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

[Anonymous User]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

[Anonymous User]

When will Jones Day join the party. #anxious associate

[LaLiLuLeLo]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

I find it interesting that a national market for salaries emerged. This may be the only industry where nobody gives a shit about cost of living. I'm not complaining, but an associate in Texas is living a far, far better life than an associate in New York City.

[Anonymous User]

When will Jones Day join the party. #anxious associate

Anxious incoming associate here as well. Non nyc

[androstan]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

I find it interesting that a national market for salaries emerged. This may be the only industry where nobody gives a shit about cost of living. I'm not complaining, but an associate in Texas is living a far, far better life than an associate in New York City.

Are you sure about that? Have you taken into account that they live in Texas?

[UnicornHunter]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving certain associate at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

Good use of anon.

Responding substantively, I think this is true w/r/t major markets, broadly defined. I don't think a firm can get away with one pay level in NY and one in Chi/SF/SV/DC etc...

I think it's a bit of a closer call for true minor markets (Minny/Charlotte/Miami/seattle tho I'm not sure why/Portland etc..)

Probably a meaningless point though, because not many market paying firms have offices outside major areas. I think markets like philly and Delaware will be the most interesting to watch.

[Actus Reus]

Big law firms don't collude on salaries no sir no implicit or tacit collision here

[h2go]

When will Jones Day join the party. #anxious associate

Anxious incoming associate here as well. Non nyc

2018 probably.

[Anonymous User]

Re the minor markets, MLB has Pittsburgh and Miami at 145k.

[LaLiLuLeLo]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

I find it interesting that a national market for salaries emerged. This may be the only industry where nobody gives a shit about cost of living. I'm not complaining, but an associate in Texas is living a far, far better life than an associate in New York City.

Are you sure about that? Have you taken into account that they live in Texas?

Well obviously. That's why I don't live in Texas.

[splitmuch]

Big law firms don't collude on salaries no sir no implicit or tacit collision here

Tbf this smacks more of an efficient market than collusion.

[Anonymous User]

When will the big Boston firms do something?

Boston, unlike DC, is still very dominated by the traditional big firms there. I can't imagine Ropes not going to 180 at some point, but they're not going to feel the pressure like firms in other markets.

I'd expect Ropes to go pretty soon, maybe not immediately, but soon. Ropes definitely doesn't feel market pressure in Boston, but they do compete with a lot of NYC firms for talent and the NYC office is getting pretty big. If they want to get kids thinking NYC to the Boston HQ, they need to raise. Plus, they probably won't raise NYC and not Boston (but then again I guess Covington raised NYC and not DC, so who the heck knows).

[SemperLegal]

Where's that famous lawyerly inferiority complex when you need it? Prestigious partners pay prestigiously.

[jbagelboy]

Big law firms don't collude on salaries no sir no implicit or tacit collision here

Tbf this smacks more of an efficient market than collusion.

Is john quinn on tls?

[jbagelboy]

But for real, this is about to get really embarassing for covington until they move.

[soj]

.

[imalreadyamember?]

Big law firms don't collude on salaries no sir no implicit or tacit collision here

Tbf this smacks more of an efficient market than collusion.

"smacks"

[Anonymous User]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

I find it interesting that a national market for salaries emerged. This may be the only industry where nobody gives a shit about cost of living. I'm not complaining, but an associate in Texas is living a far, far better life than an associate in New York City.

Are you sure about that? Have you taken into account that they live in Texas?

Well obviously. That's why I don't live in Texas.

I'd be offended, but I'm just too busy counting my money.

[imalreadyamember?]

congratulations, cov dc first years! the skadden slapper summer associate will be out-earning you as of july 1.

Even better, Covington DC second-years are being outearned too!

[abitaman6363]

Main lesson here is that there is one national market for Biglaw salaries. Anyone at a big firm has worked with colleagues in other offices, and likely does so with regularity. It's no longer feasible to maintain salary disparities within a firm without leaving associates at disfavoured offices livid. It's toxic for the firm culture.

Covington DC will have no choice but to match by the end of the week.

I find it interesting that a national market for salaries emerged. This may be the only industry where nobody gives a shit about cost of living. I'm not complaining, but an associate in Texas is living a far, far better life than an associate in New York City.

Are you sure about that? Have you taken into account that they live in Texas?

Well obviously. That's why I don't live in Texas.

Maybe the TX associates can take the additional money saved on their $1000 rent (vs. your $3000 rent) and come up their and visit the city and buy you lunch. NYC is great! My friends up there billing 2900 hours say it looks amazing from their office windows.

[Anonymous User]

CHI:
QE
Winston
Skadden
KE

TBD: Latham, Sidley, JD, MB

[Anonymous User]

The longer Covington takes to match for all offices, the more they hurt their reputation with rising 2Ls at OCI. I would never work for a firm that didn't take compensating at the top of the market as a serious commitment, and I don't know why anyone else would either.

[Anonymous User]

Sullivan and Cromwell just sent a firmwide email announcing the match.

Not completely true. No word on foreign offices.

[Anonymous User]

The longer Covington takes to match for all offices, the more they hurt their reputation with rising 2Ls at OCI. I would never work for a firm that didn't take compensating at the top of the market as a serious commitment, and I don't know why anyone else would either.

lolz

[Anonymous User]

There would be some irony in Covington first-years heading to the "#1 Vault-ranked firm in DC" (as was mentioned to me multiple times by their recruiting coordinator during OCI) and riding Metro with Skadden, Kirkland, Cleary, Weil, etc. summer associates who are earning more than them.