W&C to 200K
Posted: Thu Apr 16, 2015 11:51 am
Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/
So... will this be enough to raise the market to $190k or above?
Whatcha think
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W&C to 200K Forum
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Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:00 pm
Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:03 pm
deng wrote: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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:04 pm
the movement is growing... soon my brothers (and sisters)Can I hear “NY to 190″
Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:06 pm
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 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/
Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:09 pm
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.sweeteavodka wrote:deng wrote: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.
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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 12:23 pm
My feeling as well. Probably at least a few years of good economy off any real marketwide pay raises.sweeteavodka wrote:deng wrote: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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 1:25 pm
idk dude. Salary increases for juniors are more encouraging than anything.Desert Fox wrote: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 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/
Re: W&C to 200K
Posted: Thu Apr 16, 2015 1:25 pm
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.
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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 1:28 pm
It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.skers wrote:idk dude. Salary increases for juniors are more encouraging than anything.Desert Fox wrote: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 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/
Re: W&C to 200K
Posted: Thu Apr 16, 2015 1:36 pm
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.Desert Fox wrote:It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.skers wrote:idk dude. Salary increases for juniors are more encouraging than anything.Desert Fox wrote: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 wrote:Am I really the first one to pick this up? http://abovethelaw.com/2015/04/nationwi ... -connolly/
Re: W&C to 200K
Posted: Thu Apr 16, 2015 7:21 pm
Surely you mean the Simpson-scale with DPW bonuses.charliekelly33 wrote: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.sweeteavodka wrote:deng wrote: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.
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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 7:24 pm
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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 8:18 pm
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.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 10:18 pm
Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).
Re: W&C to 200K
Posted: Thu Apr 16, 2015 10:37 pm
This.Desert Fox wrote:It's [still] below market for midlevels and seniors.
Though still great to hear.
Re: W&C to 200K
Posted: Thu Apr 16, 2015 10:49 pm
NYC -> 200k
Re: W&C to 200K
Posted: Fri Apr 17, 2015 12:13 am
+1 to any instance of clarifying that Cravath deserves no credit as a compensation leader in any way, shape or form.shadowofjazz wrote:Surely you mean the Simpson-scale with DPW bonuses.charliekelly33 wrote:
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.
Re: W&C to 200K
Posted: Fri Apr 17, 2015 12:24 am
seems like a great place to work for a couple years before going BigFed
good work if you can get it
good work if you can get it
Re: W&C to 200K
Posted: Fri Apr 17, 2015 5:58 pm
Not everyone clerks. I know a first year they hired through 3L OCILawyerrr wrote:Does W&C even have first year associates? I thought everyone in their class clerked (not exaggerating).
Re: W&C to 200K
Posted: Fri Apr 17, 2015 6:03 pm
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.Desert Fox wrote: It's pretty common for lit boutiques to overpay juniors and underpay seniors and I'm not really sure why.
Re: W&C to 200K
Posted: Sat Apr 18, 2015 4:01 pm
Consensus on whether this will push DPW, STB, etc. to 200 before September?
Re: W&C to 200K
Posted: Sat Apr 18, 2015 4:23 pm
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.SquedTheScholar wrote:Consensus on whether this will push DPW, STB, etc. to 200 before September?
Re: W&C to 200K
Posted: Sat Apr 18, 2015 4:42 pm
jbagelboy wrote:SquedTheScholar wrote: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.
Re: W&C to 200K
Posted: Sat Apr 18, 2015 5:33 pm
skers wrote:jbagelboy wrote:SquedTheScholar wrote: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.