NYC to 200k Forum

[mirodh]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

I'm assuming troll also... I think they jumped the shark on bonuses being up to 2x market... But hey, I sure hope I am wrong and this is for real.

[Anonymous User]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

If it's true, it's probably a cover for paying most people below market so that it averages out to less than a full match.

[Anonymous User]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

If it's true, it's probably a cover for paying most people below market so that it averages out to less than a full match.

Assumption is that no associates received over cravath bonus that weren’t in the Corp group. And those were only given to convince people not to go to Kirkland.

[Anonymous User]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

If it's true, it's probably a cover for paying most people below market so that it averages out to less than a full match.

Assumption is that no associates received over cravath bonus that weren’t in the Corp group. And those were only given to convince people not to go to Kirkland.

^Same anon at TK, or is this speculation?

[Anonymous User]

did Paul HasTTTings get confirmed yet?

So it's basically WilmerFail, Boies, K&S, and What da fuq is a Cadwalder left?

[Anonymous User]

Maybe a dumb question, but are these "special" summer bonuses yearly or a one-time deal? They way they're wording it sounds like a one-off bonus.

[Anonymous User]

the cheap firms are making sure they word it that way.

Simpson addressed it as a "summer bonus" i'm pretty sure. It completely depends what happens next year. Remember most of the market are basically sheep. I wouldn't count on it, but if it's another bumper year, who knows.

[Anonymous User]

Really interested to see how the remaining Texas firms like Locke, Gardere, Winstead, etc. handle this now that VE BB Akin all moved. The other regional or bigTex players have already been being poached by out of state firms opening up offices, it will be really tough for some of these places to retain the associates they really want to be the future of their firm if be they do not try to keep up, but at some if their PPP levels it won't be easy to absorb.

With OCI bids due just around the corner, I expect we will see pretty soon who wants to signal they are not going to let the out of state firms roll over them.

not a single one of the remaining TX firms you mentioned pay market for anyone outside of first-years (if that). So idk why this new move would make them move up much, if any, at all.

Gardere does pay market following their merger with/acquisition of by Foley & Lardner, but they may have compression at the top-end like they do in Milwaukee and Detroit. I'd assume they match the pre-bump levels in all TX offices but uncertain how Foley will handle with other TX firms making the move. May make it hard to retain some top associates if there is a huge pay difference.

[Anonymous User]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

If it's true, it's probably a cover for paying most people below market so that it averages out to less than a full match.

Assumption is that no associates received over cravath bonus that weren’t in the Corp group. And those were only given to convince people not to go to Kirkland.

^Same anon at TK, or is this speculation?

Different anon in Dallas not at TK: TK and Weil are the firms targeted by Kirkland for the new Dallas office.

[Anonymous User]

Maybe a dumb question, but are these "special" summer bonuses yearly or a one-time deal? They way they're wording it sounds like a one-off bonus.

Definitely a dumb question.

[Anonymous User]

Individualized summer bonuses ranging from 0-2x Cravath (topping out at 45k).

This has to be a troll. Really? A small TX firm with PPP<$1mil topping the Cravath/STB summer bonuses? Some kids tried faking a Cov match and were wildly more successful than you.

If it's true, it's probably a cover for paying most people below market so that it averages out to less than a full match.

Assumption is that no associates received over cravath bonus that weren’t in the Corp group. And those were only given to convince people not to go to Kirkland.

^Same anon at TK, or is this speculation?

Different anon in Dallas not at TK: TK and Weil are the firms targeted by Kirkland for the new Dallas office.

Another anon in Dallas: in addition to TK and Weil, word is that certain people at V&E and Sidley have also been approached. But it is looking like the bulk of the office will be TK. Thus far, I believe the only firm commitments are from Weil plus a former TK tax guy who was already announced as part of the Houston office for now.

[Anonymous User]

Maybe a dumb question, but are these "special" summer bonuses yearly or a one-time deal? They way they're wording it sounds like a one-off bonus.

Definitely a dumb question.

So, they're a one time deal?

[Anonymous User]

So, they're a one time deal?

ask cravath et al. in 11 months time.

[Anonymous User]

So, they're a one time deal?

ask cravath et al. in 11 months time.

Y'all talking about next year's bonus and I still haven't gotten one this year...

[Anonymous User]

One time deal for sure. Count on it. This was more so a true up for the beginning part of the year.

[Anonymous User]

https://abovethelaw.com/2018/06/the-rai ... yesterday/

lol ATL saw our criticism of them not releasing the PH news, and blamed it on Kennedy...

[Anonymous User]

ATL writers BURNING THE MIDNIGHT OIL covering the Kennedy retirement don’t have time to do the one thing everyone checks their site for in the first place.

[NakedPowerOrgan]

24 days after Milbank’s raise announcement, 22 days after STB’s bonus announcement, and 17 days after Cravath’s raises-for-senior-associates announcement, these are the firms that remain:

Wall of Shame for Firms Yet to Announce:

• Kirkland ($4.70MM PPP, 44.7% L5Y PPP growth, 3.0 EP:Assoc. leverage)
  Davis Polk ($3.70MM PPP, 50.7% L5Y PPP growth, 3.5 EP:Assoc. leverage)
  Weil ($3.64MM PPP, 63.2% L5Y PPP growth, 3.8 EP:Assoc. leverage)
  Paul Weiss ($4.56MM PPP, 36.2% L5Y PPP growth, 3.6 EP:Assoc. leverage)
  Milbank ($3.46MM PPP, 41.5% L5Y PPP growth, 2.6 EP:Assoc. leverage)
  Simpson ($3.68MM PPP, 38.2% L5Y PPP growth, 3.2 EP:Assoc. leverage)
  Fried Frank ($2.94MM PPP, 123.7% L5Y PPP growth, 2.9 EP:Assoc. leverage)
  SullCrom ($4.27MM PPP, 23.8% L5Y PPP growth, 3.1 EP:Assoc. leverage)
  Skadden ($3.47MM PPP, 32.7% L5Y PPP growth, 2.5 EP:Assoc. leverage)
  Willkie ($2.97MM PPP, 43.4% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  Akin Gump ($2.39MM PPP, 54.9% L5Y PPP growth, 2.0 EP:Assoc. leverage)
  Paul Hastings ($2.91MM PPP, 39.7% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  Latham ($3.25MM PPP, 33.0% L5Y PPP growth, 3.0 EP:Assoc. leverage)
  Vinson & Elkins ($2.36MM PPP, 60.6% L5Y PPP growth, 3.2 EP:Assoc. leverage)
  
  1. Boies ($3.27MM PPP, 20.1% L5Y PPP growth, 2.0 EP:Assoc. leverage)
  
  Shearman ($2.32MM PPP, 52.4% L5Y PPP growth, 2.6 EP:Assoc. leverage)
  Quinn ($4.74MM PPP, 6.8% L5Y PPP growth, 2.5 EP:Assoc. leverage)
  
  2. King & Spalding ($2.61MM PPP, 31.2% L5Y PPP growth, 2.1 EP:Assoc. leverage)
  
  Cravath ($4.00MM PPP, 14.2% L5Y PPP growth, 4.3 EP:Assoc. leverage)
  Ropes ($2.32MM PPP, 46.1% L5Y PPP growth, 3.2 EP:Assoc. leverage)
  Gibson Dunn ($3.24MM PPP, 15.3% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  Goodwin ($2.15MM PPP, 42.0% L5Y PPP growth, 2.3 EP:Assoc. leverage)
  Dechert ($2.68MM PPP, 27.8% L5Y PPP growth, 3.4 EP:Assoc. leverage)[/s]
  
  3. WilmerHale ($2.12MM PPP, 44.9% L5Y PPP growth, 2.2 EP:Assoc. leverage)
  
  Cahill ($3.69MM PPP, 3.9% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  Schulte ($2.56MM PPP, 21.6% L5Y PPP growth, 2.1 EP:Assoc. leverage)
  Debevoise ($2.83MM PPP, 36.2% L5Y PPP growth, 5.3 EP:Assoc. leverage)
  Proskauer ($2.37MM PPP, 27.9% L5Y PPP growth, 2.5 EP:Assoc. leverage)
  Winston ($2.16MM PPP, 44.8% L5Y PPP growth, 3.2 EP:Assoc. leverage)
  Cooley ($2.08MM PPP, 39.4% L5Y PPP growth, 2.4 EP:Assoc. leverage)
  Cleary ($3.07MM PPP, 17.3% L5Y PPP growth, 3.7 EP:Assoc. leverage)
  Wilson Sonsini ($2.21MM PPP, 34.4% L5Y PPP growth, 3.5 EP:Assoc. leverage)
  White & Case ($2.26MM PPP, 32.9% L5Y PPP growth, 3.8 EP:Assoc. leverage)
  Sidley ($2.26MM PPP, 25.6% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  Baker Botts ($1.84MM PPP, 35.1% L5Y PPP growth, 1.9 EP:Assoc. leverage)
  Kramer Levin ($2.15MM PPP, 28.5% L5Y PPP growth, 3.1 EP:Assoc. leverage)
  
  4. Sheppard ($1.71MM PPP, 35.2% L5Y PPP growth, 2.4 EP:Assoc. leverage)
  5. Cadwalader ($2.51MM PPP, 5.3% L5Y PPP decline, 4.5 EP:Assoc. leverage)
  6. Alston & Bird ($1.93MM PPP, 12.3% L5Y PPP growth, 1.2 EP:Assoc. leverage)
  
  Mayer Brown ($1.58MM PPP, 37.0% L5Y PPP growth, 2.5 EP:Assoc. leverage)
  
  7. Holland & Knight ($1.36MM PPP, 43.2% L5Y PPP growth, 2.1 EP:Assoc. leverage)
  8. Fragomen ($1.98MM PPP, 31.4% L5Y PPP growth, 4.2 EP:Assoc. leverage)
  
  DLA Piper ($1.76MM PPP, 34.1% L5Y PPP growth, 3.5 EP:Assoc. leverage)
  McDermott ($1.71MM PPP, 17.3% L5Y PPP growth, 1.8 EP:Assoc. leverage)
  
  9. Katten ($1.57MM PPP, 19.8% L5Y PPP growth, 1.7 EP:Assoc. leverage)
  
  O'Melveny ($2.01MM PPP, 2.5% L5Y PPP decline, 3.3 EP:Assoc. leverage)
  Orrick ($1.86MM PPP, 14.3% L5Y PPP growth, 3.8 EP:Assoc. leverage)
  Covington ($1.54MM PPP, 22.0% L5Y PPP growth, 2.0 EP:Assoc. leverage)
  
  10. Greenberg ($1.63MM PPP, 20.1% L5Y PPP growth, 2.2 EP:Assoc. leverage)
  
  MoFo ($1.74MM PPP, 18.1% L5Y PPP growth, 2.7 EP:Assoc. leverage)
  Fenwick ($1.51MM PPP, 31.0% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  
  11. Fish & Richardson ($1.63MM PPP, 9.8% L5Y PPP growth, 1.5 EP:Assoc. leverage)
  12. Jenner ($1.42MM PPP, 4.9% L5Y PPP decline, 1.7 EP:Assoc. leverage)
  
  Baker McKenzie ($1.30MM PPP, 19.3% L5Y PPP growth, 2.7 EP:Assoc. leverage)
  Morgan Lewis ($1.37MM PPP, 11.7% L5Y PPP decline, 1.3 EP:Assoc. leverage)

Legend:
New York
California
Washington, D.C.
Chicago
Houston
Boston
Atlanta
Philadelphia
Florida

[Anonymous User]

Dear Boies Schiller,

You are now the highest PPP firm not to have matched. Given the K&S rumors, the next firm by PPP, Cadwalader (wtf that is), has a PPP $700k less than you. There is a mid-law firm's worth of PPP between you and the next guy. You sell yourself as above market. So respectfully, FUCKING MATCH ALREADY.

[Anonymous User]

CWT matched with bonuses, as long as you're within the 1000 hours billable by end of June.

[Anonymous User]

https://abovethelaw.com/2018/06/the-rai ... yesterday/

lol ATL saw our criticism of them not releasing the PH news, and blamed it on Kennedy...

+1 LOL. Hopefully Staci sees our criticism of her for SUCKING at fixing the scorecard, which btw also has had McDermott on there twice for no reason at all for the past day or so. https://abovethelaw.com/2018/06/salary- ... ises-2018/

[Anonymous User]

CWT matched with bonuses, as long as you're within the 1000 hours billable by end of June.

CWT? Stop trying to make fetch happen

[Anonymous User]

K&S matched. Memos sent to each office.

[Anonymous User]

K&S matched. Memos sent to each office.

Confirmed, though to be clear, Atlanta got a 10k raise (at least at the junior level), not a raise to the NYC/Texas starting salaries.

[Anonymous User]

K&S matched. Memos sent to each office.

Confirmed in Houston.