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

[UnicornHunter]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Can't blame them. The raise was completely unjustified by market forces.

[reasonable troll]

A&P matched, US offices and summers.

Has this been confirmed?


Looks like remaining Am Law 100 with more than 1mil PPP in 2016 are:

1. Wachtell Lipton: $6,600,000
19. King & Spalding: $2,515,000
20. Dechert: $2,510,000
35. Fragomen: $1,850,000
38. WilmerHale: $1,810,000
41. Orrick: $1,790,000
43. Alston & Bird: $1,745,000
48. Williams & Connolly: $1,560,000
51. Morgan Lewis: $1,530,000
52. Katten: $1,510,000
53. Fish & Richardson: $1,490,000
54. Greenberg Traurig: $1,475,000
55. Sheppard Mullin: $1,445,000
56. Kaye Scholer: $1,380,000
58. Holland & Knight: $1,250,000
61. Pillsbury: $1,185,000
63. Foley & Lardner: $1,130,000
64. Reed Smith: $1,105,000
65. Perkins Coie: $1,100,000
66. Mintz Levin: $1,065,000
67. Venable: $1,060,000
68. McGuire Woods: $1,045,000
69. Crowell & Moring: $1,035,000
70. Pepper Hamilton: $1,025,000
71. Seyfarth: $1,020,000
72. Jones Day: $1,010,000

Yes. http://abovethelaw.com/2016/06/a-leadin ... ssociates/

tyty. updated for fellow members of the proleTTTariat still holding out hope.

[col.faith]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

If they are not willing to pay market price for top firms then get TTT firms like CovingTTTon to do their deals. Oh wait, even CovingTTTon went 180.

[Anonymous User]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

BofA was a client of a firm I worked at many moons ago. This doesn't surprise me in the least. They were cheap fucks then, and cheap fucks now.

Knowing what I know from a case I worked on as a clerk in [year redacted] I am not surprised either. Cheap fucks, assholes, and will do a lot of shit to fuck people over for money. But it's market-driven so we should bear the cost of the bank's decisions (oh wait, we did! Assholes)

ETA: the more I think about it the more angry this makes me. It's so fucking hypocritical. Give us our multibillion dollar bailout back assholes, I'd rather not bear the cost. FUCK.

Edit again: also the bailout we paid them in large part was used to pay the extremely high salaries and bonuses they had promised to their executives. Those were mandatory taxes not agreed-upon fees to a hired firm, yet we paid their wages like they're complaining about now. Billions. They might have a point worth addressing if it weren't coming from them. Please someone public with a voice call out this terrific irony. My god.

[Monochromatic Oeuvre]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Fucking LOL

Yeah, I'm sure BofA is SO OUTRAGED that next time they find themselves in nine-figure litigation, they'll hire Hodgson Russ and Day Pitney instead of Wachtell and Cleary.

Double fucking LOL at poaching stagnant midlevels from firms for nine years and then acting like you have no earthly idea why they might raise salaries.

[Tiago Splitter]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Can't blame them. The raise was completely unjustified by market forces.

It also has zero impact on their rate. No difference for them between $2.1 million PPP and 160k vs. $2.0 million PPP and $180k.

[UnicornHunter]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Can't blame them. The raise was completely unjustified by market forces.

It also has zero impact on their rate. No difference for them between $2.1 million PPP and 160k vs. $2.0 million PPP and $180k.

Tru. I just read the letter as them making sure firms understood that was the case.

[Tiago Splitter]

It's just so funny that they won't put out letters refusing to bear the cost of the massive PPP increases of recent years.

[UnicornHunter]

It's just so funny that they won't put out letters refusing to bear the cost of the massive PPP increases of recent years.

Certainly not the GC. He's got to have something to retire into.

[MCFC]

The chief litigation officer for a Fortune 100 company said $180,000 for a first-year isn’t justified, pointing by way of comparison to a lawyer in the company’s litigation department with 20 years of experience who doesn’t make that much money

I am rapidly downgrading my expectations for exit options.

[Tiago Splitter]

The poor sap who makes $175k a year with a $125k bonus living in Des Moines.

[Anonymous User]

The fact that these "clients" are so upset is a good indication the raise was justified. Remember, all of these GCs operate in two markets, the market for legal services and the market for labor. In-house employers have had their pick of associates for quite some time because firm salaries weren't as competitive as they have been in the past. Of course GCs will be irritated when they can't poach associates as easily.

[jbagelboy]

Fuck that.

This is a huge win for us. It won't change the business model or exit options.

[Monochromatic Oeuvre]

The poor sap who makes $175k a year with a $125k bonus living in Des Moines.

TCR

"These salaries are out of control!" snarled a debt-free Creighton grad working a $175k 9-6 in Omaha returning to 3000 sq ft house, while first-year HLS kid begins five-year loan repayment plan, taking F home to two roommates in Queens at 11 PM, hoping to Skype GF he hasn't seen in six weeks before she gives up on him entirely.

[rahulg91]

Fuck that.

This is a huge win for us. It won't change the business model or exit options.

Idk brah AmLaw keeps telling me we're gonna lose everything to the cloud or some shit.

[Anonymous User]

Dechert associates have been receiving recruiter emails that basically say "Dechert is being a dick by not stepping up at this point, why not go somewhere else." Not sure what the firm's waiting for. I guess the partners are taking their time mourning the fact that they might have to part with a teeny-weeny fraction of their $2.5m PPPs in the foreseeable future.

No idea what is taking them so long. Maybe they're trying to be stingy in Philly again?

That's unquestionably what it's gotta be. Charlotte is now to 180 (b/c of CWT), Princeton no one cares about b/c it's a tiny office. NY, DC, CA, TX, all of them go to 180. But almost none of the big voices in Philly have moved, and Dechert has like 200 lawyers based there. They aren't going to move the market there prematurely.

[bern victim]

Yeah, I'm sure BofA is SO OUTRAGED that next time they find themselves in nine-figure litigation, they'll hire Hodgson Russ and Day Pitney instead of Wachtell and Cleary.

well there was no market based reason for the raise so there must be no difference in quality

[WestOfTheRest]

The fact that these "clients" are so upset is a good indication the raise was justified. Remember, all of these GCs operate in two markets, the market for legal services and the market for labor. In-house employers have had their pick of associates for quite some time because firm salaries weren't as competitive as they have been in the past. Of course GCs will be irritated when they can't poach associates as easily.

unintentional anon

[rpupkin]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Can't blame them. The raise was completely unjustified by market forces.

LOL@the notion that competition for labor is not a "market force." And double LOL@Leitch's statement that he does not expect his bank "to bear the costs of the firms' decisions," as if these law firms are his family members or something. Hey Leich, a law firm can charge whatever it wants for its services. If you don't want to pay a firm's rate, go to a firm that charges less. Or round up 20 unemployed Hofstra grads and pay them $30/hr to litigate your next big case. It's basically a free market.

[WestOfTheRest]

http://www.wsj.com/articles/companies-p ... 1466029554

After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.

But now companies are pushing back.

Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.

“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal

Can't blame them. The raise was completely unjustified by market forces.

LOL@the notion that competition for labor is not a "market force." And double LOL@Leitch's statement that he does not expect his bank "to bear the costs of the firms' decisions," as if these law firms are his family members or something. Hey Leich, a law firm can charge whatever it wants for its services. If you don't want to pay a firm's rate, go to a firm that charges less. Or round up 20 unemployed Hofstra grads and pay them $30/hr to litigate your next big case. It's basically a free market.

PPP has soared since 07. Trust me, they are already bearing the cost of the decision. The decision just hadn't happened until now.

[rpupkin]

PPP has soared since 07. Trust me, they are already bearing the cost of the decision. The decision just hadn't happened until now.

I can't stand this "bearing the cost" nonsense. A customer doesn't "bear costs" when he or she decides to pay for a good or service. If I want to pay $1.85 for a 12 oz cup of coffee at Starbucks, I pay $1.85. I am not "bearing costs." I have no idea how much of that $1.85 goes to Starbucks's costs or to its profits.

[Anonymous User]

I was at a firm retreat about 2 days after the firm matched. I was sitting at the dinner table with one of the long time partners who said that over the last couple of years it's become harder and harder to recruit new associates, and that our corporate office is below the number of associates that they'd like to have, and he was hoping the pay raise will make it easier to recruit. This is a v10 firm, if that matters at all

So, I wouldn't call the raise unjustified from that perspective

[Mr. Peanutbutter]

The only perspective from which this is "unjustified" is that it didn't happen sooner.

We are still paid less than associates 9 years ago in real dollars, and as pointed out earlier this can just come out of PPP and not client bills. I know the world doesn't cry for poor biglawyers (it shouldn't) but fuck you BofA GC for shitting on the people who have the least power and the most debt in this profession.

[bern victim]

PPP has soared since 07. Trust me, they are already bearing the cost of the decision. The decision just hadn't happened until now.

I can't stand this "bearing the cost" nonsense. A customer doesn't "bear costs" when he or she decides to pay for a good or service. If I want to pay $1.85 for a 12 oz cup of coffee at Starbucks, I pay $1.85. I am not "bearing costs." I have no idea how much of that $1.85 goes to Starbucks's costs or to its profits.

don't tell that to the iced coffee class action attorneys

[Single-Malt-Liquor]

Will FUTPT for anyone who goes xoxo in the WSJ comments.