NY to 200k?! Forum

[Anonymous User]

CSM match is actually a raise, per the language; looks like stubs/summers make 205...?

[Anonymous User]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

[Anonymous User]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

Ahh. Huge disappointment. KE, please.

[Anonymous User]

Only this forum can go from saying there prolly won't be raises from 190 3 months ago to deluding itself into a double raise now LMAOOO. Has there even been a substantial move up in comp only to be surpassed by a peer firm right after?

[Anonymous User]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

This tbh, there is literally no reason to choose Cravath over any other V20 firm. It's clear as day the firm is in decline and (at least for Corp) programs like the perpetual rotation system are just objectively worse than other firms.

Not to mention the Cravath partners will work you just as much as the Wachtell associates but pay you half as much.

Seriously, people who drink the Cravath Kool-Aid are huge suckers.

[MillllerTime]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

Ahh. Huge disappointment. KE, please.

K&E has basically confirmed in the past that they will never raise market salaries. They will all match, but any additional comp they are dishing out will be in the form of (slightly) above market bonuses.

[Anonymous User]

I said it before and I’ll say it again. I think Goodwin will push the scale up. Ropes matched today and Goodwin was silent. The firm is hiring left and right, and it’s crazy crazy busy.

Anon because I don’t remember if I said this anon before with other info.

[jotarokujo]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

This tbh, there is literally no reason to choose Cravath over any other V20 firm. It's clear as day the firm is in decline and (at least for Corp) programs like the perpetual rotation system are just objectively worse than other firms.

Not to mention the Cravath partners will work you just as much as the Wachtell associates but pay you half as much.

Seriously, people who drink the Cravath Kool-Aid are huge suckers.

i've heard cravath associates don't actually work as hard as wachtell associates, and the difference between cravath and other v10 in terms of work load is much smaller than the difference between cravath and wachtell

[TigerIsBack]

I said it before and I’ll say it again. I think Goodwin will push the scale up. Ropes matched today and Goodwin was silent. The firm is hiring left and right, and it’s crazy crazy busy.

Anon because I don’t remember if I said this anon before with other info.

This actually crossed my mind today too...they were a very quick match with the fall COVID bonuses so would've expected the same again here unless they're considering going over the top and trying to capitalize on that publicity to hire more laterals.

[Anonymous User]

Goodwin is not breaking the cartel's new selected scale LMAOOOO - stop deluding yourself jesus. It's be this scale for 18 months then go up again in the exact same process.

[Anonymous User]

Is goodwin still hiring like crazy tho? I thought it slowed down big time so it wouldnt make sense to up the ante now.

If they are hiring, I'd think a page out of KE's book and doing big signing bonuses or market bonuses would be more effective.

[Anonymous User]

Any MoFo news???

I gather from internal partner rumblings that MoFo will match, but (as usual) they will not be quick out of the gate.

[Anonymous User]

Do we have any hope of another raise? STB? Willkie?

[Anonymous User]

Debevoise, too, is usually very quick to match...wonder if the rest of big NY has just been waiting for Cravath. Would be wild if some V-whatever raised

[Anonymous User]

Do we have any hope of another raise? STB? Willkie?

When does STB committee meet?

[Untitleddestiny]

No. Hopes of raises are over. Tbh only shot is if Milbank wants to outdo DPW and counter-raises but that is unlikely.

[Anonymous User]

Is goodwin still hiring like crazy tho? I thought it slowed down big time so it wouldnt make sense to up the ante now.

If they are hiring, I'd think a page out of KE's book and doing big signing bonuses or market bonuses would be more effective.

I’m at Goodwin and we are definitely still hiring like crazy but there’s no way in hell we are raising the scale lol.

[Anonymous User]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

This tbh, there is literally no reason to choose Cravath over any other V20 firm. It's clear as day the firm is in decline and (at least for Corp) programs like the perpetual rotation system are just objectively worse than other firms.

Not to mention the Cravath partners will work you just as much as the Wachtell associates but pay you half as much.

Seriously, people who drink the Cravath Kool-Aid are huge suckers.

Agreed — Vault will confirm this once and for all when new rankings release in a few days

[Anonymous User]

Wonder why S&C never gets involved with the salary wars. S&C is second only to Wachtell in RPL, so the firm theoretically is in one of the best positions to push the scale higher.

S&C also charges some of the highest hourly rates predicated on prestige/quality of work, so being the market leader works with the branding as well. Seems like a no-brainer to me to forfeit the .3% of profits or whatever it would be to bump it up to $210K, rather than play second fiddle to DPW, but what do I know.

[Anonymous User]

Wonder why S&C never gets involved with the salary wars. S&C is second only to Wachtell in RPL, so the firm theoretically is in one of the best positions to push the scale higher.

S&C also charges some of the highest hourly rates predicated on prestige/quality of work, so being the market leader works with the branding as well. Seems like a no-brainer to me to forfeit the .3% of profits or whatever it would be to bump it up to $210K, rather than play second fiddle to DPW, but what do I know.

S&C lit associate - it's still an extremely old school firm and half the partners (aka most senior) think junior comp is hilarious but realize they're along for the ride with what the market does. The firm also has 0 problem with junior talent and doesn't seem to worry about retention all that much (the thinking is basically well if you don't want to be here we're not gonna try to keep you).

[Anonymous User]

Wonder why S&C never gets involved with the salary wars. S&C is second only to Wachtell in RPL, so the firm theoretically is in one of the best positions to push the scale higher.

S&C also charges some of the highest hourly rates predicated on prestige/quality of work, so being the market leader works with the branding as well. Seems like a no-brainer to me to forfeit the .3% of profits or whatever it would be to bump it up to $210K, rather than play second fiddle to DPW, but what do I know.

Yeah, it’s puzzling to me too: there’s like 10-20 firms that are rich enough to wage the salary war, but of that group, only like 3-4 firms are consistently in the mix year after year.

The 10-20 firms all face the same trade-off between the financial cost of raising salaries vs. the reputational benefits of doing so; the only difference is that a few firms look at the trade-off and decide (consistently) to enter the fray, while most others decide (consistently) to abstain, i.e., match. Why?

A plausible theory is that firms only raise as an attention seeking mechanism when they feel “undervalued” by the talent market (relative to their intrinsic value). That could explain Milbank. But doesn’t really explain DPW vs. S&C, since those are two firms with similar tippy-top-of-market reputations and yet markedly different approaches to comp leadership.

[Anonymous User]

Debevoise, too, is usually very quick to match...wonder if the rest of big NY has just been waiting for Cravath. Would be wild if some V-whatever raised

Think Debevoise usually meets on Thursdays.

[Anonymous User]

Why are we calling it the DPW scale when other firms are paying the classes of 2020 and 2021 205K instead of 202.5L for 2021 and 205K for 2020?

[Anonymous User]

Recent posters actually make a great point that DPW is ironically now below scale re: summers and 1st years LMAO

[Anonymous User]

Csm match.

big (disappointment) if true

edit: It's up on ATL, https://abovethelaw.com/2021/06/cravath-raises/

Confirmed irrelevant. It’s finally and officially no longer the “Cravath scale” and I don’t see why anyone should give a crap about them anymore. Congrats Cravath, you are now just another generic V10!

Ahh. Huge disappointment. KE, please.

K&E has basically confirmed in the past that they will never raise market salaries. They will all match, but any additional comp they are dishing out will be in the form of (slightly) above market bonuses.

Yeah as discussed a dozen pages back in the thread, K&E is winning the lateral war and the partner war, but seems to have no intention to fight the normal salary war. Unfortunate, since they have more money than god and would otherwise be a great possibility for taking things up a notch. Guess we have to rely on the few other firms who’ve made bold moves with bonuses recently (STB, Cooley, Willkie). DPW was my big hope and they delivered at least a little bit, the others are a longer shot.