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How often does it turn out that you don't get promoted and fall behind market in pay?
It seems possible that you can be stuck at 160k if you're a 3rd year.

There was a lot of criticism about this when they moved to that model. You can check ATL for more.

I will say that some of the WORST junior associates from my old firm lateralled to Orrick and were made "Managing" Attorneys. Cringeworthy.