Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Anonymous User]

A lot of people in here arguing super hard that extra comp isn't that important, another 10k or 20k won't help, we're already privileged, people don't need to plan their finances, and there's no sense of urgency.

It's like we've been infiltrated by partnerships we once wanted to see do the right thing and quickly.

[bigbeau]

A lot of people in here arguing super hard that extra comp isn't that important, another 10k or 20k won't help, we're already privileged, people don't need to plan their finances, and there's no sense of urgency.

It's like we've been infiltrated by partnerships we once wanted to see do the right thing and quickly.

That's not even what the point is...The point is you're getting paid 205k+ right now. Plan your finances around that. Nothing DPW does affects that. You should've already budgeted for [current salary]. These raises and any extra bonuses should have no bearing on anyone's ability to plan their finances, AND if your firm does match, it's getting backdated to January 1, so who cares? The only reason you're expecting something is because Milbank did something. If the salary didn't increase, like it didn't for years, no one would be talking about how DPW not responding is somehow affecting their ability to plan their family's future (LOL).

No one's saying 10-20k is actually meaningless, but it is unexpected money so it should be meaningless to your current financial situation. Unless of course, you're poorly managing your money, then no one should feel bad for you anyways.

[bigboybob]

TAIL or CLAW?! Lobster Games 2022

[Anonymous User]

TAIL or CLAW?! Lobster Games 2022

Surf and turf wedding anon here. The above question is meaningful, as the surf and turf options at my venue include standard tail situation or lobster thermidor.

I haven’t given much thought to it yet, but hopefully daddy Barr gives me occasion to reflect more closely on it.

[Anonymous User]

A lot of people in here arguing super hard that extra comp isn't that important, another 10k or 20k won't help, we're already privileged, people don't need to plan their finances, and there's no sense of urgency.

It's like we've been infiltrated by partnerships we once wanted to see do the right thing and quickly.

That's not even what the point is...The point is you're getting paid 205k+ right now. Plan your finances around that. Nothing DPW does affects that. You should've already budgeted for [current salary]. These raises and any extra bonuses should have no bearing on anyone's ability to plan their finances, AND if your firm does match, it's getting backdated to January 1, so who cares? The only reason you're expecting something is because Milbank did something. If the salary didn't increase, like it didn't for years, no one would be talking about how DPW not responding is somehow affecting their ability to plan their family's future (LOL).

No one's saying 10-20k is actually meaningless, but it is unexpected money so it should be meaningless to your current financial situation. Unless of course, you're poorly managing your money, then no one should feel bad for you anyways.

Lol that's also... not what the the point is, pal. I don't think anybody is saying they need the extra money. What people are saying is when someone raises, we now expect DPW to come over the top. That's a reasonable assumption given DPW's concerted effort to be the last word in any bonus/salary war.

You're right that I don't need more money to live on. Plus, my firm has already matched. But you bet your ass I'm expecting something extra when DPW finally speaks up. In a field where boatloads of cash are literally the only reason associates put up with this job, expectations about raises really do matter. Admitting that is neither crying poor nor poor budgeting.

[NoLongerALurker]

Have matches ever taken this long, ever?

[Anonymous User]

A lot of people in here arguing super hard that extra comp isn't that important, another 10k or 20k won't help, we're already privileged, people don't need to plan their finances, and there's no sense of urgency.

It's like we've been infiltrated by partnerships we once wanted to see do the right thing and quickly.

That's not even what the point is...The point is you're getting paid 205k+ right now. Plan your finances around that. Nothing DPW does affects that. You should've already budgeted for [current salary]. These raises and any extra bonuses should have no bearing on anyone's ability to plan their finances, AND if your firm does match, it's getting backdated to January 1, so who cares? The only reason you're expecting something is because Milbank did something. If the salary didn't increase, like it didn't for years, no one would be talking about how DPW not responding is somehow affecting their ability to plan their family's future (LOL).

No one's saying 10-20k is actually meaningless, but it is unexpected money so it should be meaningless to your current financial situation. Unless of course, you're poorly managing your money, then no one should feel bad for you anyways.

Lol that's also... not what the the point is, pal. I don't think anybody is saying they need the extra money. What people are saying is when someone raises, we now expect DPW to come over the top. That's a reasonable assumption given DPW's concerted effort to be the last word in any bonus/salary war.

You're right that I don't need more money to live on. Plus, my firm has already matched. But you bet your ass I'm expecting something extra when DPW finally speaks up. In a field where boatloads of cash are literally the only reason associates put up with this job, expectations about raises really do matter. Admitting that is neither crying poor nor poor budgeting.

Beat me to it. Like many posts, lots of oversimplifications and mischaracterizations being lobbed.

I haven't seen anyone say the silence or uncertainty affects the "ability to plan their family's future (LOL)"--but it affects what that plan is. Obviously. Knowing you will get a five-figure bonus in three months but not a significantly higher salary may mean you start looking for other employment several months sooner than expected. Maybe hard for folks to understand this, but that could be important for a whole lot of reasons given someone's family and/or financial situation. Yes. You can plan now and should, based on what's in front of you. But action items could change TODAY based on comp news. So, it's just really confusing why people get so worked up because people want certainty and don't appreciate firms dragging things out when they and everyone else knows there will be no closure or certainty until the final shoe drops.

[Anonymous User]

Have matches ever taken this long, ever?

Exactly.

[Anonymous User]

This place is wild. We're suckers for making less than IB but also whiners for wanting a 10-20k raise.

[Anonymous User]

Have matches ever taken this long, ever?

Yes, this literally happened a few weeks ago.

Cravath announced increased bonus scale on Monday, 11/22: https://abovethelaw.com/2021/11/first-mover-on-bonus/

DPW announced further increase exactly two weeks later on Monday, 12/6: https://abovethelaw.com/2021/12/davis-polk-bonuses-21/

You can all calm down. DPW will likely announce this Monday.

[NoLongerALurker]

My new theory is that DPW has quietly adopted an internal “chill out for two weeks before doing anything re comp moves” policy for all raises and bonuses going forward.

[Anonymous User]

Have matches ever taken this long, ever?

Yes, this literally happened a few weeks ago.

Cravath announced increased bonus scale on Monday, 11/22: https://abovethelaw.com/2021/11/first-mover-on-bonus/

DPW announced further increase exactly two weeks later on Monday, 12/6: https://abovethelaw.com/2021/12/davis-polk-bonuses-21/

You can all calm down. DPW will likely announce this Monday.

I'm sure most V10 associates wouldn't remember this because they were billing the whole week anyway, but there was also a major holiday in those two weeks before the Cravath announcement and the DPW raise.

Tomorrow is two weeks since Milbank. It is extraordinary how long this is taking, but hey, it's also extraordinary that there have been so many raises and special bonuses in the past few years.

[glitched]

This thread jumped 3 pages without a match? Wtf is going on

[almostperfectt]

This thread jumped 3 pages without a match? Wtf is going on

Not matches

[Anonymous User]

This thread jumped 3 pages without a match? Wtf is going on

I think some firms coordinate matching, which could make it take longer. Mine usually matches within the same hour as DPW but always after. Anon because very few firms match as closely in timing.

[ExpOriental]

Alright folks you can all relax now, market is set. Axinn has matched.

[Anonymous User]

This thread jumped 3 pages without a match? Wtf is going on

I think some firms coordinate matching, which could make it take longer. Mine usually matches within the same hour as DPW but always after. Anon because very few firms match as closely in timing.

This has nothing to do with timing and is 100% false. Firms do not "coordinate" with each other on salary/bonuses announcements. They follow. May sound like a subtle difference, but the former is collusion / price fixing that is illegal under antitrust laws. The latter is conscious parallelism (a legal, albeit oligopolistic, behavior).

[Anonymous User]

This thread jumped 3 pages without a match? Wtf is going on

I think some firms coordinate matching, which could make it take longer. Mine usually matches within the same hour as DPW but always after. Anon because very few firms match as closely in timing.

This has nothing to do with timing and is 100% false. Firms do not "coordinate" with each other on salary/bonuses announcements. They follow. May sound like a subtle difference, but the former is collusion / price fixing that is illegal under antitrust laws. The latter is conscious parallelism (a legal, albeit oligopolistic, behavior).

I come for the inane argument over whether money is important, but I stay for the use of the word "oligopolistic." *chef's kiss*

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

Deciding between a Cartier and Rolex at the moment.

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

A better life. (e.g., saving up in order to be able to go in-house sooner)

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

Deciding between a Cartier and Rolex at the moment.

The Cartier Drive and Santos are both absolutely beautiful and more unique than a Rolex, IMO.

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

Deciding between a Cartier and Rolex at the moment.

The Cartier Drive and Santos are both absolutely beautiful and more unique than a Rolex, IMO.

Cartier Santos is legit. I've been thinking about getting one but all the variations are a little overwhelming tbh.

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

Deciding between a Cartier and Rolex at the moment.

The Cartier Drive and Santos are both absolutely beautiful and more unique than a Rolex, IMO.

Cartier Santos is legit. I've been thinking about getting one but all the variations are a little overwhelming tbh.

Are you getting the rolex second hand? It's like impossible to get a new rolex right now, and none of the trustworthy second hand dealers have anything I like and the untrustworthy dealers are well...untrustworthy.

[Anonymous User]

I need a match and ideally a spring bonus so I can blow it on that upcoming LG 97" OLED. What else are you guys spending your new windfall on?

Deciding between a Cartier and Rolex at the moment.

The Cartier Drive and Santos are both absolutely beautiful and more unique than a Rolex, IMO.

JLC is also a great option, you can find beautiful chronographs for around $10-$12k. Tudor is a legit little brother to Rolex if you like that aesthetic, and the snowflake hands are a nice variation.

After one or maybe two nice automatic watches, however, I'd stop blowing cash on a starter or mid-level and save up a few years for something in the Big Boy League. Patek and Vacheron probably out of reach forever, but you can snag a decent AP secondhand.