NYC to 200k Forum

[Anonymous User]

If firms continue to match the new scale, surely Proskauer/Winston/Milbank are going to have to match? They're probably a little pissed they jumped on the raises so quickly.

[Anonymous User]

If firms continue to match the new scale, surely Proskauer/Winston/Milbank are going to have to match? They're probably a little pissed they jumped on the raises so quickly.

There is to be no hating on Milbank unless it's confirmed that they will not match the new Cravath mid-level/senior scale and the summer bonuses.

[Single-Malt-Liquor]

If firms continue to match the new scale, surely Proskauer/Winston/Milbank are going to have to match? They're probably a little pissed they jumped on the raises so quickly.

There is to be no hating on Milbank unless it's confirmed that they will not match the new Cravath mid-level/senior scale and the summer bonuses.

I'd say that even if they dont match, it would be hard to hate. Sure their associates will suffer but they will have had their moment in the sun before falling on their swords for the rest of us.

What is dead may never die.

[Anonymous User]

Cleary matched

Anyone confirm?

[Anonymous User]

Cleary matched

Anyone confirm?

Separate Cleary confirmation was posted on L S L

[Anonymous User]

Where you at CovingTTTon???????????????????????????????

[Anonymous User]

PPP isn't the relevant metric. Elite boutiques like W&C (because yes, it is elite) have lower PPP because they aren't heavily leveraged.

Example: Paul, Weiss might have a very high PPP but when leverage is like 6 associates to 1 partner, increasing every $10k increase is a $60k hit to a partner. At an elite boutique where there the ratio is 1:1, a $10k increase is only a $10k hit to the partner.

Also, Boies probably has more unprestigious resumes (UCLA, GW, arguably Berkeley) than prestigious ones (HYSCCN). This is not true with elite boutiques like Susman, KVN, MTO, which are truly selective.

I’m so not following the PPP bit. If Paul Weiss partners take a $60k hit for raising associates’ salaries by $10k wouldn’t their PPP be more greatly affected by raises than the elite boutiques?

Yes, that's the point the other poster is making. Even though W&C has a lower PPP, he is suggesting they will be less affected by a raise, so if PW can raise, W&C certainly can. (not my words, just explaining to you)

not sure "unprestigious" is the correct word choice there

What is obviously missing here is what city we're discussing. In NYC, for example, W&C, KVN, MTO, and Bartlitt Beck don't have NY offices. Susman does, and has to be the toughest boutique offer with only 14 associates, all with unreal feeder (or SCOTUS clerk) resumes. Boies NY has to be second. There are only 30 NY associates, most with HYSCCN CoA/D.C. clerkship resumes. Boies has some weird office locations though (Ft. Lauderdale, Vegas, & Hollywood, FL), which might by why above poster says Boies gathers some middling UCLA/GW ppl.

If you want to talk about this, please do it here.

No

[Anonymous User]

Any word on US offices of magic circle firms?

[Anonymous User]

Skadden match with bonus to 2010 and up

[Anonymous User]

Skadden match confirmed.

[Anonymous User]

We are pleased to inform you that we are increasing our salary scale and providing a special mid-year bonus, consistent with recent market changes. You play a crucial role in helping us realize our goals of excellence and efficient work in service of our clients. Thank you for your efforts on behalf of the Firm and our clients.

The salary scale and bonus schedule is noted below. The increases will be effective July 1 and reflected in July 15 paychecks. Bonuses will be issued on June 29.

Class Year Salary Special Mid-Year Bonus
2010 & Sr. $340,000 $25,000
2011 $325,000 $25,000
2012 $305,000 $25,000
2013 $280,000 $20,000
2014 $255,000 $15,000
2015 $220,000 $10,000
2016 $200,000 $7,500
2017 $190,000 $5,000

As always, an associate must be in good standing to be eligible for a salary increase and bonus. Additionally, bonus payment is contingent upon satisfying the productive hours requirement and remaining actively employed on the payment date. Bonuses will be prorated based upon start date, status changes, and reduced hours schedules.

[Anonymous User]

Skadden match with bonus to 2010 and up

Skadden didn't actually match. For example, Cravath 2010 is 250, they're 240.

[Anonymous User]

damn, waht TTT

[Anonymous User]

Skadden match with bonus to 2010 and up

Skadden didn't actually match. For example, Cravath 2010 is 250, they're 240.

Poor wording, I meant 2010 and more recent graduates are matched. 2009 and older associates are not, because Skadden does not spread comp changes that far out.

[Anonymous User]

All the V10 has announced except Kirkland?? Latham is probably gonna announce today or tomorrow morning. IS KIRKLAND GOING TO 200K???????

[Anonymous User]

Skadden match with bonus to 2010 and up

Skadden didn't actually match. For example, Cravath 2010 is 250, they're 240.

No wrong. 2009 = 250; 2010 = 240. This is a clear match.

[Anonymous User]

How will they determine if associates have met the hours requirement? Based on hours this year so far or based on hours last year?

[Anonymous User]

How will they determine if associates have met the hours requirement? Based on hours this year so far or based on hours last year?

I'm sure it's based on hours at the end of the month for the billable year to date. In other words, if you have a 2000 hours requirement, you would have to bill 1333 by the end of June to be "on-track" to hit your hours. So my guess is that people who hit 1333 at the end of the month will get it, and those who do not hit 1333 will not get it. Not sure how pro bono hours will count. At my firm, the hours requirement is 2000, 1850 of which must be billable and the remaining 150 of which can be a combination of billable/pro bono. If they base it on the 1850 number, associates would need to have 1233 hours at the end of the month (our billable year starts Nov. 1). If they base it on the 2000 number, associates would need to have 1233 hours of billable and 100 hours of billable/pro bono.

[Anonymous User]

skadden gets full credit for unlimited probono, so presumably all would count

[Anonymous User]

How will they determine if associates have met the hours requirement? Based on hours this year so far or based on hours last year?

I'm sure it's based on hours at the end of the month for the billable year to date. In other words, if you have a 2000 hours requirement, you would have to bill 1333 by the end of June to be "on-track" to hit your hours. So my guess is that people who hit 1333 at the end of the month will get it, and those who do not hit 1333 will not get it. Not sure how pro bono hours will count. At my firm, the hours requirement is 2000, 1850 of which must be billable and the remaining 150 of which can be a combination of billable/pro bono. If they base it on the 1850 number, associates would need to have 1233 hours at the end of the month (our billable year starts Nov. 1). If they base it on the 2000 number, associates would need to have 1233 hours of billable and 100 hours of billable/pro bono.

I should clarify...my firm hasn't matched, so not speaking for any firms that have matched.

[EzraFitz]

How will they determine if associates have met the hours requirement? Based on hours this year so far or based on hours last year?

I'm sure it's based on hours at the end of the month for the billable year to date. In other words, if you have a 2000 hours requirement, you would have to bill 1333 by the end of June to be "on-track" to hit your hours. So my guess is that people who hit 1333 at the end of the month will get it, and those who do not hit 1333 will not get it. Not sure how pro bono hours will count. At my firm, the hours requirement is 2000, 1850 of which must be billable and the remaining 150 of which can be a combination of billable/pro bono. If they base it on the 1850 number, associates would need to have 1233 hours at the end of the month (our billable year starts Nov. 1). If they base it on the 2000 number, associates would need to have 1233 hours of billable and 100 hours of billable/pro bono.

This math isn't correct. If the requirement is 2000, you'd have to have 1000 by the end of June, not 1333. Also I'm pretty sure Skadden's minimum is 1800 (someone there correct me if I'm wrong), so they should only need 900 at the end of June if the hours requirement sticks.

[Anonymous User]

i'm guessing that poster doesn't have a dec 31 end date

but you know i'm not a CLS grad, so perhaps this is beyond me

[Anonymous User]

How will they determine if associates have met the hours requirement? Based on hours this year so far or based on hours last year?

I'm sure it's based on hours at the end of the month for the billable year to date. In other words, if you have a 2000 hours requirement, you would have to bill 1333 by the end of June to be "on-track" to hit your hours. So my guess is that people who hit 1333 at the end of the month will get it, and those who do not hit 1333 will not get it. Not sure how pro bono hours will count. At my firm, the hours requirement is 2000, 1850 of which must be billable and the remaining 150 of which can be a combination of billable/pro bono. If they base it on the 1850 number, associates would need to have 1233 hours at the end of the month (our billable year starts Nov. 1). If they base it on the 2000 number, associates would need to have 1233 hours of billable and 100 hours of billable/pro bono.

This math isn't correct. If the requirement is 2000, you'd have to have 1000 by the end of June, not 1333. Also I'm pretty sure Skadden's minimum is 1800 (someone there correct me if I'm wrong), so they should only need 900 at the end of June if the hours requirement sticks.

Depends on the billable year. Ours runs November 1 to October 31. So it's correct for us, but it's not correct if the billable year is January 1 to December 31.

[ghostoftraynor]

All the V10 has announced except Kirkland?? Latham is probably gonna announce today or tomorrow morning. IS KIRKLAND GOING TO 200K???????

Huge Latham troll here.

[Anonymous User]

This math isn't correct. If the requirement is 2000, you'd have to have 1000 by the end of June, not 1333. Also I'm pretty sure Skadden's minimum is 1800 (someone there correct me if I'm wrong), so they should only need 900 at the end of June if the hours requirement sticks.

Thank you. I thought I was going insane there for a second.
I think it's really unfair to have an hours requirement for this bonus, especially at a firm where you can do pro bono or similar to get your hours up. My practice area is notoriously slow in Q1, and with no warning that a bonus is coming there's no way to get your hours to make it happen.