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

[bern victim]

which brings me back to a common talking point i oft employ:

fuck this shitty profession

Serves us right for not being talented, intelligent, innovative, or comfortable with risk. And double serves you right if you're any of those things and still chose law.

yup

[TLSModBot]

In positive news, our poll works! I can say with scientific certainty that Weil and Cleary were among the first firms to match Cravath as a direct result of being the bottom two vote-getters in our poll, which lit some fire under their asses. Paul Comma Weiss was the first listed firm to match and also was among the lowest vote-getters.

With that said, I'm taking suggestions for a new poll question. What will happen to DC? How many Fortune 500 clients will now flock IN DROVES to Covington? How many children and stepchildren's love will Cov partners now be able to buy with all that money?

Meanwhile, Scott Edelman was FURIOUS that Milbank wasn't even on the poll, prompting him to race to be the first big firm to match.

White & Case partners frantically meeting to figure out how to top the market

[Anonymous User]

I think the people who responded to the poll actually responded to the question, "Who is most likely to beat Cravath and get us to $190k?"

[Big Shrimpin]

which brings me back to a common talking point i oft employ:

fuck this shitty profession

Serves us right for not being talented, intelligent, innovative, or comfortable with risk. And double serves you right if you're any of those things and still chose law.

none of those

i, as did you all, fucked up

(jk actually enjoy my practice but this industry is terrible, generally)

[Anonymous User]

I've received 3 unsolicited, "Hope your summer and bar prep are going well" emails from partners today. Saved in Drafts: "You better not be trying to butter me up just to tell me you're not matching!!"

NY office of Non-NY based V50.

[Monochromatic Oeuvre]

outed as never having participated in major settlement negotiations

the first thing on the agenda is always a comparative accounting of the skill level of each side's respective attorneys

Yes, Mr. Johnson, you seem to have really really good facts and a sympathetic client. And this jurisdiction is certainly known for plaintiff-friendly verdicts. But don't forget that Mr. Simms is AV rated, went to Harvard Law School, and was on the school's moot court team.

(Non-Super Lawyer Rising Star)

not flame, I saw a Kelley Drye partner bragging about this on LinkedIn this very morning.

LOL

Kelley Drye's seppuku might be my favorite part of all this so far.

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

[Big Shrimpin]

hot fire brah

[LaLiLuLeLo]

outed as never having participated in major settlement negotiations

the first thing on the agenda is always a comparative accounting of the skill level of each side's respective attorneys

Yes, Mr. Johnson, you seem to have really really good facts and a sympathetic client. And this jurisdiction is certainly known for plaintiff-friendly verdicts. But don't forget that Mr. Simms is AV rated, went to Harvard Law School, and was on the school's moot court team.

(Non-Super Lawyer Rising Star)

not flame, I saw a Kelley Drye partner bragging about this on LinkedIn this very morning.

LOL

Kelley Drye's seppuku might be my favorite part of all this so far.

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

You misspelled CovingTTTon.

[UnicornHunter]

^^^(DELG poast on last page)

exactly

id venture a guess that upwards of 75% of partners don't give a dry fuck about associate compensation other than that it cuts into their 2nd/3rd home fund

many here will be the same way if/when making partner

that's how the business works

For example, nobody here really gives a shit about paralegal/secretary/hr/etc pay.

[TLSModBot]

outed as never having participated in major settlement negotiations

the first thing on the agenda is always a comparative accounting of the skill level of each side's respective attorneys

Yes, Mr. Johnson, you seem to have really really good facts and a sympathetic client. And this jurisdiction is certainly known for plaintiff-friendly verdicts. But don't forget that Mr. Simms is AV rated, went to Harvard Law School, and was on the school's moot court team.

(Non-Super Lawyer Rising Star)

not flame, I saw a Kelley Drye partner bragging about this on LinkedIn this very morning.

LOL

Kelley Drye's seppuku might be my favorite part of all this so far.

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

I'm so excited - I predicted exactly this in that shitty research paper that's had me neck-deep in the AmLaw data for the past 6 months. We're probably going to see a LOT more firms fold and give up trying to keep up with the top dogs this time around, and some are coming up early to announce that they won't be able or willing to make the 180 jump (note: CovingTTTon is not in this group - they'll pony up sooner or later).

[Monochromatic Oeuvre]

LOL

Kelley Drye's seppuku might be my favorite part of all this so far.

“With [Monday’s] announcement some big law firms demonstrate that they do not listen to what their clients have been saying over the past decade about the price of legal services,” said Kelley Drye & Warren chair James Carr, who assumed leadership of his firm last year. “While we continue to monitor the compensation market, in our view, sophisticated purchasers realize that they can obtain equal or better legal services at Kelley Drye for a fraction of the cost.”

"We are a complete decrepit TTT crackhouse," said Kelley Drye & Warren "chair" James Carr, who assumed "leadership" of his "firm" and role as this millenium's Romulus Augustulus last year. "“While we continue to monitor the compensation market, in our view, you're better off checking the temperature of the roasted turkey at Sylvia Plath's house than coming to this homeless bridge ghetto barrel fire we slapped an LLP on."

You misspelled CovingTTTon.

CovingTTTon to DC associates

[Anonymous User]

So who remembers what happened with Covington and Hogan back in 2007? I don't recall. Did Covington resist going to 160 then as well? How long did it take for them to submit to market pressure?

[dixiecupdrinking]

^^^(DELG poast on last page)

exactly

id venture a guess that upwards of 75% of partners don't give a dry fuck about associate compensation other than that it cuts into their 2nd/3rd home fund

many here will be the same way if/when making partner

that's how the business works

For example, nobody here really gives a shit about paralegal/secretary/hr/etc pay.

I literally have no idea what they make and suspect they would piss in our coffee if they overheard associates complaining about pay.

[rpupkin]

So who remembers what happened with Covington and Hogan back in 2007? I don't recall. Did Covington resist going to 160 then as well? How long did it take for them to submit to market pressure?

What's notable here isn't that Covington is resisting going to 160 180--they've been a relatively cheap firm for a long time--it's that they went of their way to take the lead on not raising salaries. They're hoping that their announcement will halt the momentum of other firms rushing to raise salaries to $180K in DC, California, and Chicago. They know what they're doing.

[Monochromatic Oeuvre]

I'm so excited - I predicted exactly this in that shitty research paper that's had me neck-deep in the AmLaw data for the past 6 months. We're probably going to see a LOT more firms fold and give up trying to keep up with the top dogs this time around, and some are coming up early to announce that they won't be able or willing to make the 180 jump (note: CovingTTTon is not in this group - they'll pony up sooner or later).

We already sort of knew who it was gonna be based on who didn't match DPW bonuses in 2014, minus maybe a few members who will feel compelled to match because not having a market base salary is a bit more embarrassing than not having market bonuses (even if they're below market for midlevels and seniors or some other TTT shit). They're the ones who had scarlet letters on the bidlists at any school worth its shit.

But I honestly expected them to hide in the corner like frightened antelopes while the big boys of the Serengeti all roared. Seeing them come out with tremendous pride in their ketchup-sandwich level of poverty has been 180.

[TLSModBot]

So who remembers what happened with Covington and Hogan back in 2007? I don't recall. Did Covington resist going to 160 then as well? How long did it take for them to submit to market pressure?

Simpson released their move to 160 on 1/22/2007. Hogan moved quickly to quash it spreading to DC; on 1/25/07 Hogan announced NY only would go to 160 and DC would be "raised" to 145. Covington followed suit on 1/29/07 and WH did so on 1/31.

Later, around May 2nd 2007, mounting pressure saw California firms move to 160 for their offices, and with it DC offices starting going to 160 en masse. Covington STILL waited til the end of May until finally going with the flow.

[Anonymous User]

The Kelley Drye thing makes even less sense though since afaik they don't pay market (I believe 1st years start at 145k). So why bother chest thumping about not following cravath et al?

[Anonymous User]

^^^(DELG poast on last page)

exactly

id venture a guess that upwards of 75% of partners don't give a dry fuck about associate compensation other than that it cuts into their 2nd/3rd home fund

many here will be the same way if/when making partner

that's how the business works

For example, nobody here really gives a shit about paralegal/secretary/hr/etc pay.

I literally have no idea what they make and suspect they would piss in our coffee if they overheard associates complaining about pay.

Some secretaries at my firm have been around 30 years, make six figures, and work about four hours a day with a two hour lunch. I may be the one doing the Keurination.

[Anonymous User]

Covington shamelessly laying on the third rails of recruiting -- no-offering people this summer and not matching market. They're only going to get the most desperate SAs now.

[Anonymous User]

So who remembers what happened with Covington and Hogan back in 2007? I don't recall. Did Covington resist going to 160 then as well? How long did it take for them to submit to market pressure?

What's notable here isn't that Covington is resisting going to 160--they've been a relatively cheap firm for a long time--it's that they went of their way to take the lead on not raising salaries. They're hoping that their announcement will halt the momentum of other firms rushing to raise salaries to $180K in DC, California, and Chicago. They know what they're doing.

But didn't they try doing this in 2007 as well? I seem to recall someone saying that Covington and Hogan tried to essentially keep the DC market from matching the new 160k scale back then, but ultimately failed and ending up matching several months later.

[Anonymous User]

Covington shamelessly laying on the third rails of recruiting -- no-offering people this summer and not matching market. They're only going to get the most desperate SAs now.

CovingTTTon SafeTTTrack - DC Summer 2016

[Actus Reus]

Covington shamelessly laying on the third rails of recruiting -- no-offering people this summer and not matching market. They're only going to get the most desperate SAs now.

Covington is no-offering people?

[Anonymous User]

Covington shamelessly laying on the third rails of recruiting -- no-offering people this summer and not matching market. They're only going to get the most desperate SAs now.

Covington is no-offering people?

Every summer associate at last night's event who said the words "Paul Weiss" was immediately canned for not being a team player.

[Anonymous User]

Covington shamelessly laying on the third rails of recruiting -- no-offering people this summer and not matching market. They're only going to get the most desperate SAs now.

Covington is no-offering people?

Word is three summers got no-offed last summer.

[splitmuch]

On the bright side with QE matching in all offices, the salary raise has now spread to Chicago.