1,800 hours/yr for a couple of years before getting the talk.

This is true. I billed 1300ish year one at a v10 and got market bonus. Classmates billing 2400+ maybe got $5k more. I knew I wasn't trying to make my stand in life in biglaw so it made sense to work as little as possible while copping a good credential and stacking some cash. Made it 2 years and probably could have gone longer. Never really got a talk, just encouraged to proactively seek more work.

[smaug]

Saving my hoping and praying for the big firms that haven't announced yet. Carry us to 190.

[Anonymous User]

I can't believe that Covington wouldn't move its DC office up if there is even one firm moving in DC. DC firms realize that if they don't move up to $180, they make themselves look like a secondary market to NYC, right? Like it is insanity to me that DC firms wouldn't move.

[arklaw13]

Covington is planning to match for NY only

Thoughts on how this will affect national firms with DC offices (GDC, Latham, Kirkland, Sidley, etc.)? I can't imagine that Covington wouldn't match if those firms did.