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

[Anonymous User]

anyone hear anything about greenberg traurig?

[First Offense]

What the fuck is a market driven force other than one firm trying to get a competitive advantage and then all of the other firms realizing they have to match or suffer competitive consequences?

Isn't that exactly a market driven force?

[rpupkin]

What the fuck is a market driven force other than one firm trying to get a competitive advantage and then all of the other firms realizing they have to match or suffer competitive consequences?

Isn't that exactly a market driven force?

Yes, of course.

[Desert Fox]

That BoA fuck makes like 2mil+ a year and probably knows less about this deals than a first year. Fuck his asshole

[imalreadyamember?]

What the fuck is a market driven force other than one firm trying to get a competitive advantage and then all of the other firms realizing they have to match or suffer competitive consequences?

Isn't that exactly a market driven force?

Yes, of course.

If it were that clear, wouldn't a bank, of all places, know what a market-driven force is? And if so, does that mean they had perhaps other motives for throwing a tantrum about it?

[Anonymous User]

Although I would have preferred they write more about it, I emailed ATL asking them to use their public platform to call out BOA's hypocrisy. Idk if that's why they did but I feel a bit better.

http://abovethelaw.com/2016/06/some-cli ... te-raises/

Here's the most infuriating / hypocritical part:

Bank of America, which also received $45 billion in TARP money, paid $3.3 billion in bonuses, with 172 employees receiving at least $1 million. Merrill Lynch, which Bank of America acquired during the credit crisis, paid out $3.6 billion.

Bank of America earned $2.56 billion in 2008, while Merrill lost $30.48 billion. Cuomo's office said Merrill Lynch doled out 696 bonuses of at least $1 million for 2008.

Bank of America has been sharply criticized for its acquisition of Merrill Lynch because of mounting losses at the Wall Street bank and the size of bonuses Merrill paid its employees. Of the $45 billion in bailout funds Bank of America received, $20 billion was to support the acquisition of Merrill. Neither Bank of America nor Citigroup have repaid their TARP loans.

A Bank of America spokesman declined to comment on the report. A spokesman for Citigroup did not return repeated calls for comment.

http://abcnews.go.com/Business/story?id=8214818&page=1

That's precisely why I was pissed. They say they aren't going to bear the costs of firms' paying higher salaries. LOL. Ironic. BOA also had conditions on that bailout money to implement relief programs to assist mortgage borrowers and they intentionally implemented those programs incompetently in order to keep the borrowers indebted to them. Yeah, absolutely fuck BOA.

[Desert Fox]

BoA was basically part of the bailout on the side of bailing retards out. Buying Countrywide saved the government a ton of fucking money.

[Anonymous User]

IMO people are misinterpreting this. Absolutely, BOA wants to pay the lowest rates possible and is (apparently) known for pushing back on bills harder than other clients. BOA is still going to hire the top firms though, as they noted in their article (the pool BOA hires from is only 35 firms; presumably all of those went to 180). By leaking this to WSJ though, it sends the signal to BOA shareholders and potential shareholders that BOA takes cost cutting seriously and is aggressively defending shareholder value. It's basically free advertising.

[xcountryjunkie]

Add Ballard Spahr to the CovingTTTon list: https://bol.bna.com/180k-associates-not ... ays-chair/

[Anonymous User]

Can we change the title to shame JD into matching? This is getting ridiculous.

[rpupkin]

Can we change the title to shame JD into matching? This is getting ridiculous.

I don't think JD really matched the market before this increase. Not sure why that would change now.

[Mr. Peanutbutter]

Everyone pull their money out of BoA if it's there.

Removing all $84 I have in my old checking account I only use to pay bills on a BofA CC with $500 limit.


Will close CC after starting work.

[Anonymous User]

Add Ballard Spahr to the CovingTTTon list: https://bol.bna.com/180k-associates-not ... ays-chair/

Can't wait for my firm to fall into this bucket...

[Anonymous User]

Add Ballard Spahr to the CovingTTTon list: https://bol.bna.com/180k-associates-not ... ays-chair/

I saw this. BS is trying to do the CovinTTTon move, 100%. What will be interesting is what happens after MLB matches Dechert at 180k. I personally think they have to go to 180 in NYC to stay competitive. BS will have to increase at somepoint, though not to 180. I predict 165 w/in a year or so. This market will be interesting to watch over the next year w/r/t salaries...

[Big Shrimpin]

Add Ballard Spahr to the CovingTTTon list: https://bol.bna.com/180k-associates-not ... ays-chair/

I saw this. BS is trying to do the CovinTTTon move, 100%. What will be interesting is what happens after MLB matches Dechert at 180k. I personally think they have to go to 180 in NYC to stay competitive. BS will have to increase at somepoint, though not to 180. I predict 165 w/in a year or so. This market will be interesting to watch over the next year w/r/t salaries...

SHREWD analysis, almighty ORACLE

[Mr. Peanutbutter]

Everyone pull their money out of BoA if it's there.

Removing all $84 I have in my old checking account I only use to pay bills on a BofA CC with $500 limit.


Will close CC after starting work.

Was going to post an article on Facebook urging other people to close their accounts, too.

Then realized most of my friends have no idea how law market works and would think I'm bragging about being rich b/c I'll make enough to barely make standard payments on loan + rent.

[Desert Fox]

ive got 60 thousand dollars in BoA, but not for long.

[Mr. Peanutbutter]

ive got 60 thousand dollars in BoA, but not for long.

Be sure to tell them why you're moving it.

[MCFC]

IMO people are misinterpreting this. Absolutely, BOA wants to pay the lowest rates possible and is (apparently) known for pushing back on bills harder than other clients. BOA is still going to hire the top firms though, as they noted in their article (the pool BOA hires from is only 35 firms; presumably all of those went to 180). By leaking this to WSJ though, it sends the signal to BOA shareholders and potential shareholders that BOA takes cost cutting seriously and is aggressively defending shareholder value. It's basically free advertising.

Down from 700(!) according to the article.

[Anonymous User]

Can we change the title to shame JD into matching? This is getting ridiculous.

I don't think JD really matched the market before this increase. Not sure why that would change now.

Not in total comp of course, but they basically do in base comp. Which, as an incoming associate, is what I care about at the moment. I, and I assume everyone else who accepted an offer from JD, knew what they were getting into in terms of getting forever nobonused. But I accepted that on the understanding that my base comp would at least still be market. It's just ridiculous that every firm I turned down, save maybe one at this point, has moved to 180.

[rpupkin]

ive got 60 thousand dollars in BoA, but not for long.

Be sure to tell them why you're moving it.

Market forces.

[Anonymous User]

anyone hear anything about greenberg traurig?

Seems like they are keeping quiet for now. Probably waiting it out as long as possible.

[rpupkin]

Can we change the title to shame JD into matching? This is getting ridiculous.

I don't think JD really matched the market before this increase. Not sure why that would change now.

Not in total comp of course, but they basically do in base comp. Which, as an incoming associate, is what I care about at the moment. I, and I assume everyone else who accepted an offer from JD, knew what they were getting into in terms of getting forever nobonused. But I accepted that on the understanding that my base comp would at least still be market. It's just ridiculous that every firm I turned down, save maybe one at this point, has moved to 180.

I'm not sure JD even matches base comp after your first couple of years, at least not consistently. I honestly don't understand why someone who prioritizes market compensation would choose JD.

[Anonymous User]

anyone hear anything about greenberg traurig?

Seems like they are keeping quiet for now. Probably waiting it out as long as possible.

They were one of the earlier movers back in '07

[Anonymous User]

anyone hear anything about greenberg traurig?

Seems like they are keeping quiet for now. Probably waiting it out as long as possible.

They were one of the earlier movers back in '07

So was Fish. Not this time apparently (or its memo just hasn't been leaked?)