Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Anonymous User]

Does DPW have a history of re-raising beyond the last time they one upped Milbank? Curious because many on TLS seem very confident that DPW either will do this again or are the only firm likely to do this and I want to know if it's based on something more than their having done it one time.

I think they've done it twice now either on bonuses or salaries. But more importantly, firms in the V10 would not be waiting this long to match if they didn't think/assume there was going to be another raise. DPW included.

I definitely don't doubt that firms are holding out thinking that someone is likely to re-raise. Just didn't understand the hyper focus on DPW if they had only raised once. But your reply pretty much answers my question. Here's to seeing you all back here Monday.

[Anonymous User]

Is there a good record somewhere of the how long it took firms to match or raise historically?

https://abovethelaw.com/2021/11/biglaw- ... cker-2021/

[Monochromatic Oeuvre]

Yes, NALP rule 3.2 (which roughly corresponds to ABA rule 52.2) requires that if a market paying firm raises, all other firms must match within no more than 90 days to continue to be considered "market." Any firm that does not match within the specified period will lose "market" distinction and is subject to exclusion from T3 and CLS OCI. There are also some provisions about automatic penalization in the Vault rankings by no less than 5 rankings spots, but those seem dependent on factors like how big the raise is, how many other firms matched, etc. and it gets a big murky.

Is that the deadline you were thinking of?

Can't believe everyone let you get away with this.

[Anonymous User]

Affinity group mentor at DPW says they have a company-wide meeting next week on Thursday.

Common sense speculation is that if they are going to raise to 220+, should be announced then.

[Anonymous User]

A random question here for the mods, how does it make sense to require mod approval for posts made from a registered username, but not to require so for anonymous posts?

They should not be required for either type of post -- there is no logic in this.

[Anonymous User]

Affinity group mentor at DPW says they have a company-wide meeting next week on Thursday.

Common sense speculation is that if they are going to raise to 220+, should be announced then.

Always possible, obviously, but that would be inconsistent with how things have been done in the past – none of the recent raises/bonuses have been announced at these town halls.

The purpose of the town hall next week is to discuss our mandatory return to office plans. I suppose in theory salary news could be used to soften the blow…

[Anonymous User]

Affinity group mentor at DPW says they have a company-wide meeting next week on Thursday.

Common sense speculation is that if they are going to raise to 220+, should be announced then.

Always possible, obviously, but that would be inconsistent with how things have been done in the past – none of the recent raises/bonuses have been announced at these town halls.

The purpose of the town hall next week is to discuss our mandatory return to office plans. I suppose in theory salary news could be used to soften the blow…

Ahhh, got it. That makes sense. Here's to hoping they (or someone else) announces a raise prior to Thursday.

[Anonymous User]

What as does “in good standing” mean? Hours? Because that’s tough for Q1.

[Auxilio]

What as does “in good standing” mean? Hours? Because that’s tough for Q1.

Generally hasn't given notice or laid off or something.

[Anonymous User]

Just wanted to put the current situation in nice, stark terms for the record:

It's been 17 days since Milbank announced an increase to the associate / of counsel salary scale. In the intervening 17 days, not one firm in the V10 has come forward with a match or its own re-raise. You currently make more money working as an associate at DLA Piper than you do at Cravath.

lmfao

[Anonymous User]

Just wanted to put the current situation in nice, stark terms for the record:

It's been 17 days since Milbank announced an increase to the associate / of counsel salary scale. In the intervening 17 days, not one firm in the V10 has come forward with a match or its own re-raise. You currently make more money working as an associate at DLA Piper than you do at Cravath.

lmfao

gotta think the dam will start breaking soon even if DPW doesn't move. 3 weeks and people are gonna start getting antsy. Firms don't want antsy associates in this lateral market.

[Anonymous User]

gotta think the dam will start breaking soon even if DPW doesn't move. 3 weeks and people are gonna start getting antsy. Firms don't want antsy associates in this lateral market.

Imagine the peace of mind associated working at Milbank (or one of the matched firms)--one can just focus on work and need not follow this thread, with much avoidable anxiety. Surprised Milbank is not flooded with lateral applications already.

[Wubbles]

Just wanted to put the current situation in nice, stark terms for the record:

It's been 17 days since Milbank announced an increase to the associate / of counsel salary scale. In the intervening 17 days, not one firm in the V10 has come forward with a match or its own re-raise. You currently make more money working as an associate at DLA Piper than you do at Cravath.

lmfao

Broke: DLA Piper associates currently make more than Cravath associates due to matching the new salary scale.

Woke: DLA Piper associates consistently make more than Cravath associates due to above market bonuses.

[Anonymous User]

gotta think the dam will start breaking soon even if DPW doesn't move. 3 weeks and people are gonna start getting antsy. Firms don't want antsy associates in this lateral market.

Imagine the peace of mind associated working at Milbank (or one of the matched firms)--one can just focus on work and need not follow this thread, with much avoidable anxiety. Surprised Milbank is not flooded with lateral applications already.

I don't like the waiting but gotta say, I oddly enjoy these tls threads.

[Anonymous User]

gotta think the dam will start breaking soon even if DPW doesn't move. 3 weeks and people are gonna start getting antsy. Firms don't want antsy associates in this lateral market.

Imagine the peace of mind associated working at Milbank (or one of the matched firms)--one can just focus on work and need not follow this thread, with much avoidable anxiety. Surprised Milbank is not flooded with lateral applications already.

I don't like the waiting but gotta say, I oddly enjoy these tls threads.

Me too. They're so angsty.

[LBJ's Hair]

Just wanted to put the current situation in nice, stark terms for the record:

It's been 17 days since Milbank announced an increase to the associate / of counsel salary scale. In the intervening 17 days, not one firm in the V10 has come forward with a match or its own re-raise. You currently make more money working as an associate at DLA Piper than you do at Cravath.

lmfao

I consider this a good thing? because it increases likelihood of raises/special bonuses? when V10s come out and just match, reduces pool of candidates who might re-raise.

there's an approximately 0% Cravath etc won't, eventually, match the Milbank salary. that's table stakes. I dunno why people are concerned about this

[Anonymous User]

Just wanted to put the current situation in nice, stark terms for the record:

It's been 17 days since Milbank announced an increase to the associate / of counsel salary scale. In the intervening 17 days, not one firm in the V10 has come forward with a match or its own re-raise. You currently make more money working as an associate at DLA Piper than you do at Cravath.

lmfao

I consider this a good thing? because it increases likelihood of raises/special bonuses? when V10s come out and just match, reduces pool of candidates who might re-raise.

there's an approximately 0% Cravath etc won't, eventually, match the Milbank salary. that's table stakes. I dunno why people are concerned about this

I think everyone agrees they'll match or better but the point is they're dragging ass to a notable degree now. It's coming on three weeks. There's a difference between taking time to make a decision and looking indecisive or rudderless. To me this suggests there is some sort of genuine internal dispute taking place at DPW. It also, btw, points out the verging on antitrust violation at the top of the industry. Some antitrust masterman will come in here and point out that it's not technically collusion, which is fair, but it also looks weird as fuck for everyone to just sit around for 3 weeks because they know DPW is still debating.

[Anonymous User]

There actually should be a re-raise. Look at the law firm profitability articles on Law.com. The results this year would’ve been unthinkable two years ago.

Akerman: Profits per equity partner up 21%
Cadwalader: PEP up 71.57%!!!
V&E: PEP up 19.3%
Sidley: PEP up 20.1%
Dechert: PEP up 49.3%!
Proskauer: PEP up 21%
Perkins Coie: PEP up 15.8%

That Cadwalader number is crazy. Is that because of that big group of Boies Schiller lawyers they poached this past year? That couldn't have made such a huge difference...

No, it's because their capital markets practice had an absolutely shit 2020 while the rest of the firm had a strong year (cap markets is a very significant practice for CWT, so the fact that PPEP was almost flat in 2020 speaks to how busy the rest of the firm was). In 2021, the rest of the firm had a strong year *and* capital markets was absolutely bonkers. If you annualize the 2 year PPEP gain from 2019 it comes out to ~30% per year, which is strong but not so crazy compared to what many other firms have done the last 2 years.

[Anonymous User]

Unironically, today has to be the day, right? I figure either we hear from DPW by end of business day today or firms in the V10 get fed up and start announcing on their own. It’d be funny if DPW played the game of chicken for too long and some other firm e.g., STB or Cravath ends up announcing the spring bonus.

[Anonymous User]

Unironically, today has to be the day, right? I figure either we hear from DPW by end of business day today or firms in the V10 get fed up and start announcing on their own. It’d be funny if DPW played the game of chicken for too long and some other firm e.g., STB or Cravath ends up announcing the spring bonus.

Agreed. If it's not today DPW went from flexing to dropping the ball.

[Anonymous User]

gotta think the dam will start breaking soon even if DPW doesn't move. 3 weeks and people are gonna start getting antsy. Firms don't want antsy associates in this lateral market.

Imagine the peace of mind associated working at Milbank (or one of the matched firms)--one can just focus on work and need not follow this thread, with much avoidable anxiety. Surprised Milbank is not flooded with lateral applications already.

I'm at a firm that already matched and I'm still following along because last year's spring bonus amounts were not insignificant and would be v helpful for the summer vacation I've already planned so that I can introduce my children to lobster on said vacation instead of the marriott cheeseburger.

[Anonymous User]

My very scientific analysis of DPW announcement times (ET), based on ATL and TLS posts:

• Sept. 2020 special bonuses: 1:48 PM
• Mar. 2021 special bonuses: 9:00 AM
• June 2021 re-raise: 11:00 AM
• Dec. 2021 EOY bonuses: 9:50 AM

[Anonymous User]

Given CSM's "only make announcements on Mondays" policy, you've got to think they'll say something today. Waiting all the way to 2/14 to acknowledge Milbank's 1/20 raise seems like too long.

[Anonymous User]

I have an unhealthy relationship with this thread ... anyone else refreshing every 30 mins?

[Anonymous User]

Unironically, today has to be the day, right? I figure either we hear from DPW by end of business day today or firms in the V10 get fed up and start announcing on their own. It’d be funny if DPW played the game of chicken for too long and some other firm e.g., STB or Cravath ends up announcing the spring bonus.

Agreed. If it's not today DPW went from flexing to dropping the ball.

Disagreed. It won't be today, and whoever ends up raising (or not), next month no one will remember that DPW failed to make an announcement on Monday, February 7, 2022. Associates will continue to gripe about hours and will be collecting bigger paychecks than they did before Milbank raised.