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

[Cobretti]

What kind of V range are we talking about for this new document? Can you give us that?

Not willing to disclose any further info until this new doc is fully vetted. We are having to work slowly and discreetly. Sorry.

Is the BigLaw Illuminati accepting new members any time soon?

[Br3v]

Firm hasn't set salary yet, but said that last year's incoming salary was "160,000."

Not sure what to think of it but I would say it's more than a subtle hint that a 6 is an upside down 9.

Anyone else's firm say this?

Are you just continuing to get wooshed or is this an inception like scenario?

[Cobretti]

Firm hasn't set salary yet, but said that last year's incoming salary was "160,000."

Not sure what to think of it but I would say it's more than a subtle hint that a 6 is an upside down 9.

Anyone else's firm say this?

Are you just continuing to get wooshed or is this an inception like scenario?

[Johann]

What kind of V range are we talking about for this new document? Can you give us that?

Not willing to disclose any further info until this new doc is fully vetted. We are having to work slowly and discreetly. Sorry.

Is the BigLaw Illuminati accepting new members any time soon?

not from law school students, no. go to class.

[Cobretti]

What kind of V range are we talking about for this new document? Can you give us that?

Not willing to disclose any further info until this new doc is fully vetted. We are having to work slowly and discreetly. Sorry.

Is the BigLaw Illuminati accepting new members any time soon?

not from law school students, no. go to class.

it physically hurts me to think that we went to the same school.

[bananasplit19]

What kind of V range are we talking about for this new document? Can you give us that?

Not willing to disclose any further info until this new doc is fully vetted. We are having to work slowly and discreetly. Sorry.

Is the BigLaw Illuminati accepting new members any time soon?

not from law school students, no. go to class.

it physically hurts me to think that we went to the same school.

False. Your school is $100 million richer and has a different name. #datpritzkerdifference

[trbrny]

Makes me sad to see this thread slowly dropping off the first page.

[cookiejar1]

Makes me sad to see this thread slowly dropping off the first page.

sky is blue, water is wet, and we are moving to 190K

what more is there to talk about

[Internetdan]

Makes me sad to see this thread slowly dropping off the first page.

I agree. This thread is the only reason I visit this website.

Also the only reason I haven't quit everything to become a ski instructor.

[umichman]

Makes me sad to see this thread slowly dropping off the first page.

I agree. This thread is the only reason I visit this website.

I feel like everyone is waiting on Nony to show us the second doc

[Anonymous User]

This is actually true:

my best friend from undergrad works in finance. his company is one of STB's clients. He heard from his MD (who heard from his partner contact at STB) that first year salaries will be moved up to $190K

Not that we needed anymore confirmation, but here it is

[Anonymous User]

This is actually true:

my best friend from undergrad works in finance. his company is one of STB's clients. He heard from his MD (who heard from his partner contact at STB) that first year salaries will be moved up to $190K

Not that we needed anymore confirmation, but here it is

STB partner here. It is true, I told my client contact at GS that first year salaries are going to 190. I heard about it on Abovethelaw. I understand there was a memo of some kind but I never read those.

[Anonymous User]

I'm taking a class that's being taught by an adjunct biglaw partner. We were talking about associate salaries today in class and, I kid you not, when talking about what we would be making when we all started our biglaw jobs (tone deaf, but that's a different post), he said 190k (not 160k) throughout the entire discussion. Must've said it about 10 times. A friend (also a TLSer, so he was probably thinking the same thing I was -- how did he get the 190 in his head?) talked to him after and brought up the Simpson memo leak. Not only did he know about it, he was pissed because he doesn't want to have to raise salaries. Said it would be bad for associates in the long run.

This is a 100% true story. Seriously.

[Johann]

everyone knows 190k is happening in new york. lets move on to more interesting discussions like who is matching (firms and cities) and what were blowing the 15k on.

[fats provolone]

everyone knows 190k is happening in new york. lets move on to more interesting discussions like who is matching (firms and cities) and what were blowing the 15k on.

well we already know LA is not matching and is in fact reverting to 145k

[Anonymous User]

I'm taking a class that's being taught by an adjunct biglaw partner. We were talking about associate salaries today in class and, I kid you not, when talking about what we would be making when we all started our biglaw jobs (tone deaf, but that's a different post), he said 190k (not 160k) throughout the entire discussion. Must've said it about 10 times. A friend (also a TLSer, so he was probably thinking the same thing I was -- how did he get the 190 in his head?) talked to him after and brought up the Simpson memo leak. Not only did he know about it, he was pissed because he doesn't want to have to raise salaries. Said it would be bad for associates in the long run.

This is a 100% true story. Seriously.

Yes. He/she's worried about the associates.

[anonnymouse]

everyone knows 190k is happening in new york. lets move on to more interesting discussions like who is matching (firms and cities) and what were blowing the 15k on.

Of all the V9 (it's a farce that a firm that Lathams people would be mentioned in the same breath as true V10 firms), I have a feeling that when associate comp is RESTRUCTURED, there will be one that only goes to 175k because their shitboomer partners are BANKRUPT of compassion for the next generation of brilliant legal minds.

(ETA boomer-hate)

[dixiecupdrinking]

I'm taking a class that's being taught by an adjunct biglaw partner. We were talking about associate salaries today in class and, I kid you not, when talking about what we would be making when we all started our biglaw jobs (tone deaf, but that's a different post), he said 190k (not 160k) throughout the entire discussion. Must've said it about 10 times. A friend (also a TLSer, so he was probably thinking the same thing I was -- how did he get the 190 in his head?) talked to him after and brought up the Simpson memo leak. Not only did he know about it, he was pissed because he doesn't want to have to raise salaries. Said it would be bad for associates in the long run.

This is a 100% true story. Seriously.

Yes. He/she's worried about the associates.

Boomer Man's Burden.

[Anonymous User]

Hot diggity dog! Further confirmation that this is happening (not that we needed any). From today's Law360:

http://www.law360.com/newyork/articles/ ... gn=newyork


BigLaw May Lose Recruits In NYC And LA As Salaries Rise

Law360, New York (October 27, 2015, 7:55 PM ET) -- BigLaw should brace for recruiting problems in New York and Los Angeles as firms increase salaries in smaller markets and start to poach associate recruits attracted by a lower cost of living and better work-life balance, according to experts.

Law firms have started hiking up associates' salaries outside of the major markets, where $160,000 is the gold standard, according to data from the National Association for Law Placement. Perkins Coie recently upped its Seattle and Bellevue, Washington, associates’ salaries from approximately $125,000 to $145,000, while Dechert LLP announced in April that it was also boosting associate base salaries in two regional Pennsylvania offices to match the pay level in its larger hubs.

Both firms attributed those moves to their efforts to attract and retain top talent, and experts say BigLaw may soon see its recruitment numbers dwindling as a result. The lower costs of living and higher quality of life associated with working at a law firm office outside of a major hub, combined with newly competitive salaries, make working for one of these firms extremely attractive to certain associates.

"Big-city firms will always be the top draw for talent because of the nature of the work and the location geographically," said Danice Kowalczyk of legal recruiter Laurence Simons LLC. "They are always the superstars, but they may find themselves up against regional firms or second tier firms that are offering associates a different type of life."

In its April report, the NALP said that between 55 percent and 60 percent of firms in Los Angeles and Washington, D.C., meet the $160,000 benchmark salary, while more than 85 percent of firms with 250 lawyers or more in New York meet the standards. On the other hand, the overall national median for first-year pay has actually risen to $135,000 from $125,000 in 2014.

Traditionally, associates have flocked to New York, Los Angeles and D.C. in droves, hoping to make a name for themselves at some of the biggest firms in the world and working for some of the highest-profile clients in the world, according to Jacquelyn Knight, a partner at legal recruiter Major Lindsey & Africa LLC.

"Many associates want to start their careers at larger firms in big cities for many reasons, including prestige of firm, sophistication of work and training and development. Many are attracted to the thought of big-city life and pace," Knight said. "However, all things being equal, some associates may decide that is right for them to go home again or practice in a smaller environment with a lower cost of living."

There's been a recent trend in the legal industry of younger attorneys starting to place an emphasis on quality of life, according to Kowalczyk. They’re more concerned with the amount of hours they're required to work at big city firms and want to settle down, have a family and maybe buy a home.

"One thing ... that's very different from 10 years ago is that associates have a perspective on balance that was never discussed before," Kowalczyk said. "Finding a firm in a regional legal market that allows them to do quality work, get paid well and still go home to their families at 8 p.m. is very attractive."

The desire to strike a healthier work-life balance is becoming a bigger issue in the legal industry, but Michael B. Rynowecer, president of BTI Consulting Group Inc., says he doesn't expect it to entirely detract associates from moving to New York.

"A lot of people may not want that lifestyle for the rest of their lives, but many know that if they put in a few years of experience living that life, it can be a life-altering move for them — for the better," Rynowecer said.

Timothy Corcoran of the Corcoran Consulting Group said that by and large, the associates who elect to head to a firm in a secondary market instead of a major hub because of the newly elevated salaries likely already had those firms and markets in their considerations in the first place. The salaries just tipped the scales for them.

However, if BigLaw notices a trend of associates flocking to secondary markets, a herd mentality will be triggered, and big firms will begin to increase their salaries out of fear that the secondary markets are taking over.

But the major markets will likely remain the major markets, so the panic will be misplaced because a slight change in salary shouldn't be able to detract from a top firm's recruitment efforts, Corcoran said. If this salary issue is ruining a firm's chances at getting top associates, then they may have bigger problems going on.

"There will be a ripple effect in the secondary markets and the primary markets, but there should not be a ripple effect, except in the unsophisticated management leading these firms," Corcoran said.

--Editing by Katherine Rautenberg and Christine Chun.

[Abbie Doobie]

you know ny and la want to retain those droves and the way, the only way, to retain droves is 190. otherwise droves will be had elsewhere. we are the droves and we have spoken.

[TLSModBot]

But will DC match? Or should I prepare to uproot my family for Duluth BigLaw?

[JustHawkin]

But will DC match? Or should I prepare to uproot my family for Duluth BigLaw?

Lutefisk>>>>Half Smokes

[homestyle28]

"Finding a firm in a regional legal market that allows them to do quality work, get paid well and still go home to their families at 8 p.m. is very attractive."

DAT NYC work/life balance.

[UnicornHunter]

"Finding a firm in a regional legal market that allows them to do quality work, get paid well and still go home to their families at 8 p.m. is very attractive."

DAT NYC work/life balance.

Seriously, that was one of the most depressing things I've ever read.

[Thrive]

"Finding a firm in a regional legal market that allows them to do quality work, get paid well and still go home to their families at 8 p.m. is very attractive."

DAT NYC work/life balance.

Seriously, that was one of the most depressing things I've ever read.

Why?