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

[thesealocust]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

If this really is about competition for hiring SA's/1st years, that could create a weird situation where 1st years actually make more than 2nd years. Then again, I'm guessing it probably didn't work that way in the past

It was very common for firms to raise entry salaries before the financial crisis. 1st years were making more than 4th years for quite a while.

[rpupkin]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

[84651846190]

BIGFED dood here--hoping for NYC to 145k

[wiz]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

One Salary Worldwide.®

[chup]

Through the grapevine I've heard that firms might start bumping up in secret in the next couple of weeks.

No it's going to be at least 15 major firms making the move together. The reason the compensation move took so long is because there is actually some nuance to it and it's not as simple as every city moving to 175 or 190 or whatever it is. There's also been a lot of behind the scenes coordination between the firms making the move otherwise this would have been done in July (this last 2 sentence was speculation as to reasoning - everything else is confirmed). 190 for NYC and 175 for the rest wouldn't surprise me.

*DOJ's ears perking up*

[chup]

Holy shit this thread has been productive today. I didn't realize that post was like 5 pages back.

[thesealocust]

We're doing God's work

[lawschool90]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

[thesealocust]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

Not with that attitude it won't.

[lawschool90]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

Not with that attitude it won't.

Midlevels are going to accept a pay cut from 230k to 190k?

[jbagelboy]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

nah. it's all going up. the memo provided a rough scale from 190k, staggered lockstep but even more generous deltas than before. think big, friends.

[El Pollito]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

Not with that attitude it won't.

Midlevels are going to accept a pay cut from 230k to 190k?

What are they going to do, lateral?

[UnicornHunter]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

nah. it's all going up. the memo provided a rough scale from 190k, staggered lockstep but even more generous deltas than before. think big, friends.

Did someone say non-equity partner to 1 mil? I think so.

[lawschool90]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

Not with that attitude it won't.

Midlevels are going to accept a pay cut from 230k to 190k?

What are they going to do, lateral?

Use common sense. The only incentive to do biglaw is money. Not enough people will be incentivized to stay if the pay scale is flat.

[BigZuck]

The thread is more fun to read when you pretend the trollees are the trollers

Otherwise it's just kinda sad

[bearsfan23]

NY firms could probably afford to give everyone raises if they didn't insist on having super nice offices in the most expensive parts of the city.

If PW just moved to Jersey City or Queens or somewhere like that, $190k would be nothing

[Anonymous User]

There was at least one NYC office that no joke considered moving to Brooklyn a while ago.

[rpupkin]

Midlevels are going to accept a pay cut from 230k to 190k?

What are they going to do, lateral?

Use common sense. The only incentive to do biglaw is money. Not enough people will be incentivized to stay if the pay scale is flat.

I am using common sense, my friend. As has already been established by an authority no less venerable than Johann, the big law firms collude to set associate pay. Do you think Paul Weiss would be stupid enough to unilaterally reduce fifth-year pay from $230K to $190K? Of course not. But if they reduced pay in coordination with all the major law firms, their midlevels will have the same incentive to stay—no more, no less—as they have now.

Don't get me wrong: midlevels (and especially seniors) will be upset. But you can't make an omelette without cracking a few eggs. No one said that NY to 190K would be bloodless.

[Anonymous User]

Idk how I feel about all the horse play going on in this thread's pool.


You're all being awfully cavalier with a lot of people's lives.

- George Clooney. Ocean's 12. Good flick, holds up over time, recommend a repeat viewing if like me you didn't care for it when it first came out.

[Anonymous User]

Maybe this has been answered but when NY goes to 190k so very, very soon, will all levels of associates get salary raises?

I think the idea is that all associate salaries go to $190K. That's what makes this move affordable for the big law firms. You can afford to raise first-year associate pay from $160K to $190K if you cut fifth-year associate pay from $230K to $190K. True, there are more junior associates than senior associates, but it'll mostly even out in the end.

No way this happens

Not with that attitude it won't.

Midlevels are going to accept a pay cut from 230k to 190k?

I think you misunderstood. They were talking about what Jones Day would do to follow but in actuality they've already done this except the part about raising first years.

[TLSModBot]

Shit I've lost track of who is trolling and who isn't. All I can do is hang onto the hope Johann provides ITT and the sage wisdom Zuck and rpupkin have been sharing.

[xael]

I'm just saying that that text was 100% true and she had just walked out of PW so what more proof do we need

[MCFC]

Things ATL will steal from TLS: posts from the Vale; a picture of a Davis Polk Selfie Stick™

Things ATL refuses to pick up from TLS: the story of the decade

And then the Latham SA story which exists in some weird middle zone.

NY firms could probably afford to give everyone raises if they didn't insist on having super nice offices in the most expensive parts of the city.

If PW just moved to Jersey City or Queens or somewhere like that, $190k would be nothing

PW to 190 Fordham Road.

[Anonymous User]

David Boies here, I am anon because I don't want you to know who I normally post as. I know there's a rumor that I am Desert Fox. FAT (pun intended) chance. That is a total CANARD.

I just wanted you to know that all of the named partners of the V50 firms met this morning (except for fucking Swaine cause he's a a dick, and Dickstien Shaprio because obviously that is a made up alias for Justice Scalia, who couldn't make it).

I am happy to announce that the NY Committee on Price Fixing and Cartels has agreed on a revolutionary compensation system that you will all get behind. Here is a summary: In order to reduce payroll costs, all compensation will be in the form of once-a-year bearer bonds. Each Associates paycheck will be randomized and hidden in the office between the hours of 2:00am and 3:30am. First come, first serve. Let the odds be ever in your favor.

P.S. Also your vacations are all cancelled. As is Christmas.

[thesealocust]

I wish there were award points we could distribute for use of anon. Carrots and sticks and all.