NYC to 200k Forum

[Anonymous User]

Word on the street is DPW overshot the summer class (179 or so) and stealth layoffs are planned to trim the fat. Partners are meeting today to discuss who’s getting the axe and what other associate benefits to cut before matching Milbank at 190k (no bonus). This morning, the temp assistants went around marking some associate doors with red post-it flags.

[minnbills]

Seriously, why is it taking so long for more matches?

Is this objectively a good thing (potentially NY to $200k+), or is that just our wishful thinking, and it's possible that many firms don't intend to match right away?

wrt to the top firms, I'd say they are waiting to see if anyone beats Milbank. For everyone else, probably deciding if they really want to bump again.

What do you consider a top firm? Seems like most the firms who've matched so far aren't really top. I'd imagine most v50+ firms would have to match just because their peers are doing so.

Top 100 firms will mostly match, everyone below will not.

[Anonymous User]

Word on the street is DPW overshot the summer class (179 or so) and stealth layoffs are planned to trim the fat. Partners are meeting today to discuss who’s getting the axe and what other associate benefits to cut before matching Milbank at 190k (no bonus). This morning, the temp assistants went around marking some associate doors with red post-it flags.

how will they know which of the 5 associates sharing the office is marked with the post it?

[Clearly]

So I looked at the above the law articles for the 2016 raise to 180 and comparing them to this year: the raise to 180 also happened on a Monday and by Thursday 32 firms had matched; this year so far we only have 7. Any reason for the difference?

Cravath set that scale. That's why. If Cravath announces 190 (which they won't) at 2pm you'd have 40 matches by 5pm. When Cravath announces 200, it'd take an extra day for some firms to get authorization/vote/meet whatever, but you'd still see everything shake out quickly.

[Man from Nantucket]

Where does one find this median law school per law firm scholarship?

https://abovethelaw.com/careers/2016-ra ... -pedigree/

[smokeylarue]

So I looked at the above the law articles for the 2016 raise to 180 and comparing them to this year: the raise to 180 also happened on a Monday and by Thursday 32 firms had matched; this year so far we only have 7. Any reason for the difference?

The raise from 160k to 180k was long overdue, so I think most large firms were ready and willing to match immediately. This one from 180k to 190k came out of no where and my guess is a lot of partners are pissed off that Milbank rocked the boat so soon after the last raise. So there is not the same kind of rush to match, since the enthusiasm is not there at the partner level. It'll happen eventually though...

[Anonymous User]

Where does one find this median law school per law firm scholarship?

atl has top 10 law schools by headcount per firm. cornell thing just a joke im assuming

https://abovethelaw.com/law-firms/skadd ... gher-flom/

No, not a joke. The problem with Vault has always been that they let everyone give their input. What the fuck does a cowboy lawyer who can't write a sentence without glaring typos know about prestige? Fortunately, ATL figured out how to sort which firms actually have quality lawyers.

https://abovethelaw.com/careers/2016-ra ... -pedigree/

[Anonymous User]

So I looked at the above the law articles for the 2016 raise to 180 and comparing them to this year: the raise to 180 also happened on a Monday and by Thursday 32 firms had matched; this year so far we only have 7. Any reason for the difference?

Cravath set that scale. That's why. If Cravath announces 190 (which they won't) at 2pm you'd have 40 matches by 5pm. When Cravath announces 200, it'd take an extra day for some firms to get authorization/vote/meet whatever, but you'd still see everything shake out quickly.

This. The difference this time is it wasn't Cravath that made the initial announcement.

[Anonymous User]

Word on the street is DPW overshot the summer class (179 or so) and stealth layoffs are planned to trim the fat. Partners are meeting today to discuss who’s getting the axe and what other associate benefits to cut before matching Milbank at 190k (no bonus). This morning, the temp assistants went around marking some associate doors with red post-it flags.

how will they know which of the 5 associates sharing the office is marked with the post it?

I LOL'd at this.

[thelastlaugh]

If your firm doesn't match, but you had the opportunity to move to a firm that does match, would you take it? Assuming you otherwise like your current firm.

Unless they have a $25 seamless cap, absolutely. I'll even answer recruiting calls, maybe.

Same. Especially early on as a junior associate. Why stick around and work my ass off for a stingy V5 that presents a glamorous facade to the outside but is cheap to its own employees, when you can do pretty much identical work/hours with a more generous firm just a little further down the ladder on some esoteric ranking? The day-to-day stuff makes a difference. Biggest loser in this thread is not the not-STB-bonus matching V10s-V30s; it's DPW.

Biggest Loser is a great show.

[Anonymous User]

Word on the street is DPW overshot the summer class (179 or so) and stealth layoffs are planned to trim the fat. Partners are meeting today to discuss who’s getting the axe and what other associate benefits to cut before matching Milbank at 190k (no bonus). This morning, the temp assistants went around marking some associate doors with red post-it flags.

how will they know which of the 5 associates sharing the office is marked with the post it?

180.

[oblig.lawl.ref]

Where does one find this median law school per law firm scholarship?

atl has top 10 law schools by headcount per firm. cornell thing just a joke im assuming

https://abovethelaw.com/law-firms/skadd ... gher-flom/

No, not a joke. The problem with Vault has always been that they let everyone give their input. What the fuck does a cowboy lawyer who can't write a sentence without glaring typos know about prestige? Fortunately, ATL figured out how to sort which firms actually have quality lawyers.

https://abovethelaw.com/careers/2016-ra ... -pedigree/

To be clear, median law school is a joke.

[TheoO]

So I looked at the above the law articles for the 2016 raise to 180 and comparing them to this year: the raise to 180 also happened on a Monday and by Thursday 32 firms had matched; this year so far we only have 7. Any reason for the difference?

Cravath didn't do it first; 2016 raises occurred after nearly a decade of stagnation; 2018 are just two years after a previous raise...

[alphagamma]

I find it ridiculous that the majority of firms may be waiting for Cravath to move. What, do you only do what Cravath says? What if Cravath bumps to $200k, you all immediately match Cravath like a bunch of weak little lap dogs, and then Milbank raises again? You're all going to look like idiots. Grow some spines and fight Milbank now! Let's get this salary battle going!

[minnbills]

omg if milbank one-upped cravath that would be priceless

[TheoO]

I find it ridiculous that the majority of firms may be waiting for Cravath to move. What, do you only do what Cravath says? What if Cravath bumps to $200k, you all immediately match Cravath like a bunch of weak little lap dogs, and then Milbank raises again? You're all going to look like idiots. Grow some spines and fight Milbank now! Let's get this salary battle going!

*Calls Managing Partner*

"PUSSSY!!!"

[Anonymous User]

I find it ridiculous that the majority of firms may be waiting for Cravath to move. What, do you only do what Cravath says? What if Cravath bumps to $200k, you all immediately match Cravath like a bunch of weak little lap dogs, and then Milbank raises again? You're all going to look like idiots. Grow some spines and fight Milbank now! Let's get this salary battle going!

Sad!

[Anonymous User]

Reminders:




Not to overstate the obvious, but this is not a "raise," its a COLA. The lockstep structure ensures that every individual person gets a raise every year (or fired), which allows the overall salary ladder (and firm expenses) to stay stagnant. At the same time, firms bump up billing rates slowly over time so as to boil the frog/client, and allowing PPP to rise.

[Anonymous User]

Reminders:




This is not a "raise" its a COLA.

Plus COL/inflation has risen faster in NYC and major urban markets compared to the rest of the country.

[Anonymous User]

Late to the game, but can we just start calling this the Milhouse scale to take the wind out of their sails? V5s will pretty much have to go to $200k to avoid the preftige-robbing ATL headline of "[Generic V5] matches Milhouse."

[Anonymous User]

I have my doubts whether Cravath will raise to 200.

- First, the firm did not see any increase in its PPP over the past year. While firms like S&C or STB (if I remember correctly) had higher PPP, CSM’s PPP stayed the same. Certainly some CSM partners will argue that there is no reason to raise associate salaries so much if PPP stagnates.

- Second, CSM partners are extremely stingy. Their greed revealed itself most recently with the departure of some top-class people such as Eric Schiele, Sandra Goldstein or Scott Barshay. CSM could easily have made concessions to the rainmakers by giving them a bigger piece of the cake, but they refused to.

Therefore, at best, CSM will go up to $ 190. It remains to be seen whether CMS will at least distribute additional bonuses. Should CSM decide not to, this will definitely shed a bad light on CSM. They have to face the question whether they really deserve the title of being # 1?

[Anonymous User]

Reminders:




This is not a "raise" its a COLA.

Plus COL/inflation has risen faster in NYC and major urban markets compared to the rest of the country.

This is correct.


https://www.philadelphiafed.org/-/media ... .pdf?la=en

[toast and bananas]

So I looked at the above the law articles for the 2016 raise to 180 and comparing them to this year: the raise to 180 also happened on a Monday and by Thursday 32 firms had matched; this year so far we only have 7. Any reason for the difference?

Cravath set that scale. That's why. If Cravath announces 190 (which they won't) at 2pm you'd have 40 matches by 5pm. When Cravath announces 200, it'd take an extra day for some firms to get authorization/vote/meet whatever, but you'd still see everything shake out quickly.

I'm sure they thought of this possibility and pre-authorized raises up to a certain amount beyond 190

[minnbills]

ITT:

[Anonymous User]

I have my doubts whether Cravath will raise to 200.

- First, the firm did not see any increase in its PPP over the past year. While firms like S&C or STB (if I remember correctly) had higher PPP, CSM’s PPP stayed the same. Certainly some CSM partners will argue that there is no reason to raise associate salaries so much if PPP stagnates.

- Second, CSM partners are extremely stingy. Their greed revealed itself most recently with the departure of some top-class people such as Eric Schiele, Sandra Goldstein or Scott Barshay. CSM could easily have made concessions to the rainmakers by giving them a bigger piece of the cake, but they refused to.

Therefore, at best, CSM will go up to $ 190. It remains to be seen whether CMS will at least distribute additional bonuses. Should CSM decide not to, this will definitely shed a bad light on CSM. They have to face the question whether they really deserve the title of being # 1?

All that matters in this post: Should CSM decide not to, this will definitely shed a bad light on CSM. They have to face the question whether they really deserve the title of being # 1?