NY to 200k?! Forum

[Anonymous User]

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

Makes sense. Here's to hoping for bigger 2021 EOY bonuses.

EOY bonuses don’t have the effect of retaining people.

Skadden is really over the hill as a law firm. I don’t consider it a peer of S&C or DPW anymore.

The takes on this website get worse by the day.

[Anonymous User]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

I am pretty sure the only difference is the stub year compensation. DPW is 202,500 for stubs whereas the other scale is 205,000 for stubs. Everything else is the same.

It's just so odd to me because now prospective summers will be looking at the firms paying 202,500 and 205k and inevitably will flock to the 205k firms en masse because summers need money. What's the endgame here for the 202,500 firms?

I really highly doubt summers are going to choose firms based on a net $600 difference...

$600 as a stub plus something similar as a summer. Plus, tbh, these firms all look basically identical to most rising 2Ls. Very hard to find tangible reasons to pick one over the other when you're not even sure what kind of practice you want yet.

[HCtendy32]

Choosing a firm based on a $400 difference after tax over the course of 3 months seems seems dumb to me, but it also seems dumb to me for a firm with over 100 incoming associates to save the equivalent of a quarter of ONE first year's salary ($50,000) for the sake of saving money... is there some other reason I am not seeing for why a firm would want to save $50,000 on stub years? I would think big firms wouldn't mind spending the $50,000 just to avoid the entire issue.

[Anonymous User]

From ATL:

What’s going on at Latham & Watkins, the second-best law firm in the country? Latham has, in a word, “Lathamed” the old salary scale in favor of the $205K starting salaries championed by Davis Polk and matched by almost every other firm at the top of the Am Law rankings. (Unfamiliar with that term? Click here.)

https://abovethelaw.com/2021/06/latham-raise-2021/

Ouch. 10 years and another recession later, Latham still hasn't lived that one down.

[Anonymous User]

Am I crazy or is Kellogg Hansen’s salary undermarket if you’ve clerked twice, which many of its associates do?

If you have clerked twice and then join BL under the new scale, you’d come in as a third for compensation purposes, second for partner nearly everywhere. That’s $240k, and then $275 as a 4th year.

If you come in at KH after clerking twice, you’d make $245k and then $245k the next year too. Of course you’d make out like a robber baron based on the clerkship bonuses that are paid out (I still think they’re $175k spread out over a couple years), but I think the math doesn’t work out that well compared to Susman Godfrey/WLRK/Bartlit Beck for any litigators interested and with these options, especially since (IIRC), the clerkship bonuses received impacts the amount of normal bonuses received at year end from KH. But maybe an actual KH associate can chime in and explain compensation?

I'm not at Kellogg, but my understanding is that they still pay year-end bonuses that are significantly higher than at most firms. I think it mostly evens-out/they are a little bit ahead. Much earlier partnership too, which is presumably what plenty of the high-achievers they want really care about.

[Anonymous User]

Covington just formally raised for all US offices to DPW scale ($202.5k stub). The wording of the email left it somewhat unclear whether the stub is just for class of 2021 or for all future stub classes.

[Anonymous User]

Decided it was finally time for a google doc. Took the previous bonus doc and created a new version, and updated based on ATL's scorecard chart. Sounds like there's been movement since the ATL updated their chart last, so if something is missing/wrong let me know and I will update. Fingers crossed the link works and I set it up right...

https://docs.google.com/spreadsheets/d/ ... sp=sharing

This just links to the old bonuses chart.

[Anonymous User]

Anyone think Venable will follow?

[Anonymous User]

Decided it was finally time for a google doc. Took the previous bonus doc and created a new version, and updated based on ATL's scorecard chart. Sounds like there's been movement since the ATL updated their chart last, so if something is missing/wrong let me know and I will update. Fingers crossed the link works and I set it up right...

https://docs.google.com/spreadsheets/d/ ... sp=sharing

This just links to the old bonuses chart.

Not if you scroll all the way to the right.

[Anonymous User]

Decided it was finally time for a google doc. Took the previous bonus doc and created a new version, and updated based on ATL's scorecard chart. Sounds like there's been movement since the ATL updated their chart last, so if something is missing/wrong let me know and I will update. Fingers crossed the link works and I set it up right...

https://docs.google.com/spreadsheets/d/ ... sp=sharing

This just links to the old bonuses chart.

So to be clear, we now have three scales:

Willkie scale with class of 2021/current summer associates at $205k.

DPW scale with class of 2021/current summer associates at $202,500k.

Milbank at $200k.

Everyone that remains at $190k?

Aside from the difference in summer associate weekly pay/stub year salary, is there any difference between the scales adopted? It looks like all first-years are making the same at $205k, but at some firms you'll make marginally more if you go there as a summer associate and in your stub year?

[Anonymous User]

More shaming please
https://abovethelaw.com/2021/06/time-to ... aises-yet/

[Anonymous User]

Full Shearman Match to DPW scale.

[Anonymous User]

Wow Orrick hasn't matched yet?

[2013]

Anyone think Venable will follow?

Given the firms that are still holding out, I doubt it.

[NoLongerALurker]

Choosing a firm based on a $400 difference after tax over the course of 3 months seems seems dumb to me, but it also seems dumb to me for a firm with over 100 incoming associates to save the equivalent of a quarter of ONE first year's salary ($50,000) for the sake of saving money... is there some other reason I am not seeing for why a firm would want to save $50,000 on stub years? I would think big firms wouldn't mind spending the $50,000 just to avoid the entire issue.

I guess maybe aiming to differentiate stubs from first years for year end bonus (but same issue there re the amounts being so small it's hard to really think they'd care that much..)

[Anonymous User]

Orrick matched.

[Anonymous User]

Steptoe just matched per an email to all associates. Stubs at 202.5, 8th years at 365. Effective July 1st.

Have to say I'm pretty surprised they matched both bonuses and salaries, given they didn't pay COVID bonuses last year.

[Anonymous User]

Foley Hoag full match (DPW 202.5 scale).

[Anonymous User]

Orrick matched.

Stubs?

[Anonymous User]

Orrick matched.

Stubs?

Stubs @ $202.5

[Anonymous User]

Does anyone know if GT (NY) matched?

[Anonymous User]

FYI WSGR summers are getting salary matched to 205k, not 202.5k. Not sure about class of 2021 though.

Source: am WSGR summer

[Anonymous User]

Full Shearman Match to DPW scale.

This isn’t on any news… strange. Are you sure?

[Anonymous User]

Full Shearman Match to DPW scale.

This isn’t on any news… strange. Are you sure?

Email sent out I think and on nonequitypartner IG

[Anonymous User]

Full Shearman Match to DPW scale.

This isn’t on any news… strange. Are you sure?

Email sent out I think and on nonequitypartner IG

This is a strange reply. You either received the email or you didn't. These emails get sent out to all associates. Just saying