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

[Anonymous User]

Latham match, all U.S. offices, London, Middle East, Beijing, Shanghai, Hong Kong, and U.S. and U.K. quals in Tokyo. Reflected in July 15 paychecks.

this means LA can't wait.

[Anonymous User]

This is coming from a mid-level associate who is on his/her recruiting committee. I've been trying to work out the math on this. Assuming a $25k raise on average for associates (roughly taking into account there are more juniors, but mid-levels and seniors get bigger raises). That means a $2.5M increase in associate salaries per 100 associates. Even for firms with a smaller PPP like $1M, that doesn't seem like a huge hit to maintain reputation/not risk effing up recruiting. Am I missing something?

This won't just impact OCI, but also laterals coming in from other firms/clerkships as well as associates many of whom are less than content anyways leaving to other firms to get a market salary. It seems short-sighted to not just raise.

Let's say a firm has 500 associates and the PPP is $1M, that's a pretty big hit every year.

I get that, but it is still not a huge percentage of the profits if you work out the match. In that example, the additional cost would be $12.5M. Assuming even low leverage-say 150 partners to 500 associates, that takes the PPP from $1M to roughly $920k.

Has anyone done the math with respect to Covington specifically? How badly would they be hurt if they raise in DC?

What are the numbers for Covington DC (PPP and numbers or partners/associates)? I can do the math, but I have been ignoring the details of the Covington issue since I am not in DC.

[Anonymous User]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

[xcountryjunkie]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

[Actus Reus]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

I heard every V100 will be matching except DLA which is rumored to be going to 185 in major markets

[Anonymous User]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

I heard every V100 will be matching except DLA which is rumored to be going to 185 in major markets

Right...some firms just bumped to 160K (e.g., Venable) - no chance they go 180

[Big Shrimpin]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

I heard every V100 will be matching except DLA which is rumored to be going to 185 in major markets

extra 5K would be quite enjoyable

[bern victim]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

I heard every V100 will be matching except DLA which is rumored to be going to 185 in major markets

extra 5K would be quite ENJOYable

ftfy

[wiseowl]

Twist: the 185 is for income partners

[Monochromatic Oeuvre]

It's also more telling that literally no one seems to remember Covington doing this exact same thing back in '07. Memories are short. So long as they eventually get on board, then it's whatever.

Kind of a weird thing to say since it's my recollection you're still a student. 2007 was almost 10 years ago; I doubt there's too many people who graduated law school in 07 trolling these forums... Idk about you, but I wasn't even out of high school in 2007.

Older (just graduated!) student with 10 year's work experience. I was a legal consultant starting in '06 doing e-discovery work.

And also I recently went through EVERY ATL announcement for the first half of 2007 tracking the NY to 160 updates as they occurred. Got a spreadsheet with all the info if anyone's interested.

I was doing research/knew at least a thing or two on Biglaw back to '06, and I was a freshman in high school. I know that's atypical and most people decide to go to law school after 15 minutes of thinking what their liberal arts degree could afford them interspersed with three bong rips, but at least a few students could be reasonably aware of some of the basic history of their industry.

I did always find it incredible how little students know about even the firms they're going to. During 2L, I was the first way a Fried Frank-bound kid found out they had laid off 15% of their associates in 2009. A guy who was going to Cahill had no idea they paid above-market bonuses. I would say something pretty basic about a firm and some kid would say "How do you know that?" as though Google were some impenetrable fortress.

[rpupkin]

It's not worse. But you're also underestimating the impact of Latham's move on its reputation. For several years Latham suffered in recruiting, in lateral hiring, and in the perception of law students and young attorneys (drop in vault is but one example). Yes, they have recovered seven years later, but its still mentioned

I remember the impact well, as I did OCI in the immediate aftermath of the Lathaming. There's no doubt it had a short-term impact, and law students were definitely wary of Latham at first. If I recall correctly, Latham dropped to 17 in the Vault rankings the following year.

But just two years later, the firm was back in the "V10" and their associate hiring and recruiting was back at pre-Lathaming levels. Yes, people still mention it (indeed, I mentioned it ITT), and I'm sure you can find examples here and there of a student or lateral candidate who avoids Latham because of its past conduct, but, sadly, there were no real long-term effects for the firm. It didn't take them "seven years" to recover. It took two.

[El Pollito]

Ooooh we about to match

[Abbie Doobie]

Every V10 firm, except WLRK, has now matched. If I'm not mistaken, they have done so in all their U.S. offices. Congratulations, everyone!

Congrats are due when that V10 becomes V100...

I heard every V100 will be matching except DLA which is rumored to be going to 185 in major markets

extra 5K would be quite enjoyable

well played

[gk101]

god dammit chicago lets get going on this. what are sidley, jenner, mayer brown etc waiting for

[Emma.]

Ooooh we about to match

Where?

[Anonymous User]

SIDLEY

[Desert Fox]

god dammit chicago lets get going on this. what are sidley, jenner, mayer brown etc waiting for

Sidley and MB have to match, but I'm not so sure the rest of chicago firms will have to.

[Anonymous User]

Word on the street (in the office) is that Morgan Lewis won't be matching.

[Anonymous User]

Sidley firm wide, confirmed.

[El Pollito]

[youtube]h4UqMyldS7Q[/youtube]

[Anonymous User]

Word on the street (in the office) is that Morgan Lewis won't be matching.

That's what they all say

[gk101]

god dammit chicago lets get going on this. what are sidley, jenner, mayer brown etc waiting for

Sidley and MB have to match, but I'm not so sure the rest of chicago firms will have to.

Winston matching was a huge deal since we consider them a peer firm. My firm has been quiet so far but the general feeling is we will wait this out till the rest of the v50 chicago firms match

[Anonymous User]

Word on the street (in the office) is that Morgan Lewis won't be matching.

"Word" is for all offices? So as not to spite recently moved Philly?

[Anonymous User]

Key Dechert partners are meeting in NYC now. Presumably it's about compensation. I assume they will match NY; DC and Philly are less clear.

[Anonymous User]

Can some Boston based firms start matching? Thanks.