NYC to 200k Forum

[Anonymous User]

Will any firms match the summer bonus?

[Anonymous User]

Considering the (until recent) rarity of the salary raises, I can see why those who graduated in 2018 would be peeved that instead of a salary boost it's merely a "bonus" that won't apply to them. Could be another 5-years before another "NY to $200k" happens. But I'm content $190k is happening at all.

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

[Anonymous User]

The V10 firms have to match the summer bonuses right?

[alphagamma]

The V10 firms have to match the summer bonuses right?

Only for associates from Columbia/Yale.

[Big Red]

Considering the (until recent) rarity of the salary raises, I can see why those who graduated in 2018 would be peeved that instead of a salary boost it's merely a "bonus" that won't apply to them. Could be another 5-years before another "NY to $200k" happens. But I'm content $190k is happening at all.

The chosen structure does shaft us a little bit for in the short term, but even over a 2-3 year big law lifespan we will see more from the new scale than other very recent class years.

Would not hate if firms reached out to their 2018s w/ a little stipend action

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

That's not how partners make money. But you're right, it is a lot of money out of the partners pockets.

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

That's not how partners make money. But you're right, it is a lot of money out of the partners pockets.

Some firms are moving towards guaranteed money for IN DEMAND partners, so not completely wrong

[Anonymous User]

The V10 firms have to match the summer bonuses right?

Yes.

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

That's not how partners make money. But you're right, it is a lot of money out of the partners pockets.

Sometimes it's like this. For example, if a firm wants to hire a huge bigwig out of government who has no clients they're throwing $ millions down a black hole hoping the partner will be successful.

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

That's not how partners make money. But you're right, it is a lot of money out of the partners pockets.

Some firms are moving towards guaranteed money for IN DEMAND partners, so not completely wrong

And a lot of the top firms are still lock-step or very close to it, so any lateral partner is pretty much guaranteed certain compensation (albeit much lower than the huge "guaranteed compensation" packages places like K&E or Quinn offer lateral partners).

[Anonymous User]

Any chance cravath goes 200k? I feel like only cravath has the potential to go to 200. The rest will all just match STB, even though most of them have budgeted and are ready to match to 200k but don’t want to be the first ugh

[Anonymous User]

cravath is our only hope at this point

[Anonymous User]

Will this finally open up the flood of matches?

[Anonymous User]

Didn't Cravath post declining revenues in 2017?

[Anonymous User]

The extra $10,000 is huge guys. If a firm has 300 associates, that's another $3 million a year. They could hire a big name partner for that much and the partner would bring in work.

That's not how partners make money. But you're right, it is a lot of money out of the partners pockets.

Some firms are moving towards guaranteed money for IN DEMAND partners, so not completely wrong

I think there was a firm that did that, can't remember the name, but it's on the tip of my tongue. Definitely didn't work out well for them, though.

[minnbills]

Dewey remember yet?

[Anonymous User]

Congrats to STB associates on the bonuses! Any chance CovingTTTon gives bonuses too? Or will it just match 190?

[Anonymous User]

My 100% unfounded speculation is that, in light of the STB match, Cravath matches 190K for first years but doubles down on increase for midlevels, maybe starting with third years. Attrition by midlevels is the real problem at all of these firms and this is probably the most consequential voting block for Vault purposes.

[Anonymous User]

Congrats to STB associates on the bonuses! Any chance CovingTTTon gives bonuses too? Or will it just match 190?

CovingTTTon to 175.

[thelastlaugh]

Aren't mid-year bonuses seen as more of a firm-by-firm thing? I get that since STB's bonus comes when it's also announcing a match to 190k that there is incentive for firms to also match bonuses, but since it is mid-year, is it at all easier for firms (especially if a firm goes to 200k) to say no bonuses? Just a thought.

[toast and bananas]

KE match with bonus, apparently

[Anonymous User]

Looks like $200k ain't happening. Y'all can waste your time and emotions hoping but too many super rich firms are only going up to 190. [Edit: Ignore this I was fooled by KE 190k fake news]

[Anonymous User]

KE match with bonus, apparently

You a K&E associate? Any confirmation?

[Anonymous User]

Looks like $200k ain't happening. Y'all can waste your time and emotions hoping but too many super rich firms are only going up to 190.

mods pls