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

[DoveBodyWash]

not sure why people think skadden wouldn't but csm would lol

[Desert Fox]

[Anonymous User]

No, actually they don't.

The V5 routinely loses the "cream of the crop" to Munger, W+C, Boies etc. If they started paying 190, they might start to get some of those.

[Elston Gunn]

No, actually they don't.

The V5 routinely loses the "cream of the crop" to Munger, W+C, Boies etc. If they started paying 190, they might start to get some of those.

who cares about litigators though

[deng]

I don't see how this thread could have gotten to Four Pages long if it wasn't true.

NYC to 190.

[Desert Fox]

[Johann]

If law students want raises, here's how to do it:
(1) start choosing other markets over NYC because same pay = higher pay with COL
(2) stop choosing V7 over V17 like it's a thing

The more I think about it, I think the problem is with retaining talent not necessarily getting it in the door. Bigger bonuses for the next couple years and maybe a 2d year to 200k and on up for class levels in 2017. They aren't going to pay 1st years more when everybody is already slashing each other's throat to get there. Gets the firm everything they want because law students and potential law students will factor int hat second year raise in their pay.

[Elston Gunn]

In theory NY to 190! would be more about trying to keep midlevels from leaving though. Recruiting issues from OCI seem mostly irrelevant.

(Basically scooped by Johann.)

[Johann]

I still got money on law school to 400k! before NYC to 190k

[Desert Fox]

[Lacepiece23]

No, actually they don't.

The V5 routinely loses the "cream of the crop" to Munger, W+C, Boies etc. If they started paying 190, they might start to get some of those.

All 5 people they lose to those firms aren't worth paying every associate an extra 30-90k a year. Also lol shitigation

Lmao.

[Hutz_and_Goodman]

Reasons a big law firm will raise 1st year comp (in the next 4-6 weeks)
1. Will give them a recruiting edge against other major big law firms (paul Weiss, dpw)
2. Will allow them to recruit people who would otherwise go to boies and other places with higher starting comp
3. Will give the firm more prestige (ny times and many many other outlets will report on the firm that raised above 160k) which could mean more business

(Open list so add reason 4. and on...)

[MCFC]

Not sure that's the way reason #3 plays itself out.

A senior partner at one firm that reluctantly matched Davis Polk’s bonuses, cutting its profits by 4%, says furious clients have been inquiring why their exorbitant fees are funding associates’ Christmas shopping sprees—a thinly veiled threat to take their business elsewhere.

[bearsfan23]

Reasons a big law firm will raise 1st year comp (in the next 4-6 weeks)
1. Will give them a recruiting edge against other major big law firms (paul Weiss, dpw)
2. Will allow them to recruit people who would otherwise go to boies and other places with higher starting comp
3. Will give the firm more prestige (ny times and many many other outlets will report on the firm that raised above 160k) which could mean more business

(Open list so add reason 4. and on...)

4. It would also make some of us soon-to-be 1st years really, really happy.

A happy associate is a productive associate

[Desert Fox]

[Desert Fox]

[JamMasterJ]

furious clients have been inquiring why their exorbitant fees are funding associates’ Christmas shopping sprees—a thinly veiled threat to take their business elsewhere.

Yeah that's what I plan on doing with more money, not pay down loans faster

[Tiago Splitter]

Yea even if comp went up, I see no reason why they'd give it to juniors. V5 have to bribe midlevls to stay. First years come for the prestige.

--Desert Fox before raises in 2000, 2005, and 2007

[Hutz_and_Goodman]

Reasons a big law firm will raise 1st year comp (in the next 4-6 weeks)
1. Will give them a recruiting edge against other major big law firms (paul Weiss, dpw)
2. Will allow them to recruit people who would otherwise go to boies and other places with higher starting comp
3. Will give the firm more prestige (ny times and many many other outlets will report on the firm that raised above 160k) which could mean more business

(Open list so add reason 4. and on...)

1. everyone will match
2. small impact. It's also not at all clear that people going to boies, etc. do it for the money. Also most of their recruits aren't for litigation.
3. i guess, but nobody cares. Who remembers who brought it to 145k or 160k. I don't know who did it. I barely remember DPW setting market this boneus season.

1. everyone will remember the firm and it will have a permanent reputation boost.
2 Other big law firm are unlikely to raise comp immediately so it will help with recruiting this year.
3 I find it hard to believe that clients are pissed about 1st year comp when partners at these firms routinely make 10-20 times 160k. Also, given how shitty the economy and particularly legal hiring has been I think this is a story that will get A LOT of play. Besides the major news outlets, every law school dean will be publicizing the raise in comp.

[BigZuck]

K I'm convinced this is a good idea guys, let's make it happen

[Cobretti]

Yea even if comp went up, I see no reason why they'd give it to juniors. V5 have to bribe midlevls to stay. First years come for the prestige.

--Desert Fox before raises in 2000, 2005, and 2007

Lol exactly

[Desert Fox]

[Johann]

Thank god the fucking firsty ears are here to save the legal industry! This is definitely the class of all classes in the draft and we just absolutely have to let them know how much we value their contribution - 18% raise seems reasonable right?

[Elston Gunn]

I don't think Tiago's point is that they'd be doing it primarily to attract first years, just that they'd probably also raise first year salary for whatever reason.

[wiz]

Thank god the fucking firsty ears are here to save the legal industry! This is definitely the class of all classes in the draft and we just absolutely have to let them know how much we value their contribution - 18% raise seems reasonable right?

Rookie scale contract should go up in response to rising salary cap. NY to 190.