NY to 200k?! Forum

[Anonymous User]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

[Anonymous User]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

lol my firm goes to some lengths to try to get everyone to enter their hours, but I don't think they'd stoop to this level (of either tricking us or paying us)

[Anonymous User]

Do we know what time of day Cravath or their peers usually announce? Seems like a quiet day...

[NYto200K]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

lol my firm goes to some lengths to try to get everyone to enter their hours, but I don't think they'd stoop to this level (of either tricking us or paying us)

Didn't realize there were V10s with hour requirements for bonuses. Kirkland?

[Anonymous User]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

lol my firm goes to some lengths to try to get everyone to enter their hours, but I don't think they'd stoop to this level (of either tricking us or paying us)

Didn't realize there were V10s with hour requirements for bonuses. Kirkland?

also SkaTTTen

[Anonymous User]

The best possible sequence of events now is: (1) Cravath dithers for a few more days; (2) in the meantime, Vault rankings come out and Cravath has dropped to V4 (WLRK, Milbank, DPW...); (3) Cravath partnership is alarmed by the lack of preftige and the firm decides to buy its way back into relevancy by taking the market to $215K.

[Sackboy]

Didn't realize there were V10s with hour requirements for bonuses. Kirkland?

also SkaTTTen

Kirkland doesn't have hours requirements for bonuses, so it might just be SkaTTTen

[Anonymous User]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

lol my firm goes to some lengths to try to get everyone to enter their hours, but I don't think they'd stoop to this level (of either tricking us or paying us)

Didn't realize there were V10s with hour requirements for bonuses. Kirkland?

also SkaTTTen

and LaTTTham

[Anonymous User]

The best possible sequence of events now is: (1) Cravath dithers for a few more days; (2) in the meantime, Vault rankings come out and Cravath has dropped to V4 (WLRK, Milbank, DPW...); (3) Cravath partnership is alarmed by the lack of preftige and the firm decides to buy its way back into relevancy by taking the market to $215K.

Why stop at 215K while we are imagining that scenario?

[Anonymous User]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

[Monochromatic Oeuvre]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

You start at 202.5. The ball drops, you drink champagne, sing Auld Lang Syne, and resolve to finally join a gym this year. You now make 205.

[TigerIsBack]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If you graduate law school and start in October, you get the new stub year salary ($202.5k) from October through December, and then presumably since most firms raise salaries effective January 1, after 3 months of work you'd become a true first year at $205k.

Under the old system, you just got paid a first year salary for your first 15 months of work, until you became a second year on the respective January 1st.

[cornerstone]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

[Anonymous User]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

[Anonymous User]

All this wild bickering over who is *really* the most specialest, elitest, fanciest place where the smartest boys and girls should want to work, and I'm here quietly waiting for news of whether my V>50 is going to keep up its good history of quick matching.

As far as I'm concerned, there's no need to be at a "first mover," just a place that's willing to move with the rest!

[TigerIsBack]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

I remember being a stub and feeling like it was a bit unclear when I would get my first raise. I also can guarantee you will work with at least a handful of people like this, lol.

[cornerstone]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

I hope I don't end up working with people like you who don't read before asking basic questions, either. Though I'll never know if I end up working with you given the anon abuse.

[nealric]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

I hope I don't end up working with people like you who don't read before asking basic questions, either. Though I'll never know if I end up working with you given the anon abuse.

Can we please play nice in the sandbox? The bickering is unnecessary.

[lolwutpar]

Gentlemen. You can't fight in here. This is the money room!

[Anonymous User]

My V30, in a firm presentation for associates a few weeks ago, said that it will always be “near the top” for compensation. I wonder if that was their way of telling us that they aren’t going to raise even if a raise happens. The firm has historically matched raises (albeit very late since pay is at the end of the month), but that comment makes me wonder… I previously thought it was the firm’s way of explaining why it has an hours requirement for bonuses when very few other firms as profitable as the firm have any requirement.

[Anonymous User]

My V30, in a firm presentation for associates a few weeks ago, said that it will always be “near the top” for compensation. I wonder if that was their way of telling us that they aren’t going to raise even if a raise happens. The firm has historically matched raises (albeit very late since pay is at the end of the month), but that comment makes me wonder… I previously thought it was the firm’s way of explaining why it has an hours requirement for bonuses when very few other firms as profitable as the firm have any requirement.

Might just be a reference to KE's above-market bonuses/above-market firms like WLRK

[Anonymous User]

The lack of movement today suggests to me that nobody is interested in topping Milbank/DPW. Unclear on the dynamic of the decision making process at S&C but I would have expected a decision out of Cravath by now if they were planning on topping the current scale.

[Anonymous User]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

I hope I don't end up working with people like you who don't read before asking basic questions, either. Though I'll never know if I end up working with you given the anon abuse.

Has it ever occurred to you that reading a firm’s internal memo re: salary raises before asking about it on an online forum is different from reading relevant information for an assignment?

[Vexed]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

they've already managed to stagger the special '21 bonuses + annuals as if they were quarterly retention bonuses already, what would these look like?

[PBRonTap]

Can someone explain how stub year works? So is the starting salary 202.5k or 205k?

If don't understand how to read DPW's memo or how a stub year works you probably shouldn't be making either of these salaries.

Well that was unnecessarily rude, lol. Maybe I haven’t read the memo, yet? Hope I don’t end up working with people like you.

I hope I don't end up working with people like you who don't read before asking basic questions, either. Though I'll never know if I end up working with you given the anon abuse.

Has it ever occurred to you that reading a firm’s internal memo re: salary raises before asking about it on an online forum is different from reading relevant information for an assignment?

Cornerstone is just mad because he works at Venable and panhandles on the side.