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

[Anonymous User]

Wonder if WH regrets going full lockstep now (see: http://abovethelaw.com/2016/01/associat ... -overhaul/)? Probably for the best but if they have to match this is a bigger hit.

[Monochromatic Oeuvre]

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?

They were paying $160k in NYC since 2007, but may not have paid market for midlevels (and sure as shit weren't paying market bonuses). They've also bled PPP; I think they were over $1M at some point but are apparently down to $780k. So it makes sense that they'd eventually have to cry uncle; but LOL at broadcasting your failure to compete like that. Shit, it's okay if you can't bench two plates, but I wouldn't announce it to the whole locker room.

[arklaw13]

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.

Nalp says 2/76 got no offers

[Anonymous User]

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

Winston is matching all offices.

[Anonymous User]

No offering 1 or 2 associates is fairly common in DC. See Gibson, Latham, etc.

[Br3v]

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.

I don't know that they do.

They are consciously taking a gamble though, for sure. That gamble being that they have enough influence over the other DC firms to halt them from moving, rather than those firms seeing it as as opportunity to jump Covington for talent. In which case, Covington took a hit for being cheap and will have to pay anyways. Even if you are a client, and you would see a small increase in fees (rather than the partners taking the hit), if you are looking at firms at this level/price do you really want to go to what would now be seen as a second tier firm to save a few dollars?

[Anonymous User]

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

Winston is matching all offices.

Think Kirkland + Winston means that Sidley, Jenner, et al. are a done deal?

[Anonymous User]

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

Winston is matching all offices.

Aww Yeah! The rest of the market paying Charlotte offices now have to match. Right?

[Anonymous User]

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

Winston is matching all offices.

Think Kirkland + Winston means that Sidley, Jenner, et al. are a done deal?

I do. Looks like Chicago will be 180k.

[Anonymous User]

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

Winston is matching all offices.

If Winston officially moves before KE/Sidley or any of the other Chicago firms it deserves credit. We can finally forgive it for the no offers a few year ago.

Covingttton on the other hand, whether they eventually move to 180 or not, is pure shit. I would be so pissed if I was an associate there.

Edit: I mean waiting around and hoping to not have to match is one thing, but actively trying to lead the charge for not matching.... Jesus.

[Desert Fox]

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.

I don't know that they do.

They are consciously taking a gamble though, for sure. That gamble being that they have enough influence over the other DC firms to halt them from moving, rather than those firms seeing it as as opportunity to jump Covington for talent. In which case, Covington took a hit for being cheap and will have to pay anyways. Even if you are a client, and you would see a small increase in fees (rather than the partners taking the hit), if you are looking at firms at this level/price do you really want to go to what would now be seen as a second tier firm to save a few dollars?

If everyone moves so will they. There won't be a penalty for it if they match quickly.

[sundance95]

Quinn moving = LA and SF moving to 180K, right? RIGHT?!

[mushybrain]

Quinn moving = LA and SF moving to 180K, right? RIGHT?!

I sure hope so. Promising for sure.

[Anonymous User]

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

Winston is matching all offices.

Wow, that was not my guess for first Chicago mover but that certainly forces hands.

[Anonymous User]

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

Winston and Strawn to 180k. All offices. Chicago to 180

edit: scooped

[Anonymous User]

Winston moved in all offices and Covington did not. I would never have predicted that.

Also, congrats Chicago.

[mushybrain]

Excellent. More pressure on CA and more pressure on the lower Vault ranks.

[TripTrip]

Wow, did not expect Winston so quickly.

No way the rest of Chi stays at 160 with Winston up.

[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 160 180--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.

I don't know that they do.

They are consciously taking a gamble though, for sure. That gamble being that they have enough influence over the other DC firms to halt them from moving, rather than those firms seeing it as as opportunity to jump Covington for talent. In which case, Covington took a hit for being cheap and will have to pay anyways. Even if you are a client, and you would see a small increase in fees (rather than the partners taking the hit), if you are looking at firms at this level/price do you really want to go to what would now be seen as a second tier firm to save a few dollars?

If everyone moves so will they. There won't be a penalty for it if they match quickly.

Yeah, I think some people are massively overstating how closely clients follow the law firm salary raising process.

If all of the big firms in DC go to 180, so will Covington. But if it's just the 50-60 people outposts, like right now, who really cares.

[monsterman]

Man, 180k in Charlotte is insane. WHAT HAVE I DONE

[Br3v]

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.

I don't know that they do.

They are consciously taking a gamble though, for sure. That gamble being that they have enough influence over the other DC firms to halt them from moving, rather than those firms seeing it as as opportunity to jump Covington for talent. In which case, Covington took a hit for being cheap and will have to pay anyways. Even if you are a client, and you would see a small increase in fees (rather than the partners taking the hit), if you are looking at firms at this level/price do you really want to go to what would now be seen as a second tier firm to save a few dollars?

If everyone moves so will they. There won't be a penalty for it if they match quickly.

You think this is just a hardline way of them being able to tell clients that their hand was forced?

[5ky]

Winston moved in all offices and Covington did not. I would never have predicted that.

Also, congrats Chicago.

eh, just look at the PPP list, Winston is well ahead of Covington. Covington is a well regarded DC firm, but DC is just so much less profitable than other places.

[Br3v]

Yeah, I think some people are massively overstating how closely clients follow the law firm salary raising process.

If all of the big firms in DC go to 180, so will Covington. But if it's just the 50-60 people outposts, like right now, who really cares.

The hundreds of associates at those non-outposts making 20K under market.

[Anonymous User]

Skadden matching all offices confirmed. Executive partner just announced verbally in-person in CA.

[Desert Fox]

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.

I don't know that they do.

They are consciously taking a gamble though, for sure. That gamble being that they have enough influence over the other DC firms to halt them from moving, rather than those firms seeing it as as opportunity to jump Covington for talent. In which case, Covington took a hit for being cheap and will have to pay anyways. Even if you are a client, and you would see a small increase in fees (rather than the partners taking the hit), if you are looking at firms at this level/price do you really want to go to what would now be seen as a second tier firm to save a few dollars?

If everyone moves so will they. There won't be a penalty for it if they match quickly.

You think this is just a hardline way of them being able to tell clients that their hand was forced?

No I think they were trying to SET the DC market at 160k. But if that fails, worst case they just pay the new market. Nobody will turn down Convington because they tried and failed to prevent the raise.

It sort of looks bad, but Convington is know to be cheap as fuck already.