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

Anonymous User · Post by **Anonymous User** » Sun Oct 18, 2015 8:55 pm

I'd highly recommend reading this book or one like it.

Mola Ram · Post by **Mola Ram** » Sun Oct 18, 2015 8:56 pm

Byakuya769 wrote:
Anonymous User wrote:Why would a firm give a handout with a historical graph of NYC salaries instead of just saying, "First years now making 190k!"? Makes no sense.
To convince stuffy partners that it's been a while since the last round and that a jump to 190k isn't insane... I don't know, looks silly to me as well.

This may sound strange to juniors and SAs, but many partners have no idea what associate salaries or associate bonuses are. Oh, they can tell you how many shares each partner has on the floor (and why they deserve more than that dude 4 doors down), but couldn't tell you the scale of associate salaries unless they are on some committee that is tasked with associate comp or overall finance.

2014 · Post by **2014** » Sun Oct 18, 2015 10:13 pm

Chrstgtr wrote:
Desert Fox wrote:
Chrstgtr wrote:So putting aside whether this is real or not...would this even make sense? NY to 190K makes sense, but Houston?
Sure. Firms like K&E were literally giving 100k singing bonuses to lateral to their Houston office into a trans gig. Billing rates in these markets are very similar to NYC, at least at big firms.

Sure it costs 2X to live in MFH, but that aint' your firms problem.
But that was when KE was opening a new office; as far as I know, KE is no longer paying those absurd signing bonuses to attract talent anymore.

When DPW raised bonuses last year, not all firms matched. And if the firm was outside of NYC it was even more likely that the firm did not match. Some firms paid DPW level bonuses to their NYC associates but not their associates in other offices. Not all other cities are as profitable as NYC and not all cities have rebounded as quickly as NYC has (see Chicago legal market).

So it just doesn't make sense to me why STB would raise salaries at all offices to 190 when STB could likely raise salaries in NYC alone or raise salaries in other offices to 175 or something.

Even if STB does raise salaries in all their offices I find it hard to believe that 190 will be the new "market" but instead an above-market rate. Maybe a few really elite firms can match but not others (see Sidley's Chicago bonuses being low last year despite the DPW bonus scale. If Sidley can't match market in Chicago; I don't know how you can call the new rate "market").

Because if Simpson raised NY only they would be pulling some V100 shit, that's not how it works. All of the white shoes pay the same across all offices. Will all Houston or LA or Chi or whatever firms match? Almost certainly not. But who cares if momentum starts to push that way.

Anonymous User · Post by **Anonymous User** » Mon Oct 19, 2015 10:19 am

This thread is way too quiet after that massive bomb was dropped yesterday

What are you all spending your extra 30k on?!

pleadthafif · Post by **pleadthafif** » Mon Oct 19, 2015 10:23 am

Post removed...

BigZuck · Post by **BigZuck** » Mon Oct 19, 2015 10:25 am

Anonymous User wrote:This thread is way too quiet after that massive bomb was dropped yesterday

What are you all spending your extra 30k on?!

anyriotgirl wrote:8000 sq foot house 8000 sq foot wife

BizBro · Post by **BizBro** » Mon Oct 19, 2015 10:28 am

Anonymous User wrote:This thread is way too quiet after that massive bomb was dropped yesterday

What are you all spending your extra 30k on?!

Child support

pleadthafif · Post by **pleadthafif** » Mon Oct 19, 2015 10:33 am

Post removed...

bearsfan23 · Post by **bearsfan23** » Mon Oct 19, 2015 10:52 am

Anonymous User wrote:This thread is way too quiet after that massive bomb was dropped yesterday

What are you all spending your extra 30k on?!

I plan on buying an Acura. I was going to buy used but with the extra $ incoming I might splurge on a new one

abitaman6363 · Post by **abitaman6363** » Mon Oct 19, 2015 11:03 am

$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.

BigZuck · Post by **BigZuck** » Mon Oct 19, 2015 11:10 am

abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.

As long as we are fantasizing about NYC moving to 190K, we might as well fantasize about something better than using the extra money to pay off student loans.

Live a little

BizBro · Post by **BizBro** » Mon Oct 19, 2015 11:27 am

BigZuck wrote:
abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.
As long as we are fantasizing about NYC moving to 190K, we might as well fantasize about something better than using the extra money to pay off student loans.

Live a little

Who said we're fantasizing about NYC moving to 190K? It's real.

anonnymouse · Post by **anonnymouse** » Mon Oct 19, 2015 11:38 am

BigZuck wrote:
Anonymous User wrote:This thread is way too quiet after that massive bomb was dropped yesterday

What are you all spending your extra 30k on?!

anyriotgirl wrote:8000 sq foot house 8000 sq foot wife

And a new (not CPO) Lexis.

Desert Fox · Post by **Desert Fox** » Mon Oct 19, 2015 12:49 pm

instride91 · Post by **instride91** » Mon Oct 19, 2015 1:11 pm

Desert Fox wrote:
abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.
You only get to keep 15k of it.

Yup. The way I see it is you get to max out your 401(k) while still bringing in over $160k.

Johann · Post by **Johann** » Mon Oct 19, 2015 1:13 pm

Desert Fox wrote:
abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.
You only get to keep 15k of it.

10 if bernie wins

FSK · Post by **FSK** » Mon Oct 19, 2015 1:14 pm

JohannDeMann wrote:
Desert Fox wrote:
abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.
You only get to keep 15k of it.
10 if bernie wins

Yeah but then NY won't be mostly under with global warming water so it works out in your favor.

03152016 · Post by **03152016** » Mon Oct 19, 2015 1:36 pm

but catastrophic destruction of nyc = boon to litigators

2014 · Post by **2014** » Mon Oct 19, 2015 2:44 pm

Haven't been able to focus all day, I've just been staring at my email in hopes of a compensation committee email. The announcement is inevitable, just get on with it

mvp99 · Post by **mvp99** » Mon Oct 19, 2015 2:58 pm

Can someone please share with us the new scale?

jbagelboy · Post by **jbagelboy** » Mon Oct 19, 2015 2:59 pm

mvp99 wrote:Can someone please share with us the new scale?

yes please, first year comp is great at and all, but I need to know what ny to 190 does to my peak third and fourth years.

Anonymous User · Post by **Anonymous User** » Mon Oct 19, 2015 6:55 pm

My SA firm told me that they would send me details of my offer this January after working out some details. Combined with the STB chart, I don't think anybody could seriously doubt that 190K is happening.

cookiejar1 · Post by **cookiejar1** » Mon Oct 19, 2015 6:56 pm

Mods pls delete

jkpolk · Post by **jkpolk** » Mon Oct 19, 2015 6:56 pm

we're hilariously underpaid so this makes sense

Anonymous User · Post by **Anonymous User** » Mon Oct 19, 2015 6:58 pm

BizBro wrote:
BigZuck wrote:
abitaman6363 wrote:$30k is a year's worth of law school debt payments (i.e., a year sooner to freedom). So that.
As long as we are fantasizing about NYC moving to 190K, we might as well fantasize about something better than using the extra money to pay off student loans.

Live a little
Who said we're fantasizing about NYC moving to 190K? It's real.

TCR is a used CLS 550