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

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Who will join the CovingTTTon list next?

WilmerHale
14
6%
Arnold & Porter
22
9%
Hogan Lovells
12
5%
Akin Gump
7
3%
Jones Day
114
49%
Jenner & Block
8
3%
Paul Hastings
7
3%
WachTTTell
21
9%
Other
7
3%
No one! YAY!
22
9%
 
Total votes: 234

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

Post by Anonymous User » Sun Jul 19, 2015 11:25 pm

Heard through the grapevine that Paul Weiss sat their summer associates down to let them know that annual compensation (possibly adjusted) would be announced in February. Apparently this same sort of thing happened last time there was the move to 160k and may have been caused by the moves in Philly up to 160k.

Update 6/7/16: NY to 180 happened yesterday. There's another thread where trbrny is keeping track of which firms have matched. Let's keep up the MOMENTUM all the way to NY to 190!

Update 6/8/16: So-called top DC firm Covington & Burling announced that associates outside its New York office will not receive a raise. We condemn this craven behavior in the strongest terms. Everyone mobilize!!

Update 6/9/16: See Appendix A.

Update 6/14/16: CovingTTTon & Burling finally matched in all offices. I imagine A&P and WilmerHale partners went okay.jpg at the news.

Appendix A
Br3v wrote:
Big Shrimpin wrote:I wish I could have a junior associate compile all these SICK CovingTTTon BURNZ into one poast
junior CHOMPING to please in order to recieve gracious NEAR-MARKET bonus
Br3v wrote:cov and jd midlevels stare LONGINGLY at freshfields stubs CACKLING on potomac booze cruise from there blue line windows as they head to JUNIOR apartments in ARLINGTTTON
Br3v wrote:
Big Shrimpin wrote:
Br3v wrote:
Big Shrimpin wrote:
soj wrote:Lines at Subway outside CovingTTTon looking longer than usual.
sad
I knew Subway valued top tier management but I didn't think GMs made that much. Are they leaving their time at Cov off their resumes?
probably

wouldn't want the stain of CovingTTTon to run an otherwise sterling rezzie

might not be an issue at Quiznos tbh tho
cov refugee unable to enjoy employee CIABATTA TOASTIE on park bench after overhearing milbank bros sipping MOMOFUKU COLD BREW discussing FAT Govt Ks
Br3v wrote:
RaceJudicata wrote:Eric Holder must have cost a shit ton...or maybe he got the shaft to
Covington rapidly liquidating to meet in middle with $175 and ALBERTO GONZALES
soj wrote:
Big Shrimpin wrote:
soj wrote:cov has a beautiful new building smack dab in the middle of dc surrounded by top-end stores. the building itself also hosts gucci, hugo boss, and louis vuitton. i'm sure the associates at cov will be seeing a lot more of chill sociable skadden bros around the office DOMINATING depos all morning and CLEANING UP at dior by lunch time. don't worry, guys, there's always the nordstrom clearance rack!
its sad rly

covington associates with HOLES in their cole haans and FORLORN looks on their faces as chill, fratty skadden bros STYLE on them with their FRESH ferragamos, and relaxed, fulfilled SMILES on their faces
:lol: mercifully they won't have to window shop at burberry et al for much longer. no top-end fashion designer is going to share building space with a second-rate law firm.
Big Shrimpin wrote:
Anonymous User wrote:Fenwick chairman just spotted in the office of the CFO. Hopefully crunching the numbers on a match.

cov associates spotted huddled in a CR crying, losing HOAP
Big Shrimpin wrote:
Monochromatic Oeuvre wrote:
Big Shrimpin wrote:Covington summers waiting on HOT/SWAMPYmetro platform for 20+ mins waiting for CROWDED TRAIN home to SHIT apt out in SUBURBS to cop dat MAC-DO's DINNER and masturbate with TEARS

skadden et al summers taking UBER SUV, sprawled-out pumpin DAT A/C on way to CRUSH ROOFTOP BAR SCENE in ADAMS MORGAN late into night and crashing at SICK apartment down the street in DUPONT CIRCLE
MoFo litigators proudly throwing out their Cuervo as they finally upgrade to Patron for the stuck-up blonde transplant nines from Indiana
As if their sheer DOMINANCE of the MARINA ROOFTOP SCENE wasn't enough!
soj wrote:congratulations, cov dc first years! the skadden slapper summer associate will be out-earning you as of july 1.
Monochromatic Oeuvre wrote:Milbank associates laughing all the way back to SICK Georgetown 2BR while CovingTTTon first-years get stuck single-tracking all the way to their Crystal City apartment above a bowling alley and below another bowling alley.

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cookiejar1

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by cookiejar1 » Sun Jul 19, 2015 11:31 pm

GOOD WORK BOYS!

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by kingpin101 » Sun Jul 19, 2015 11:39 pm

My body is ready.

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Johann

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Johann » Sun Jul 19, 2015 11:42 pm

Damn, please be true.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 12:05 am

No. I'm a summer at Paul Weiss. Nothing like this happened.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by snagglepuss » Mon Jul 20, 2015 12:06 am

The funny thing is that $190k in 2016 is basically just returning to the $160k in 2007.

What a middling day it'll be in 2017 when the move is actually to something like $175k.

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UnicornHunter

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by UnicornHunter » Mon Jul 20, 2015 12:16 am

snagglepuss wrote:The funny thing is that $190k in 2016 is basically just returning to the $160k in 2007.

What a middling day it'll be in 2017 when the move is actually to something like $175k.
NY to $100k would make more sense, tbh

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Mack.Hambleton

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Mack.Hambleton » Mon Jul 20, 2015 12:19 am

Anonymous User wrote:No. I'm a summer at Paul Weiss. Nothing like this happened.
means ur getting no offered sry

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Ron Howard

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Ron Howard » Mon Jul 20, 2015 12:21 am

TheUnicornHunter wrote:
snagglepuss wrote:The funny thing is that $190k in 2016 is basically just returning to the $160k in 2007.

What a middling day it'll be in 2017 when the move is actually to something like $175k.
NY to $100k would make more sense, tbh
Yeah, $160K starting is a little excessive. It is really the price of law school that needs to decrease.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 12:23 am

Might have been the associates rather than the summers sorry.

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Tiago Splitter

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Tiago Splitter » Mon Jul 20, 2015 12:24 am

Anonymous User wrote:No. I'm a summer at Paul Weiss. Nothing like this happened.
The correct criticism is that this same thing happens at every firm every year. Pretty much every summer will be told the "current" compensation is 160k but theirs will be finalized at a later date, as if a raise is even remotely possible.

More importantly, congrats everyone on NYC to 190k! We did it!

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 12:25 am

Anonymous User wrote:No. I'm a summer at Paul Weiss. Nothing like this happened.
Confirmed. Did not happen.

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smaug

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by smaug » Mon Jul 20, 2015 12:25 am

flame we can believe in

flame for the future

NYC to 190!!!!

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chuckbass

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by chuckbass » Mon Jul 20, 2015 12:26 am

Lol at Philly moving to 160k having an effect here

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cookiejar1

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by cookiejar1 » Mon Jul 20, 2015 7:07 am

NY to $100k would make more sense, tbh
Yeah, $160K starting is a little excessive. It is really the price of law school that needs to decrease.
WHAT IS WRONG WITH YOU PEOPLE?

NYC TO 190K.

MORE MONEY IS ALWAYS BETTER. ALWAYS.

snagglepuss

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by snagglepuss » Mon Jul 20, 2015 7:20 am

Cravath London to £190,000!!!

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by 2014 » Mon Jul 20, 2015 8:53 am

Why would you try to pull this troll with a firm that probably has 25 summers on TLS :(

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 9:25 am

Anonymous User wrote:No. I'm a summer at Paul Weiss. Nothing like this happened.
I don't know, maybe we were just at lunch. NYC PW to 190!

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by legends159 » Mon Jul 20, 2015 9:43 am

Ron Howard wrote:
TheUnicornHunter wrote:
snagglepuss wrote:The funny thing is that $190k in 2016 is basically just returning to the $160k in 2007.

What a middling day it'll be in 2017 when the move is actually to something like $175k.
NY to $100k would make more sense, tbh
Yeah, $160K starting is a little excessive. It is really the price of law school that needs to decrease.
$100K is not enough to incentivize the kind of people biglaw wants to recruit to forgo three years of gainful employment to take on debt and go to school and then commit to being available 24/7 as a junior associate subject to BS fire drills doing meaningless crap that builds no transferrable skills only to get pushed out by year 5.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 10:15 am

snagglepuss wrote:Cravath London to £190,000!!!
Cravath London starts at around 270k for first years, fwiw.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 10:20 am

But is NY and/or PW really going to 190?

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 10:23 am

I'm curious what the lower Vault firms would do if base compensation increased by $15k-30k. Many firms, including mine, have not come close to matching the DPW lockstep bonuses, but I think they'd feel more pressure to match base compensation. My firm ended lockstep bonuses in 2007 after being forced to raise first-year salaries to $160k, and became more aggressive about denying raises to underperforming associates. Now it would be far more difficult to find the money to keep pace with increases to base compensation.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by smaug » Mon Jul 20, 2015 10:26 am

ImageImage
smaug wrote:flame we can believe in

flame for the future

NYC to 190!!!!
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2014

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by 2014 » Mon Jul 20, 2015 10:28 am

I think it would be haves and have nots for at least a few years. Obviously all major firms would eventually match, but NY would go bimodal for a bit and I imagine other markets with a few firm exceptions would lag behind at 160.

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Re: NY to 190k??(possibly led by Paul Weiss)

Post by Anonymous User » Mon Jul 20, 2015 10:37 am

2014 wrote:I think it would be haves and have nots for at least a few years. Obviously all major firms would eventually match, but NY would go bimodal for a bit and I imagine other markets with a few firm exceptions would lag behind at 160.
(anon from above). That's what I think too. If I made $200k as a second-year (instead of $170k), that would be well over a third of my fees received from that year, so I don't think that salary would be feasible. My friends at higher-ranked firms are billing at much higher rates, so it wouldn't be as big an issue.

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