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

[Anonymous User]

This is almost certainly our powerpoint template, the locations match is dead on, and the New Partners Committee, I can confirm, is meeting all of this week. I'm inclined to think this presentation was made for their benefit as how many partners they mint this year is probably going to take a dip to account for making it rain firmwide. I've been a skeptic of NY to 190, but this has me pretty excited.

Yeah, the PowerPoint template is what doesn't make me immediately dismiss this as fake (also STB associate here). Otherwise, I have absolutely nothing of value to add here except that none of the associates I know had any clue of the bonus increase last year until it happened (and we'd actually been told earlier in 2014 not to expect us to be compensation leaders, so most people thought last year if bonuses did go up, STB wouldn't the firm to do it), so this happening out of the blue wouldn't be shocking.

True, true. Dougherty spouting off about our days of leading the market was not at all well received though, even among the partnership. Around my way (I'm not in NYC), we all kind of knew the bonus thing was coming. The firm was/is killing it, hours were/are up everywhere, and the poaching of associates was/is getting out of hand. They had to do something to keep the troops happy and while last year was nice, I think they know they still have work to do there. The associates committee has been pretty vocal about it and they can only ignore us for so long while raising billing rates every fucking six months.

[Anonymous User]

ATL article no longer online....??

[smaug]

ATL article no longer online....??

Nice try Lat, you can't pump us for page views that easily.

[Anonymous User]

This is almost certainly our powerpoint template, the locations match is dead on, and the New Partners Committee, I can confirm, is meeting all of this week. I'm inclined to think this presentation was made for their benefit as how many partners they mint this year is probably going to take a dip to account for making it rain firmwide. I've been a skeptic of NY to 190, but this has me pretty excited.

Yeah, the PowerPoint template is what doesn't make me immediately dismiss this as fake (also STB associate here). Otherwise, I have absolutely nothing of value to add here except that none of the associates I know had any clue of the bonus increase last year until it happened (and we'd actually been told earlier in 2014 not to expect us to be compensation leaders, so most people thought last year if bonuses did go up, STB wouldn't the firm to do it), so this happening out of the blue wouldn't be shocking.

True, true. Dougherty spouting off about our days of leading the market was not at all well received though, even among the partnership. Around my way (I'm not in NYC), we all kind of knew the bonus thing was coming. The firm was/is killing it, hours were/are up everywhere, and the poaching of associates was/is getting out of hand. They had to do something to keep the troops happy and while last year was nice, I think they know they still have work to do there. The associates committee has been pretty vocal about it and they can only ignore us for so long while raising billing rates every fucking six months.

I mean, yeah, speculation was rampant last year, but no associates *knew* anything. If anything, the pressure seems weaker this year since it's less clear that we'll have another record year this year.

[Anonymous User]

Well, it's back.

[Anonymous User]

I mean, yeah, speculation was rampant last year, but no associates *knew* anything. If anything, the pressure seems weaker this year since it's less clear that we'll have another record year this year.

#'s looking pretty similar at a peer firm. Bombastic growth of last year won't return, but steady growth from last year would still support a higher salary base.

[MCFC]

LOL so PW and STB held a secret meeting to discuss associate compensation? Someone oughta inform DOJ, 'cause that's considered price-fixing.

Nah, it's cool. They invited Covington.

[charliekelly33]

Above The Law's update:

"UPDATE (10/20/15 9:30 a.m.): Per tipsters, the document pictured above appears to be written in the firm’s signature font and color scheme, but in its after-hours response to our media inquiry, Simpson Thacher said it is “not a Simpson Thacher Firm document.” At present, STB says it has “not made any decisions or announcements regarding 2016 starting salaries for associates.” Don’t lose hope yet, associates — there’s still a chance."

If it was ever in doubt, ATL is now officially the propaganda arm to the NY to 190k movement.

[Anonymous User]

Above The Law's update:

"UPDATE (10/20/15 9:30 a.m.): Per tipsters, the document pictured above appears to be written in the firm’s signature font and color scheme, but in its after-hours response to our media inquiry, Simpson Thacher said it is “not a Simpson Thacher Firm document.” At present, STB says it has “not made any decisions or announcements regarding 2016 starting salaries for associates.” Don’t lose hope yet, associates — there’s still a chance."

If it was ever in doubt, ATL is now officially the propaganda arm to the NY to 190k movement.

GOOD TROLL

[KidStuddi]

The "haven't made any decisions regarding 2016 starting salaries," is one thing and was expected, they were never going to announce that via ATL, but how can they deny that map, the color scheme, and the font aren't clearly STB? Oh well.

[charliekelly33]

Dat font, doe

[First Offense]

The "haven't made any decisions regarding 2016 starting salaries," is one thing and was expected, they were never going to announce that via ATL, but how can they deny that map, the color scheme, and the font aren't clearly STB? Oh well.

Notice what they said - or rather what they didn't say.

It's not a "firm document". That could just mean that it wasn't a document meant to be disseminated through the firm, and it was more of an "eyes only" document. Or maybe it was a draft of a document that hasn't been finalized yet.

All they had to do to put this rumor to bed was say "we have no intention of raising first year salaries to 190k." They didn't say that, and their silence speaks volumes.

[jkpolk]

The "haven't made any decisions regarding 2016 starting salaries," is one thing and was expected, they were never going to announce that via ATL, but how can they deny that map, the color scheme, and the font aren't clearly STB? Oh well.

Notice what they said - or rather what they didn't say.

It's not a "firm document". That could just mean that it wasn't a document meant to be disseminated through the firm, and it was more of an "eyes only" document. Or maybe it was a draft of a document that hasn't been finalized yet.

All they had to do to put this rumor to bed was say "we have no intention of raising first year salaries to 190k." They didn't say that, and their silence speaks volumes.

That was my reaction too. "Not a ST Firm document" sounds like the firm doesn't stand behind it YET and/or it was made by a consulting firm.

[03152016]

if there were any remaining doubts about ny to 190 before, they've been obliterated by simpson's carefully crafted non-denial

[BizBro]

if there were any remaining doubts about ny to 190 before, they've been obliterated by simpson's carefully crafted non-denial

They're going to announce before christmas.

[chicago-gunner123]

if there were any remaining doubts about ny to 190 before, they've been obliterated by simpson's carefully crafted non-denial

[fats provolone]

UPDATE #2 from STB PUBLIC RELATIONS: "We were going to 190, but changed our minds after this leak."

[Big Shrimpin]

UPDATE #2 from STB PUBLIC RELATIONS: "We were going to 190, but changed our minds after this leak."

to be fair,

understandable

[Mamba1991]

This thread is an incredible example of a grass-roots, community-driven campaign to achieve necessary change. Great work, TLS.

[Big Shrimpin]

huh, this party really died

[smaug]

huh, this party really died

lat really knows how to ruin a party

[jkpolk]

huh, this party really died

passed out riding the dragon, 30,000 dollar bills directly deposited into my blood stream

[jbagelboy]

Yea, I've already adjusted my consumer habits to reflect dat 30k padding

So.. If this whole thing goes to shit, who do I direct bill, Simpson or ATL? The reliance damages are real.

[Big Shrimpin]

huh, this party really died

lat really knows how to ruin a party

i blame the russians

[UnicornHunter]

Dropping the schtick for a second, I'm not even sure if I WANT firms to go to 190. Current system of paying out big ass bonuses in good years seems pretty ideal, as it gives firms a lot more flexibility to not fire people on bad years.