W&C to 200K Forum

[charliekelly33]

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

[deng]

So... will this be enough to raise the market to $190k or above?

Whatcha think

[sweeteavodka]

So... will this be enough to raise the market to $190k or above?

Whatcha think

It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.

[Cobretti]

Can I hear “NY to 190″

the movement is growing... soon my brothers (and sisters)

[Desert Fox]

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.

[charliekelly33]

So... will this be enough to raise the market to $190k or above?

Whatcha think

It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.

Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.

[PMan99]

So... will this be enough to raise the market to $190k or above?

Whatcha think

It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.

My feeling as well. Probably at least a few years of good economy off any real marketwide pay raises.

[skers]

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.

idk dude. Salary increases for juniors are more encouraging than anything.

[WhirledWorld]

W&C has always been a rogue player in the associate compensation game, so this doesn't exactly pressure other firms to up associate compensation.

For biglaw comp to change overall, one of the other NYC associate comp market makers (in the past, Simpson Thacher and Cravath, and sort of S&C and Skadden) will have to make a move.

[Desert Fox]

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.

idk dude. Salary increases for juniors are more encouraging than anything.

It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.

[Yukos]

Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/

It's not a big deal because it's only sligthly above market (when considering bonus) for juniors and then below market for midlevels and seniors.

idk dude. Salary increases for juniors are more encouraging than anything.

It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.

I've heard (from a law prof who studies the law firm industry, for what it's worth) that at more senior levels boutiques are depending on culture and a real feeling of "partnership" more than pay to keep people around. That's why many elite boutiques are pure lockstep, even with partners, while bigger firms go crazy trying to pay based on "merit" or whatever (e.g. the Mayer Brown 50-factor system). Not saying this is the real reason, or that it works, but it sounds plausible at least.

[Yardbird]

So... will this be enough to raise the market to $190k or above?

Whatcha think

It's another ripple in the water, similar of Philly going to $160k recently. But mid-levels at W&C are still behind mid-levels at a market+DPW firm.

We've got momentum, but this isn't a tipping point.

Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.

Surely you mean the Simpson-scale with DPW bonuses.

[Anonymous User]

Anyone know or care to guess if this year's summer class will get paid more b/c of the raise? Before the news, summers were going to get paid same weekly salary as first year associates.

[Monochromatic Oeuvre]

Unsurprising and effectively a match. If they didn't raise they'd be well below total comp of even Covington's crappy bonuses. No meaning not already conveyed by the DPW bonuses.

[Lawyerrr]

Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).

[TheOnePercent]

It's [still] below market for midlevels and seniors.

This.

Though still great to hear.

[mvp99]

NYC -> 200k

[Monochromatic Oeuvre]

Above the law is guessing at the mid level salaries. The old salary graduated from a 15K bump for the first years to a 20K bump for the more senior levels. The midlevels on the new W&C scale might actually get 25k bumps since their base is higher, and therefore, their percentage increase would be a higher overall amount. That might mean they are actually more competitive than the Above the Law breakdown indicates.

Overall, its good news. W&C undoubtedly pays its first and second years more than the Cravath-scale firms (without the pressure of making bonus numbers) and that will translate into a recruiting advantage this fall.

Surely you mean the Simpson-scale with DPW bonuses.

+1 to any instance of clarifying that Cravath deserves no credit as a compensation leader in any way, shape or form.

[yomisterd]

seems like a great place to work for a couple years before going BigFed

good work if you can get it

[Arbiter213]

Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).

Not everyone clerks. I know a first year they hired through 3L OCI

[rpupkin]

It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.

You overpay juniors to attract clerks. You underpay seniors because, compared to their counterparts in big law, partnership prospects are typically better and so you don't have to pay the seniors as much to stay.

[SquedTheScholar]

Consensus on whether this will push DPW, STB, etc. to 200 before September?

[jbagelboy]

Consensus on whether this will push DPW, STB, etc. to 200 before September?

I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for.

[skers]

Consensus on whether this will push DPW, STB, etc. to 200 before September? NY to 190?

I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for. NY to 190.

[jbagelboy]

Consensus on whether this will push DPW, STB, etc. to 200 before September? NY to 190?

I don't see why DPW Cravath ect would match first year salary of a firm that always paid above market. They might go to $175 or $180 base bringing all in to $190-195, at least that's what we're all hoping for. NY to 190.

hey, that'd be swell.