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

[Anonymous User]

The eventual true-up payments are getting kinda big at this point. With how long it can take to adjust payroll, it'll probably be a month and a half or two months of back pay at a lot of firms.

I am not a numbers person, so pardon the potential ignorance here. But given the large number of associates some firms have, and the amount of money involved, would a firm that pays everyone on March 1 money due all the way back to Jan 1 realize savings of any significance from a time-value-of-money perspective?

I just wonder if that's possibly part of the calculus for the firms like NRF essentially saying, we'll likely match, but we'll pay at some unknown point in the future what we're saying you deserve today.

Yes. With interest rates where they are now, it likely won't be much, but the principle is sound. You could also imagine a situation where a firm is still collecting bills from last year and the extra time gives it the chance to build cash to pay out of reserves rather than using a credit facility.

Pretty sure that's been part of the calculus in the past for my firm, which tends to pay annual bonuses quite late.

I'd also add that many firms make large disbursements to partners once a year. If a bonus/raise comes right after that, the firm may feel too cash-poor to make those payments. It doesn't mean they can't pay them, it just means it helps to delay a little bit.

[TigerIsBack]

Any chance of a DPW announcement tomorrow before the weekend? At what point does Cravath or someone like that at least announce a match just to break the silence and say we can't wait around forever for DPW?

[Anonymous User]

Any chance of a DPW announcement tomorrow before the weekend? At what point does Cravath or someone like that at least announce a match just to break the silence and say we can't wait around forever for DPW?

If CSM doesn't make a move on Monday then it'll go an entire month without matching Milbank. That seems too long, IMO, but I don't know the history of this stuff that well.

[ElCuervo]

Any chance of a DPW announcement tomorrow before the weekend? At what point does Cravath or someone like that at least announce a match just to break the silence and say we can't wait around forever for DPW?

Yeah, at first, I was pretty agnostic on the wait-and-see approach of some firms, thinking things would unfold quickly.

At this point, kudos to Milbank for leading the charge and to all the firms that matched in the interim—even knowing they may have to match again—and have therefore already started paying associates more.

[Anonymous User]

As an associate at a V20 firm, I am struggling to work today. Why am I working in M&A for below market compensation? I worry that my girlfriend will leave me for a higher-earning Chad at Milbank, Fried Frank, or Winston.

Don’t forget the Chads at Chadwalader. Same-day match.

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

[Auxilio]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Implying (1) juniors can't have families and (2) seniors all have families.

This is a kids vs. not issue, not a junior vs. senior one wtf.

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

First off, what is on topic rn? There is zero news coming out so it doesn't matter what we talk about.

Second, I'm a senior attorney with four kids, a Rolex, AP and Vacheron plus an R8. Went on four vacations last year. Guess some people can have it all lol

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Implying (1) juniors can't have families and (2) seniors all have families.

This is a kids vs. not issue, not a junior vs. senior one wtf.

Relax? Obviously it's a kid / family vs. not issue but the one is correlated w/ the other. People here are sure eager to jump down throats must be the lack of bonus news or maybe just people being typical lawyers lmfao

[Anonymous User]

As a child-haver, I hereby and herewith give permission to all the non-child-havers to discuss watches, with reserved comments if you have bad taste in watches.

[Anonymous User]

In other news...https://abovethelaw.com/2022/02/top-50- ... l-bonuses/

I guess if DPW doesn't raise I can go work for Willkie, bring a friend, and snag $275k when the dust settles?

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

First off, what is on topic rn? There is zero news coming out so it doesn't matter what we talk about.

Second, I'm a senior attorney with four kids, a Rolex, AP and Vacheron plus an R8. Went on four vacations last year. Guess some people can have it all lol

All except the lobster it seems if I am understanding this thread correctly.

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Buddy, yesterday we were called autistic and mocked for suggesting family planning is easier when comp is certain, so brace yourself.

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Buddy, yesterday we were called autistic and mocked for suggesting family planning is easier when comp is certain, so brace yourself.

lol thanks for the warning. I have a conference call in 2 minutes so all good. I'll come back end of day Friday to see if there's any news and/or if I've been mercilessly taken down by angry internet enemies

[bigboybob]

Neil we need LOBSTER in time for the Super Bowl.

[calripkenjrjr]

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).

This is not correct as a matter of antitrust law: Conscious parallelism can be prosecuted under a conspiracy theory, it's just tough to do. Law firms practice a pretty obvious form of tacit collusion w/r/t associate comp -- in a way that's the reason for all this anxiety on this thread -- but given the fact that the revolving door's usual incentives don't quite work if you're prosecuting all of your potential future employers (vs. some random pharmaceutical company), here we are. Daddy DPW show us the money please

[Anonymous User]

Anyone see The Lobster? Really quirky/indy but I liked it.

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Buddy, yesterday we were called autistic and mocked for suggesting family planning is easier when comp is certain, so brace yourself.

No, both sides were called autistic for having the gall to argue on a forum. You were mocked for suggesting DPW is committing some sin by making you wait multiple weeks for compensation news that you only have because Milbank decided to raise. That's what you're getting mocked for--the idea that another firm raising market somehow affects your family planning in any way whatsoever. You didn't know there were raises incoming before Milbank did it, it's not some guaranteed legal thing. Multiple people all but stated DPW owed them some duty to raise due to the wait, which is absurd lol.

[Anonymous User]

Anyone see The Lobster? Really quirky/indy but I liked it.

Loved it. Colin Farrell and Yorgos are such a fantastic combination.

[Anonymous User]

Before we clamor for a DPW match, remember everyone, to Consider the Lobster.

https://www.youtube.com/watch?v=_fZOl7C_vDI

[Anonymous User]

when's the deadline to decide whether to add lobster to the menu? We have to know by then!

[Anonymous User]

At what point do DPW associates start leaving to send a message to leadership that they won’t stick around while management plays games with comp?

[Anonymous User]

Generally try to keep this on topic but holy shit the disconnect between more junior attorney vs. senior attorney life is real. People are in here talking watches and cars but as a more senior attorney w/ a family seeing a spring bonus or a scale match will mean things like helping with taxes, schooling, childcare, healthcare expenses, and maybe a family trip in the spring. No hate toward people buying Rolexes but an interesting reminder about how much life changes as you get older and have more responsibilities ....

Buddy, yesterday we were called autistic and mocked for suggesting family planning is easier when comp is certain, so brace yourself.

No, both sides were called autistic for having the gall to argue on a forum. You were mocked for suggesting DPW is committing some sin by making you wait multiple weeks for compensation news that you only have because Milbank decided to raise. That's what you're getting mocked for--the idea that another firm raising market somehow affects your family planning in any way whatsoever. You didn't know there were raises incoming before Milbank did it, it's not some guaranteed legal thing. Multiple people all but stated DPW owed them some duty to raise due to the wait, which is absurd lol.

Talk about missing the point while making it.

[woopig2017]

At what point do DPW associates start leaving to send a message to leadership that they won’t stick around while management plays games with comp?

It's been 2 weeks. That will take several months considering if someone threw in the towel today it usually takes at least a few weeks to interview and clear conflicts.

[lurkinassociate]

More like Davis CHOKE, amirite?!