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

[bigboybob]

*Davis LOBSTER

[Anonymous User]

*Davis LOBSTER

Davis lobsTTTer

[Anonymous User]

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

Deadline already passed but told them I’d let them know ASAP. They aren’t pushing me yet, but consider it already overdue.

[Anonymous User]

Prb tmr.

[AureliusCapital]

Prb tmr.

Its over. People aren't matching anymore.

[clone22]

Prb tmr.

Its over. People aren't matching anymore.

You're probably right. Party's over folks. Go home, dust off your resumes, and ping your favorite headhunter. Time to lateral.


Also, it is a little surprising how easy it was for Milbank, DLA Piper, and the new Elite Crew to surpass Cravath in Vault rankings? Who would have thought.

[ElCuervo]

I'm not sure if any market-paying firms will have a pay day before the 15th, maybe there are some. But there was some hope before last Friday that DPW or someone else would raise quickly because there was an impending pay day. Now, we're in a dead zone and may not hear further news until late next week.

[Anonymous User]

I've heard a rumor that at least one firm has been holding off because they expect there to be a re-raise in the market

[Anonymous User]

LW hosting an associates meeting right now acknowledging that they will match the raises+retro period but are watching the market for further movement.

[Anonymous User]

I've heard a rumor that at least one firm has been holding off because they expect there to be a re-raise in the market

Isn't this what every firm other than DPW is doing?

[Anonymous User]

Prb tmr.

Its over. People aren't matching anymore.

You're probably right. Party's over folks. Go home, dust off your resumes, and ping your favorite headhunter. Time to lateral.


Also, it is a little surprising how easy it was for Milbank, DLA Piper, and the new Elite Crew to surpass Cravath in Vault rankings? Who would have thought.

Not that it matters, but the previous Vault rankings did not reflect either of Milbank's last two salary raises. I doubt it will move the firm much, but I wouldn't be surprised if there was a little bump.

[lurkinassociate]

There actually should be a re-raise. Look at the law firm profitability articles on Law.com. The results this year would’ve been unthinkable two years ago.

Akerman: Profits per equity partner up 21%
Cadwalader: PEP up 71.57%!!!
V&E: PEP up 19.3%
Sidley: PEP up 20.1%
Dechert: PEP up 49.3%!
Proskauer: PEP up 21%
Perkins Coie: PEP up 15.8%

[Joachim2017]

There actually should be a re-raise. Look at the law firm profitability articles on Law.com. The results this year would’ve been unthinkable two years ago.

Akerman: Profits per equity partner up 21%
Cadwalader: PEP up 71.57%!!!
V&E: PEP up 19.3%
Sidley: PEP up 20.1%
Dechert: PEP up 49.3%!
Proskauer: PEP up 21%
Perkins Coie: PEP up 15.8%

That Cadwalader number is crazy. Is that because of that big group of Boies Schiller lawyers they poached this past year? That couldn't have made such a huge difference...

[njdevils2626]

There actually should be a re-raise. Look at the law firm profitability articles on Law.com. The results this year would’ve been unthinkable two years ago.

Akerman: Profits per equity partner up 21%
Cadwalader: PEP up 71.57%!!!
V&E: PEP up 19.3%
Sidley: PEP up 20.1%
Dechert: PEP up 49.3%!
Proskauer: PEP up 21%
Perkins Coie: PEP up 15.8%

That Cadwalader number is crazy. Is that because of that big group of Boies Schiller lawyers they poached this past year? That couldn't have made such a huge difference...

Cadwalader's is artificially inflated due to a poor 2020 (revenue and PEP declined from 2019, while other large firms saw large increases). But the other increases are sufficient justification

[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.

IMO both sides of this 'argument' are dumb.

1) It's not a small raise in terms of actual disposable income. An additional $20,000 (call it $1000 a month take home) on a $350,000 total salary is a small percent of the overall, but so many huge expenses are totally fixed (taxes, housing, childcare if applicable) that it can be a reasonably big change in disposable - the way i think of it is it doesn't increase the family's 'revenue' very much, but it's a nice increase in the family's 'profit'. Or, you could save the extra $1,000 a month in an after-tax investment account do that for 5 years (is that an average biglaw stint?) and then never contribute to that pile again, and in 2052 it'll be half a million dollars if the market averages 8%.

2) that said, anyone making 350k plus biglaw bonuses should be saving so much that whether it goes to 370, 380 or stays at 350 is not meaningful in lifestyle or financial planning decisionmaking. I pay out the nose for childcare and an apartment in Manhattan so I feel the pain, but if you're paycheck to paycheck at 350k you'll be paycheck to paycheck at 370k (or 670k) too.

[Anonymous User]

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[Anonymous User]

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My favorite post in this thread of the last week. Also, the most informative.

[mtf612]

My mood as we head into Friday.

[Anonymous User]

If DPW increases above Milbank (via bonus, base or combination) for midlevels by at least 15k, I will follow through and post here a picture of my wedding surf & turf by the end of this year. Bet.

[Anonymous User]

If DPW increases above Milbank (via bonus, base or combination) for midlevels by at least 15k, I will follow through and post here a picture of my wedding surf & turf by the end of this year. Bet.

If they don't you have to post the turf without the surf

[Anonymous User]

If DPW increases above Milbank (via bonus, base or combination) for midlevels by at least 15k, I will follow through and post here a picture of my wedding surf & turf by the end of this year. Bet.

If they don't you have to post the turf without the surf

And tell us how shit the wedding was as a result. But I'm smelling lobster this morning so I don't think it'll be an issue...

[Anonymous User]

Have any announcements come out on a Friday? I was thinking we're gonna be silent until Monday

[Anonymous User]

Have any announcements come out on a Friday? I was thinking we're gonna be silent until Monday

I'm old enough to remember the golden days of 2021, when Milbank announced as first mover on a Thursday, and DPW took their sweet time (a whole 24 hours) to re-raise on a Friday: https://abovethelaw.com/2021/06/salary- ... 2021/?rf=1

[cornerstone]

Why do you build me up (build me up)
D P dub baby
Just to let me down (let me down)
And not match this round
And then worst of all (worst of all)
Remember fall, baby
When you paid the bills (paid the bills)
But this time it's zilch
I need you (I need you)
More than any firm, darling
To fulfill your comp leading part
So please pay up (please pay up)
D P dub, don't break my heart

[Anonymous User]

In b4 "iS TOdAy tHE dAy?"