NY to 200k?! Forum

[Anonymous User]

I've heard rumblings from friends at other V10s that some firms are contemplating retention bonuses on top of matching the new salary scale (and on top of the bonuses announced earlier this year). Anyone got the scoop?

I heard something similar from two independent sources at the same V10. Must promise to stay at the firm, presumably will be a clawback if you leave. Slightly higher hours requirement than for regular/special bonus. May only apply for certain class years (mid-levels up). Higher amount than for special bonus.

Take this for what is worth, this is third hand info.

Have heard from multiple associates at my V10 that partners had reached out to them telling them to make sure their hours were in due to hours cut-offs on contemplated unannounced bonuses. Indicated the hours threshold would be higher than the normal year-end hours threshold. But this was before the salary increases news broke, so maybe that will stop the apparent bonuses.

lol my firm goes to some lengths to try to get everyone to enter their hours, but I don't think they'd stoop to this level (of either tricking us or paying us)

Didn't realize there were V10s with hour requirements for bonuses. Kirkland?

also SkaTTTen

and LaTTTham

What does TTT mean in these posts? (serious question)

[Sackboy]

What does TTT mean in these posts? (serious question)

It's a play on the ranking system of law schools. T1 (being top 50), TT (being 51-100), and TTT (being 101-150). TTT is also known as Third Tier Trash for, ya know, being in the 3rd tier and generally taking bad students/giving bad outcomes.

[thisismytlsuername]

What does TTT mean in these posts? (serious question)

It's a play on the ranking system of law schools. T1 (being top 50), TT (being 51-100), and TTT (being 101-150). TTT is also known as Third Tier Trash for, ya know, being in the 3rd tier and generally taking bad students/giving bad outcomes.

The OG acronym was Third Tier Toilet (I'm old for this board).

[TLSposter1990]

I think we'll see lots of matches today, but I'm not optimistic for anyone coming over the top at this point. I'd say the odds are 75% stays as-is, 15% STB raise, 10% Cravath raise.

[Anonymous User]

Good morning people let's get this bread.

[objctnyrhnr]

Good morning people let's get this bread.

No need for anon there. But yes, let’s get it.

[nealric]

Would have expected more matches today, tbh. Honestly I’m just comforted by the fact that everybody from I dunno mintz to McDermott to baker is getting in on raises. I don’t think any v30s, and maybe even v50s, can choose to ignore this besides Jones day I guess.

I'm not surprised there is some delay-

1) Some firms have procedural barriers to the match (certain committee has to meet first, etc.)
2) Some firms may want to see where the dust settles on pay scale before announcing a match

Historically, it's been a few weeks before a strong plurality takes up the new payscale, and there are always a few stragglers who sometimes wait months (especially firms that are only at market in certain offices, or are below market). Even those sub-market firms tend to feel compelled to announce some sort of raise even if they don't match.

[PBRonTap]

Arnold & PorTTTer to $2.05

[Anonymous User]

Arnold & PorTTTer to $2.05

In all seriousness I will be shocked if any DC firms match in June, and there's a pretty solid chance AP, Hogan, and maybe CovingTTTon just don't match at all. Wilmer will probably match once Boston falls and Akin will probably match too because they have more PPEP and why not.

[Anonymous User]

Any Texas people have insight on that market? It'll be interesting to see if the Baker Botts/Bracewell types are still able to match the national firms. I'm assuming they will because they can't let KE, Latham and V&E outbid them, but it's got to be getting tougher.

[Anonymous User]

Arnold & PorTTTer to $2.05

In all seriousness I will be shocked if any DC firms match in June, and there's a pretty solid chance AP, Hogan, and maybe CovingTTTon just don't match at all. Wilmer will probably match once Boston falls and Akin will probably match too because they have more PPEP and why not.

I used to be at one of the three mentioned in your first sentence and I don’t disagree. There will be a mass exodus of corporate folks if that is the case though (to the extent there hasn’t been already).

[Anonymous User]

ATL is reporting Pillsbury to 202.5

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Another round of $250 gift cards?

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Another round of $250 gift cards?

Who knows! K&E did $1000 worth of meal reimbursements in April and May (10 meals at 100 max per meal). I think it’s bigger than gift cards/meals though.

[Anonymous User]

Is it likely that Shearman & Sterling matches? We've had some financial troubles right when the pandemic hit, but I heard we're doing better now. As a S&S associate, I hope they match.

[Bosque]

ATL is reporting Pillsbury to 202.5

Gotta get that dough, boy.

[Anonymous User]

I agree with some of the other posts thinking that the delay from some of the big names in the V25 implies we're not at the end of the scale increases yet. There's been too much attrition and craziness for this to just end at the DPW 202.5k / 205k scale. There's plenty of room for one of the big firms to come in at 210 or 215 and similarly increase across the scale. The financial impact would be relatively small and the goodwill it would curry during a crazy time would be huge. I'm expecting to see Cravath or Skadden or Simpson go for this. I think then it will settle.

I think the talk of announcing spring retention bonuses or a fall bonus on top of a fall bonus right now is wacky though. At a certain point the compensation gets too confusing. They're not going to cross-message. I think the more likely scenario is there's an announcement of an upcoming round of spring bonuses to coincide with the provision of generous EoY bonuses, moving toward a more frequent bonus payout system to improve retention across the industry.

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Can you give a little more color? At Skadden and have not heard anything ... might be OOTL.

[topherdane]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Can you give a little more color? At Skadden and have not heard anything ... might be OOTL.

Read pages 19 & 20 of this thread. There were a few posts about possible retention bonuses at one or more V10s with more color. Safe to say Skadden was one of the firms being discussed.

[Anonymous User]

Arnold & PorTTTer to $2.05

In all seriousness I will be shocked if any DC firms match in June, and there's a pretty solid chance AP, Hogan, and maybe CovingTTTon just don't match at all. Wilmer will probably match once Boston falls and Akin will probably match too because they have more PPEP and why not.

I used to be at one of the three mentioned in your first sentence and I don’t disagree. There will be a mass exodus of corporate folks if that is the case though (to the extent there hasn’t been already).

We see this narrative every time. There’s no way DC firms don’t move because of the fact that Wilmer has no choice but to move every time a raise or something happens (because it is also a Boston firm that competes against Ropes, which will always match).

Wilmer and other DC firms probably won’t announce until July, though, so I agree with the first part. I think many have monthly payroll, so no point announcing until mid-July (they’ll probably all lose a handful of associates by then, though).

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Can you give a little more color? At Skadden and have not heard anything ... might be OOTL.

Read pages 19 & 20 of this thread. There were a few posts about possible retention bonuses at one or more V10s with more color. Safe to say Skadden was one of the firms being discussed.

Might just be for mid levels and seniors. My contacts at Skadden are both mid-seniors and were told by partners today that separate great news was coming with the salary increase.

[Anonymous User]

Have heard confirmation from multiple sources at Skadden that there will be something else announced today unrelated to the salary increase. Haven’t heard confirmation that this will be the retention bonuses yet but fingers crossed.

Can you give a little more color? At Skadden and have not heard anything ... might be OOTL.

Read pages 19 & 20 of this thread. There were a few posts about possible retention bonuses at one or more V10s with more color. Safe to say Skadden was one of the firms being discussed.

Might just be for mid levels and seniors. My contacts at Skadden are both mid-seniors and were told by partners today that separate great news was coming with the salary increase.

Excellent...hopefully annualizing at 2000 will be enough for these. My first few months were a bit slow but has been crazy lately.

[Anonymous User]

Any Texas people have insight on that market? It'll be interesting to see if the Baker Botts/Bracewell types are still able to match the national firms. I'm assuming they will because they can't let KE, Latham and V&E outbid them, but it's got to be getting tougher.

BB will match. They're hemorrhaging laterals across the board to the new Big 3 of KE/VE/Latham - if they don't, it's the death knell for the legacy firms.

No idea about Bracewell though. They likely will, but they aren't competing in the same sphere anymore.

[Anonymous User]

Re: DC, firms like Gibson, Kirkland, Skadden, Simpson etc. will all have to match as well. I see no possible world where they don’t, which would mean a lot of pressure on the native DC firms.