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

[Anonymous User]

I cannot imagine that Baker Botts will not match Vinson Elkins. My impression of that firm is that they are, or consider themselves to be neck to neck with V&E and direct peers in every way. Even discounting losing out on recruitment, I don't see why all of their associates would put in for a lateral transfer to V&E or other market-paying firms, unless they give some black box bonuses to retain midlevels.

Are we assuming CovingTTTon means a NYC raise? Asking for a friend...

Baker Botts associate here. Chatter is that they will match, but no word from management yet. We will always follow V&E, but we're slow to do it. Associates are hoping it will be before recruiting season, but it might be several months after.

Also, because we're on a levels system (160, 180, 230, etc.), we will probably just add 20-30k to each level. For example, a 4th year who is Level 3 (this is standard) currently gets $230k. They would be bumped to $250-60k. That would be a windfall for that 4th year.

There's no way BB can wait that long. In Dallas GDC and Sidley will have raised. In Houston Kirkland has raised. They have until next friday MAX until people are jumping ship. This isn't like the timing of the bonuses or previous raises. Someone can leave for K&E now and get a massive raise plus probably $20-30k cash.

It's kinda crazy how loyal Baker Botts associates are to the firm in Houston. Very few lateral out. Some haven even been offered well over SIX-figure signing bonuses (last year) by K&E Houston and have stayed at BB. Plus, management in Houston is kinda oblivious to things like "above-the-law" and discussion of bonuses or salary increase. Back in the day when V&E made the move to raise its salary to NY market, BB took six months to follow. Check out the above-the-law posts from that time. They're slow.

[Abbie Doobie]

ph will match eventually. ppl have to remember that they always longer than others to announce (and pay) bonuses. but they have historically matched market and will most likely do so with base salaries.

[Anonymous User]

It's kinda crazy how loyal Baker Botts associates are to the firm in Houston. Very few lateral out. Some haven even been offered well over SIX-figure signing bonuses (last year) by K&E Houston and have stayed at BB. Plus, management in Houston is kinda oblivious to things like "above-the-law" and discussion of bonuses or salary increase. Back in the day when V&E made the move to raise its salary to NY market, BB took six months to follow. Check out the above-the-law posts from that time. They're slow.

(I'm not a previous poster) Think they'll risk the damage that'll do at OCI though? Hiring committee seems pretty on the ball; even if the management team isn't fully aware of the twitter-speed of news now I figured the recruiting team would impress upon them the importance of staying competitive for OCI. Also with Latham, v&e, Sidley, Weil, Winston, etc., there are a lot of alternatives to K&E that are paying new market, I'm sure they'd all be happy to have some BB associates join their ranks. Is anyone talking about timelines for leaving, or is everyone basically just staying the course for a few months to see how it shakes out (since it seems like a "when" not an "if" question at this point)? I can't imagine anyone would stay if BB didn't match relatively promptly, given the wide array of options available to them now, right?

[Anonymous User]

It's kinda crazy how loyal Baker Botts associates are to the firm in Houston. Very few lateral out. Some haven even been offered well over SIX-figure signing bonuses (last year) by K&E Houston and have stayed at BB. Plus, management in Houston is kinda oblivious to things like "above-the-law" and discussion of bonuses or salary increase. Back in the day when V&E made the move to raise its salary to NY market, BB took six months to follow. Check out the above-the-law posts from that time. They're slow.

Agreed, if people are turning down that type of signing bonus, then maybe the pressure isn't as high as I would otherwise think. But I don't think this is analogous to V&E raising to market. Most people at either BB or V&E chose between the two and are probably fine with their choice. V&E is BB's "competition" because it's the obvious peer firm, but I don't really think of them as competitors for hiring (although I could be wrong). The national firms are definitely competitors for hiring though, particularly when you factor in lockstep NY bonus.

[Anonymous User]

It's kinda crazy how loyal Baker Botts associates are to the firm in Houston. Very few lateral out. Some haven even been offered well over SIX-figure signing bonuses (last year) by K&E Houston and have stayed at BB. Plus, management in Houston is kinda oblivious to things like "above-the-law" and discussion of bonuses or salary increase. Back in the day when V&E made the move to raise its salary to NY market, BB took six months to follow. Check out the above-the-law posts from that time. They're slow.

(I'm not a previous poster) Think they'll risk the damage that'll do at OCI though? Hiring committee seems pretty on the ball; even if the management team isn't fully aware of the twitter-speed of news now I figured the recruiting team would impress upon them the importance of staying competitive for OCI. Also with Latham, v&e, Sidley, Weil, Winston, etc., there are a lot of alternatives to K&E that are paying new market, I'm sure they'd all be happy to have some BB associates join their ranks. Is anyone talking about timelines for leaving, or is everyone basically just staying the course for a few months to see how it shakes out (since it seems like a "when" not an "if" question at this point)? I can't imagine anyone would stay if BB didn't match relatively promptly, given the wide array of options available to them now, right?

Different anon - I don't see how they could not raise starting salary before OCI and it seems logical to do it while the SAs are there. BB paid that special bonus this year though so maybe they would try and coast on current associates until 2017.

[Anonymous User]

Desmarais to $200k

[Actus Reus]

Desmarais to $200k

Jefferson to $210k.

Thought we were making things up.

[Big Shrimpin]

Desmarais to $200k

Jefferson to $210k.

Thought we were making things up.

DLLP associates raining TUBMANS off the roof of the HELMSLEY BUILDING onto the heads of ALL ASSOCIATES

[dailygrind]

Hopefully today is the day.

[Actus Reus]

Desmarais to $200k

Jefferson to $210k.

Thought we were making things up.

DLLP associates raining TUBMANS off the roof of the HELMSLEY BUILDING onto the heads of ALL ASSOCIATES

As the JPM bankers let the bills rain over them

[Single-Malt-Liquor]

CovingTTTon dweebs CRY into their SKIRT STEAK and mushroom sauce at Medium Rare and go home to their 5 person Hill TOWNhouse while Skadden bros pound KOBE BEEF at BLT Steak and go home to their Foggy Bottom PENThouse

Sorry this is too fun

CovingTTTon associates spend weekends dodging building shadows in LAWN CHAIRS on SIDEWALK out front of apartment while SKADDEN bros bask in the sun at ROOFTOP POOLS around DUPONT CIRCLE

SKADDEN bros taking private jets to NY for front row seats to HAMILTON while CovingTTTon betas clip coupons to afford a matinee rescreening of TITANIC. No popcorn.

[Big Shrimpin]

CovingTTTon dweebs CRY into their SKIRT STEAK and mushroom sauce at Medium Rare and go home to their 5 person Hill TOWNhouse while Skadden bros pound KOBE BEEF at BLT Steak and go home to their Foggy Bottom PENThouse

Sorry this is too fun

CovingTTTon associates spend weekends dodging building shadows in LAWN CHAIRS on SIDEWALK out front of apartment while SKADDEN bros bask in the sun at ROOFTOP POOLS around DUPONT CIRCLE

SKADDEN bros taking private jets to NY for front row seats to HAMILTON while CovingTTTon betas clip coupons to afford a matinee rescreening of TITANIC. No popcorn.

ALPHA SKADDEN bros taking long, LIQUID LUNCHES, chatting about sports and politics while CovingTTTon BETAS wait in line at SUBWAY silently, staring at EMPTY match.com inboxes and rush back to office.

[Eldon Tyrell]

CovingTTTon bros HUDDLING around a BURN BARREL in the FRIGID winter air while WILKIE bros ladle them PIPING hot BOILED CABBAGE soup.

[Anonymous User]

Brown Rudnick joins the CovingTTTon List.

http://abovethelaw.com/2016/06/firm-ann ... der-folks/

[Anonymous User]

Not including WLRK, the firms on the poll are as follows for RPL, PPP, and Leverage.

WilmerHale
RPL $1.25m
PPP $1.81m
Lev 2.24

Arnold & Porter
RPL $975K
PPP $1.21m
Lev 1.85

Hogan Lovells
RPL $725K
PPP $1.25m
Lev 3.72

Akin Gump
RPL $1.09m
PPP $1.91m
Lev 3.06

Jones Day
RPL $755K
PPP $1.01m
Lev 1.76

Jenner & Block
RPL $1.06m
PPP $1.72m
Lev 2.84

Paul Hastings
RPL $1.16m
PPP $2.50m
Lev 3.68

Paul Hastings, WH, and Jenner should not have much problem matching. It's a closer call for Akin Gump, A&P and JD, and it seems very difficult for Hogan.

I think that analysis skews against global firms. Revenues and profits are much lower in the EU, and far lower in other parts of the world, so some of those averages are being dragged down by large global operations.

For example, those are Hogan's global verein numbers. The Hogan US LLP numbers are really the relevant numbers. Hogan US's PPP, for example, is over $2m now.

Hogan has no excuse not to match. JD's US numbers are presumably way above that average too.

[Actus Reus]

Brown Rudnick joins the CovingTTTon List.

http://abovethelaw.com/2016/06/firm-ann ... der-folks/

Shit is brown

[anonnymouse]

CovingTTTon dweebs CRY into their SKIRT STEAK and mushroom sauce at Medium Rare and go home to their 5 person Hill TOWNhouse while Skadden bros pound KOBE BEEF at BLT Steak and go home to their Foggy Bottom PENThouse

Sorry this is too fun

CovingTTTon associates spend weekends dodging building shadows in LAWN CHAIRS on SIDEWALK out front of apartment while SKADDEN bros bask in the sun at ROOFTOP POOLS around DUPONT CIRCLE

SKADDEN bros taking private jets to NY for front row seats to HAMILTON while CovingTTTon betas clip coupons to afford a matinee rescreening of TITANIC. No popcorn.

ALPHA SKADDEN bros taking long, LIQUID LUNCHES, chatting about sports and politics while CovingTTTon BETAS wait in line at SUBWAY silently, staring at EMPTY match.com inboxes and rush back to office.

There's nothing I love more than XO schtick on TLS.

[dixiecupdrinking]

Brown Rudnick joins the CovingTTTon List.

http://abovethelaw.com/2016/06/firm-ann ... der-folks/

I honestly thought this firm went out of business like five years ago.

[smaug]

Covington associates buying new Bose wireless noise cancelling headphones to drown out the thoughts about what their job actually entails and to better abide the gnawing feeling of remorse and shame that hangs like a shadow over every waking moment of their free time, vitiating any feeling of "freedom" that they had in their youth and turning a once kaleidoscopic world flat and gray.

Skadden associates doing same, but buying slightly nicer B&O headphones with the lambskin earpads instead.

Wait, I think I'm doing this wrong...

[Anonymous User]

Brown Rudnick joins the CovingTTTon List.

http://abovethelaw.com/2016/06/firm-ann ... der-folks/

I honestly thought this firm went out of business like five years ago.

They rescinded half their offers to incoming first years in April 2014.

[Mack.Hambleton]

OCS email typo from yesterday

NY Firms Raise First Year Base Salaries to 0k
Cravath, Swaine & Moore announced on Monday that it is increasing associate base salaries, for all years. First year associates base salaries will be raised to 0,000, beginning July 1st. A number of other firms have already followed Cravath’s lead.

[anonnymouse]

Covington associates buying new Bose wireless noise cancelling headphones to drown out the thoughts about what their job actually entails and to better abide the gnawing feeling of remorse and shame that hangs like a shadow over every waking moment of their free time, vitiating any feeling of "freedom" that they had in their youth and turning a once kaleidoscopic world flat and gray.

Skadden associates doing same, but buying slightly nicer B&O headphones with the lambskin earpads instead.

Wait, I think I'm doing this wrong...

Skadden bros to 180 B&O over ear headphones styling on CovingTTTon pumos weeping while Sarah McLachlan plays on their BOSE earbuds.

FTFY.

[soj]

.

[Big Shrimpin]

Covington associates buying new Bose wireless noise cancelling headphones to drown out the thoughts about what their job actually entails and to better abide the gnawing feeling of remorse and shame that hangs like a shadow over every waking moment of their free time, vitiating any feeling of "freedom" that they had in their youth and turning a once kaleidoscopic world flat and gray.

Skadden associates doing same, but buying slightly nicer B&O headphones with the lambskin earpads instead.

Wait, I think I'm doing this wrong...

xo schtick is my jam

Skadden bros to 180 B&O over ear headphones styling on CovingTTTon pumos weeping while Sarah McLachlan plays on their BOSE earbuds.

FTFY.

Chill, sociable Skadden alphas getting fresh haircuts WEEKLY at stylish salons while sipping Krug as meek, whiny CovingTTTon pumos cut hair in mirror with safety scissors.

[smaug]

Brown Rudnick joins the CovingTTTon List.

http://abovethelaw.com/2016/06/firm-ann ... der-folks/

How is Joe Pa so bad at his job. It's baffling