Lockstep Salary Different by City? Forum
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Lockstep Salary Different by City?
If I get into a top 10 law firm, then what is the difference in the long term lockstep salary over time between that SAME firm's locations in different cities? For example NYC/LA/Chicago/Boston/DC etc? Still higher exponential salary in NYC? If that's the case isn't it offset by NYC's high taxes and high living expenses?
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Re: Lockstep Salary Different by City?
Top 10 as defined by whom?
If you're referring to Vault rankings, you can be fairly sure that associates at V10 firms are payed on the same lockstep scale, regardless of location. This is the case at a sizable portion of the Vault 100 firms, not just the top 10.
Regarding NYC's cost of living: http://www.nalp.org/buying_power_index_class_of_2010
If you're referring to Vault rankings, you can be fairly sure that associates at V10 firms are payed on the same lockstep scale, regardless of location. This is the case at a sizable portion of the Vault 100 firms, not just the top 10.
Regarding NYC's cost of living: http://www.nalp.org/buying_power_index_class_of_2010
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Re: Lockstep Salary Different by City?
I have a similar question. Does this also differ by firm? i.e., if a firm says that it follows lockstep compensation, and it pays market for first years, is it guaranteed to follow this scale? Or can some lower V100s (or other firms) follow smaller raises, albeit while still being "lockstep?"
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Re: Lockstep Salary Different by City?
How much better off would I be if I was making 140k in Miami vs 160k in NYCKidStuddi wrote:Top 10 as defined by whom?
If you're referring to Vault rankings, you can be fairly sure that associates at V10 firms are payed on the same lockstep scale, regardless of location. This is the case at a sizable portion of the Vault 100 firms, not just the top 10.
Regarding NYC's cost of living: http://www.nalp.org/buying_power_index_class_of_2010
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Re: Lockstep Salary Different by City?
Definitely varies by firm. For example, A+B pays the same first year associate salary as K&S. However, K&S has larger pay increases as associates become more senior. It would be correct to say that some firms pay market, but do not follow lockstep increases.
idkAnonymous User wrote: How much better off would I be if I was making 140k in Miami vs 160k in NYC
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Re: Lockstep Salary Different by City?
I dont understand that whole buying power crap. Over my head.Omerta wrote:Definitely varies by firm. For example, A+B pays the same first year associate salary as K&S. However, K&S has larger pay increases as associates become more senior. It would be correct to say that some firms pay market, but do not follow lockstep increases.
idkAnonymous User wrote: How much better off would I be if I was making 140k in Miami vs 160k in NYC
- thesealocust
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Re: Lockstep Salary Different by City?
NB: Almost every Prestigious firm in a Big city pays a $160,000 starting salary, but the lock-step raises each year can vary dramatically. The most obvious example I recall is texas firms, where your yearly raise pales in comparison to firms in NYC for the most part.
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Re: Lockstep Salary Different by City?
thesealocust - Your answer is generally correct, but I think it is more complicated.
V&E's pay structure is New York lockstep contingent on hitting 2,000 hours, so they have a back-loaded compensation program.
Baker Botts' compensation structure is complicated, but the all-in is comparable to New York firms I think.
And this is notwithstanding the Weils, Lathams, Sidley Austins, Akin Gumps, Patton Boggs, and Jones Days of the Texas world -- they pay national market.
And I've yet to see what this Texas lockstep is. I do believe you, but a portion of Texas firms do not fit in the compressed lockstep model.
V&E's pay structure is New York lockstep contingent on hitting 2,000 hours, so they have a back-loaded compensation program.
Baker Botts' compensation structure is complicated, but the all-in is comparable to New York firms I think.
And this is notwithstanding the Weils, Lathams, Sidley Austins, Akin Gumps, Patton Boggs, and Jones Days of the Texas world -- they pay national market.
And I've yet to see what this Texas lockstep is. I do believe you, but a portion of Texas firms do not fit in the compressed lockstep model.
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Re: Lockstep Salary Different by City?
It's not too hard. The article says $78,370 in Miami is equivalent to 160,000 in NYC.Anonymous User wrote:How much better off would I be if I was making 140k in Miami vs 160k in NYCKidStuddi wrote:Top 10 as defined by whom?
If you're referring to Vault rankings, you can be fairly sure that associates at V10 firms are payed on the same lockstep scale, regardless of location. This is the case at a sizable portion of the Vault 100 firms, not just the top 10.
Regarding NYC's cost of living: http://www.nalp.org/buying_power_index_class_of_2010
160000/78,370 = 2.04159755008294. Every $1 in NYC = $2.04 in Miami.
140,000*2.04159755008294 == 285,823.6570116116
So if this data is to be believed, earning 140k per year in Miami is the functional equivalent of making ~286k per year in NYC.
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Re: Lockstep Salary Different by City?
the thing with Texas lockstep is that it's more or less a blackbox. Most sources don't mention salaries past year 1, and so it's hard to gauge as an associate whether what you're paid is really market. While this source is outdated, it gives you an idea of how some Texas firms with 160K starting salaries progress (see, e.g., Porter Hedges): http://www.infirmation.com/shared/searc ... ty=Houston . As you mentioned, some firms have adjusted to be more in line with New York firms, but I highly doubt that to be the case with the more Texas-focused firms (e.g., AK, HB, TK et al).Anonymous User wrote:thesealocust - Your answer is generally correct, but I think it is more complicated.
V&E's pay structure is New York lockstep contingent on hitting 2,000 hours, so they have a back-loaded compensation program.
Baker Botts' compensation structure is complicated, but the all-in is comparable to New York firms I think.
And this is notwithstanding the Weils, Lathams, Sidley Austins, Akin Gumps, Patton Boggs, and Jones Days of the Texas world -- they pay national market.
And I've yet to see what this Texas lockstep is. I do believe you, but a portion of Texas firms do not fit in the compressed lockstep model.
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Re: Lockstep Salary Different by City?
But, see the highest bonuses are still in New York City, right? That's the dealbreaker, right? Base salary and lockstep for top law firms are the same everywhere for the same firm in all cities.
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Re: Lockstep Salary Different by City?
I don't think you realize just how tiny bonuses are nowAnonymous User wrote:But, see the highest bonuses are still in New York City, right? That's the dealbreaker, right? Base salary and lockstep for top law firms are the same everywhere for the same firm in all cities.
http://abovethelaw.com/2011/11/breaking ... us-season/
There are a multitude of reasons for choosing NYC, but pay is never one of them.
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Re: Lockstep Salary Different by City?
Most lockstep firms pay the same bonuses in large secondary markets too.Anonymous User wrote:But, see the highest bonuses are still in New York City, right? That's the dealbreaker, right? Base salary and lockstep for top law firms are the same everywhere for the same firm in all cities.
I don't know why this is so hard, just research the firm to find out if it is not lockstep. If it is lockstep, the assumption is that it follows the Cravath scale for both salary and bonus. Everything outside of lockstep is the wild west, anything goes.
- IAFG
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Re: Lockstep Salary Different by City?
All these people assuming perpetual shit bonuses are gonna be tso mad in 3-5 years.f0bolous wrote:I don't think you realize just how tiny bonuses are nowAnonymous User wrote:But, see the highest bonuses are still in New York City, right? That's the dealbreaker, right? Base salary and lockstep for top law firms are the same everywhere for the same firm in all cities.
http://abovethelaw.com/2011/11/breaking ... us-season/
There are a multitude of reasons for choosing NYC, but pay is never one of them.
That said, it takes a LOT of money to make up for the COL differences.
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