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

[Desert Fox]

[lhanvt13]

http://www.cbsnews.com/pictures/what-to ... innings/3/

any better suggestions?

[78623089]

Skadden adjusting compensation confirmed.

can confirm, was at the meeting. firm will now pay for tethering on cell phone plans.

Wait, so is it actually confirmed, or is this an attempt at dialing in a joke (see what I did there...)

[Anonymous User]

Skadden adjusting compensation confirmed.

can confirm, was at the meeting. firm will now pay for tethering on cell phone plans.

Wait, so is it actually confirmed, or is this an attempt at dialing in a joke (see what I did there...)

it's real. you could say we're all getting one nine (inch) D

[kcdc1]

Skadden adjusting compensation confirmed.

can confirm, was at the meeting. firm will now pay for tethering on cell phone plans.

Wait, so is it actually confirmed, or is this an attempt at dialing in a joke (see what I did there...)

it's real. you could say we're all getting one nine (inch) D

If this were a joke, it'd be funny. But it's not funny. Therefore, WE DID IT!!!!!

[Anonymous User]

Skadden did no such thing. In fact, at yesterday's meeting, Skadden made it more difficult to get bonus for 2016 by increasing the minimum billable hours by 200 hours. These are the facts.

[TLSModBot]

Skadden did no such thing. In fact, at yesterday's meeting, Skadden made it more difficult to get bonus for 2016 by increasing the minimum billable hours by 200 hours. These are the facts.

Obviously they made bonuses more difficult to achieve to offset the cost of RISING SALARIES.

[El Pollito]

are we there yet

[Anonymous User]

Skadden did no such thing. In fact, at yesterday's meeting, Skadden made it more difficult to get bonus for 2016 by increasing the minimum billable hours by 200 hours. These are the facts.

Obviously they made bonuses more difficult to achieve to offset the cost of RISING SALARIES.

I really don't think so. This move pissed everyone off, and everyone in the room felt kind of stunned, especially because it was a meeting in response to our comments on a firm wide survey. Many of the responses on the survey expressed a desire for MORE COMPENSATION, not a more difficult bar for obtaining bonus.

[BigZuck]

Lol

[Johann]

The great deal season of 2014 must be drying up. Now is not a good time to be entering law folks. Next years summer class is sure to be down. Bonuses down and health insurance down and hour requirements up.

[Anonymous User]

The great deal season of 2014 must be drying up. Now is not a good time to be entering law folks. Next years summer class is sure to be down. Bonuses down and health insurance down and hour requirements up.

Don't panic. Skadden is sending a message that's all. At least my firm's (v10) upcoming summer class is up substantially and partners are still making a ton of money this year.

[smaug]

Sadden anon, what's your new hours requirement?

[fats provolone]

Skadden did no such thing. In fact, at yesterday's meeting, Skadden made it more difficult to get bonus for 2016 by increasing the minimum billable hours by 200 hours. These are the facts.

this is obviously a lie. they raised the hours requirement by 190.

[BigZuck]

Skadden didn't have a minimum billable requirement before so looks like the new requirement is 200 hours (or possibly 190, there's conflicting information out there).

Obviously making 190K is better but $160,000 divided by 200 is like $800 an hour which is still pretty good money. lol people on these boards complain about everything.

[Traynor Brah]

Skadden's min was either 1600 or 1700; I believe it was the former

[BigZuck]

Skadden's min was either 1600 or 1700; I believe it was the former

http://www.chambers-associate.com/true-picture/3656/1

Did you know that Skadden is famous for Being Skadden- an awesome firm and an awesome brand?

[Anonymous User]

Skadden's min was either 1600 or 1700; I believe it was the former

http://www.chambers-associate.com/true-picture/3656/1

Did you know that Skadden is famous for Being Skadden- an awesome firm and an awesome brand?

from the article: The only grumble about compensation came from New York associates, who felt the salary “isn't keeping pace” with the Big Apple's ever-increasing living costs. “It hasn't increased in something like seven years, so at some point they will need to change that.” NYC -> 190k

[Anonymous User]

Skadden's min was either 1600 or 1700; I believe it was the former

http://www.chambers-associate.com/true-picture/3656/1

Did you know that Skadden is famous for Being Skadden- an awesome firm and an awesome brand?

200 (or 190) on top of 1600 is still meaningless compared to actual billables, but helps to justify salary increase.

Skadden to 190.

[makerbreaker]

^ didn't mean to anon.

[Anonymous User]

Paul Hasting NYC moved from 1950 to 2000 hours for bonus.

[Anonymous User]

Paul Hasting NYC moved from 1950 to 2000 hours for bonus.

Did firms raise billable before the 2007 jump to 160k? History repeats itself! TLS historians: we need you here.

[Anonymous User]

Paul Hasting NYC moved from 1950 to 2000 hours for bonus.

Did firms raise billable before the 2007 jump to 160k? History repeats itself! TLS historians: we need you here.

For one thing, each salary increase has been accompanied with a corresponding increase in billable minimums. - http://www.gerryriskin.com/the-wall-str ... arms-race/

A&O increased hours early 2006 - http://www.lawfuel.com/london-based-all ... ly-unhappy

There was a spike in hours when firms began raising salary levels to compete for top law talent in the dot-com era of the late 90s, experts say. Companies entered into an "arms race" to provide the highest pay. To compensate, they had to increase the number of hours the firm billed. - from 2007 http://apps.americanbar.org/buslaw/blt/ ... rosz.shtml

It's happening

edit: what's more TTT? Have some firm announce a salary increase, then match and at the same time or later increase billables or announce the increase in billables first and then match a salary increase?

[smaug]

I'm honestly getting worried we are going to repeat 07/08 soon.

Hold on to your seats, sheeple.

[Johann]

I'm honestly getting worried we are going to repeat 07/08 soon.

Hold on to your seats, sheeple.

yeah raising hours to raise pay is not really something id care to see. i would much rather the big bonuses in years with extra pay. because if the work dries up a little and people start missing hours, theres going to be a lot of layoffs coming.

first years used to get like $35k bonuses. that's the shit we need.

i'm cool with the V10 raising their hours to raise pay as long as the rest of the herd doesnt follow. but id have 0 chance of surviving in the 2200 hour realm.