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

[Anonymous User]

CAN ROPES, WH, AND GP WAKE UP?

In all seriousness, I'd put money on all three matching by next Friday. No way Boston doesn't match (too much cross-pollination with NY in recruiting/branding).

[Anonymous User]

Lol that places like CovingTTTon and Kelley Drye think they won't match. All their associates might leave before they do, but they're going to match one way or another. #Muricato180

[BigZuck]

just heard that in lieu of raises we will be receiving free 24/7 access to unlimited amounts of ALL varieties of

PEPPERIDGE FARM COOKIES (apparently also a customary perk at WLRK)

Just burst out laughing at this as a partner walked by

tbh i do this every time monochromatic oeuvre (sp?) poasts

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.

[Anonymous User]

Come on Gibson. Next up once they fall, we need to put pressure on Schulte Roth, Paul Hastings, and Fried Frank. These firms have the best profits per lawyer (excluding WH who'll pull a Covington mark my words) of the remaining unmatched firms and, with the exception of SRZ, have had decent enough growth that they should be able to stomach the cost (compared the cost of raising all associate salaries to recent growth/revenue).

Dechert has higher PPP than all three of those and hasn't matched yet...

[beautyistruth]

JD anon-why are you disgruntled? Is it money or something else? I notice you said culture is OK.

Money. Culture is neutral, so I'm fine with leaving or staying if they match.

I imagine it comes down to what people on these boards have been saying. There's only so good a culture can be when you work a job that requires so many hours. And to stay profitable in a major market, that many hours have to get done.

[TLSModBot]

Come on Gibson. Next up once they fall, we need to put pressure on Schulte Roth, Paul Hastings, and Fried Frank. These firms have the best profits per lawyer (excluding WH who'll pull a Covington mark my words) of the remaining unmatched firms and, with the exception of SRZ, have had decent enough growth that they should be able to stomach the cost (compared the cost of raising all associate salaries to recent growth/revenue).

Dechert has higher PPP than all three of those and hasn't matched yet...

Dechert places just above those three in terms of PPP but well below all three in terms of profit per lawyer (how much money they make off of their total number of lawyers). It looks like the raises are tracking pretty closely to both PPP and PPL right now but I think these other 3 might go before Dechert does.

[Anonymous User]

Any word on Reed Smith or Orrick?

Definitely nothing from Orrick yet - incoming associate here, watching it like a hawk.

I bet we'll act quicker this time than we did in 2007, given today's slew of matches from our competitors.

[MrGoneUp]

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.

Any updates?

[Anonymous User]

what about Hughes Hubbard?

[SplashBros]

By my count, leaving out firms that already pay above market ((1) W, (8) W&C, (9) Boies, etc.) — 

Firms Yet to Match (with RPL >$1m in 2015)

(9) Gibson
(11) Ropes
(11) WH
(15) FF
(17) Fenwick
(20) Fish
(23) PH
(25) Hughes Hubbard
(25) SRZ
(28) Akin Gump
(28) GP
(31) K&S
(33) Jenner
(34) WSGR
(35) Kramer Levin
(37) MoFo
(38) Cadwalader
(40) Shearman
(42) BB
(44) Dechert
(45) Kaye Scholer

Many good shops that need to ante up.

[TLSModBot]

Any word on Reed Smith or Orrick?

Definitely nothing from Orrick yet - incoming associate here, watching it like a hawk.

I bet we'll act quicker this time than we did in 2007, given today's slew of matches from our competitors.

Everyone's going to move faster than 2007, I think. No one moved hard to limit this to New York (well, Covington, I guess), so I don't think we'll see the gradual piecemeal adoption. The markets are interconnected enough AND there's been enough pressure in CA, DC, Chicago, and NY to make this a national deal. We'll see all the major markets go, and then in the coming months lower-ranked firms will try to play catch-up as they can afford it and secondary markets might get nominal bumps (at least to 160).

[TLSModBot]

How long til rest of v50 match?

In a dark way I'm interested in seeing who won't match. This could be the point where segmentation in the top-tier of firms is finally and concretely reflected in salaries: the firms who are doing well and can afford this jump vs. those that really, really can't and won't even bother. Top 40 or 50 most profitable AmLaw 100 firms will likely make the jump, but will low-profitable or struggling firms even try (a good half of the AmLaw 200 have had some rough times lately)?

Tar bet that all v50 in NYC match or exceed?

K - which side do you want?

I'm saying I would take they do match or exceed

Done. Let's do this.

ETA: K&L Gates is going to be your downfall bro.

Oh if any firm in here matches but goes bankrupt I think that at least makes it a draw

[smaug]

I realize we never set a date. End of August?

[TLSModBot]

I realize we never set a date. End of August?

Sure, though that probably ends my "firm going bankrupt' caveat.

[goodxkarma]

Any word on Reed Smith or Orrick?

Definitely nothing from Orrick yet - incoming associate here, watching it like a hawk.

I bet we'll act quicker this time than we did in 2007, given today's slew of matches from our competitors.

Everyone's going to move faster than 2007, I think. No one moved hard to limit this to New York (well, Covington, I guess), so I don't think we'll see the gradual piecemeal adoption. The markets are interconnected enough AND there's been enough pressure in CA, DC, Chicago, and NY to make this a national deal. We'll see all the major markets go, and then in the coming months lower-ranked firms will try to play catch-up as they can afford it and secondary markets might get nominal bumps (at least to 160).

They'd better catch up fast - OCI's around the corner

[Anonymous User]

Re Shearman - they upped UK associate pay about 2 weeks ago. Does anyone think this will affect their behavior now? http://www.law360.com/articles/801222/s ... g-atty-pay

[Anonymous User]

By my count, leaving out firms that already pay above market ((1) W, (8) W&C, (9) Boies, etc.) — 

Firms Yet to Match (with RPL >$1m in 2015)

(9) Gibson
(11) Ropes
(11) WH
(15) FF
(17) Fenwick
(20) Fish
(23) PH
(25) Hughes Hubbard
(25) SRZ
(28) Akin Gump
(28) GP
(31) K&S
(33) Jenner
(34) WSGR
(35) Kramer Levin
(37) MoFo
(38) Cadwalader
(40) Shearman
(42) BB
(44) Dechert
(45) Kaye Scholer

Many good shops that need to ante up.

Not quite sure about leaving out W&C (which is below market for years 3 on now) and Boies (below market starting salary at least, not sure aobut the bonuses for non 350k people). I assume Wachtell still beats market when you include the monster bonuses, but their base is 165... So in all fairness, you should probably include them.

[h2go]

I think its time to change the poll to "Who's going to join the CovingTTTon list next?"

[Anonymous User]

Rumor at Fenwick is that the announcement will come within the hour.

[Monochromatic Oeuvre]

I realize we never set a date. End of August?

When do the first OCI bidlists get made? Early-to-mid July, right?

[LaLiLuLeLo]

I think its time to change the poll to "Who's going to join the CovingTTTon list next?"

Alternatively, "Who did Winston & Strawn put to shame?"

[soj]

.

[Anonymous User]

By my count, leaving out firms that already pay above market ((1) W, (8) W&C, (9) Boies, etc.) — 

Firms Yet to Match (with RPL >$1m in 2015)

(9) Gibson
(11) Ropes
(11) WH
(15) FF
(17) Fenwick
(20) Fish
(23) PH
(25) Hughes Hubbard
(25) SRZ
(28) Akin Gump
(28) GP
(31) K&S
(33) Jenner
(34) WSGR
(35) Kramer Levin
(37) MoFo
(38) Cadwalader
(40) Shearman
(42) BB
(44) Dechert
(45) Kaye Scholer

Many good shops that need to ante up.

Not quite sure about leaving out W&C (which is below market for years 3 on now) and Boies (below market starting salary at least, not sure aobut the bonuses for non 350k people). I assume Wachtell still beats market when you include the monster bonuses, but their base is 165... So in all fairness, you should probably include them.

Should include a lot more - RPL is a worse stat than PPP. W&C, HL, Cov, DLA, and others have RPL below 1M, but that's irrelevant considering that, with the exception of Cov, they have a big international presence, which brings down their RPL (and their PPP, but not to the same extent).

[Anonymous User]

I think its time to change the poll to "Who's going to join the CovingTTTon list next?"

good call. pole updated.

I'd drop Ropes and add K&L Gates/Reed Smith/DLA.

[soj]

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