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Is there any consensus on what "in good standing" generally means at firms, particularly ones without published hours requirements? Are associate made aware that they are not in good standing?Domestic associates in good standing will be receiving special Fall bonuses in recognition of their hard work
I'm guessing this is meant to exclude those associates who were given 3 months to find a new firm.4LTsPointingNorth wrote: ↑Tue Sep 15, 2020 6:08 pmIs there any consensus on what "in good standing" generally means at firms, particularly ones without published hours requirements? Are associate made aware that they are not in good standing?Domestic associates in good standing will be receiving special Fall bonuses in recognition of their hard work
I have a feeling it will be a few days and I wouldn't panic if no matches this week. Pre-Covid the top firms had approval from their committees to match whatever a set list of competitors (which would obviously include DPW for the top places) threw out there. I doubt that pre-approval is likely to still be open, so committees are going to have to discuss next Monday or whenever they meet. But just because it's not automatic doesn't mean it won't happen.
Anecdotally some PW partners in my group dont think it’s necessary to match but agree with others that ultimately the firm will have to once our other peers follow suit. Just need 1-2 to start the dominoes
I do wonder how this will be handled by firms with high RPL but low vault rankings (like Dechert, Schulte, Cahill). Does this further stratify the rankings? Or do lower ranked firms try to catch up by playing with the big boys?MillllerTime wrote: ↑Tue Sep 15, 2020 10:36 pmI have a feeling it will be a few days and I wouldn't panic if no matches this week. Pre-Covid the top firms had approval from their committees to match whatever a set list of competitors (which would obviously include DPW for the top places) threw out there. I doubt that pre-approval is likely to still be open, so committees are going to have to discuss next Monday or whenever they meet. But just because it's not automatic doesn't mean it won't happen.
Cravaths and other heavy hitters like Milbank will match or even go over the top (we can dream). Nationwide places like K&E and Latham that are doing just fine in 2020 can't be the ones who don't play along and all of the sudden this is widespread among the top ~20 or so firms by PPP / RPL.
Nobody can write off DPW like those clowns at Gunderson or Cooley. Congratulations friends, we've made it. Buy your kid some potatoes.
I would agree. I’m at a lower v100 and I don’t think anyone expects an outright match. Firms are already down in revenue. This will certainly be tied to hours or tiered in some way.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
If this fifth-year bills 2000 hours at, say, $650/hour, that's $1.3m/year for the firm. Sure, you have to subtract realization and overhead, but there is plenty left over to give this associate $400k. The comp is all relative to how much money lawyers generate, which makes it less insane.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
Agreed and let’s be real, at the firms that are considering matching this, 5th years aren’t billed out at $650 anymore. Closer to $1000.nahumya wrote: ↑Tue Sep 15, 2020 11:56 pmIf this fifth-year bills 2000 hours at, say, $650/hour, that's $1.3m/year for the firm. Sure, you have to subtract realization and overhead, but there is plenty left over to give this associate $400k. The comp is all relative to how much money lawyers generate, which makes it less insane.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
At a >V50 firm and would be surprised if no match. Firm has touted revenue and being generally up-and-to-the-right y/y. Associate compensation is increasing commensurately with the increase in revenue and proportionate decrease in equity holders.Anonymous User wrote: ↑Tue Sep 15, 2020 11:11 pmI would agree. I’m at a lower v100 and I don’t think anyone expects an outright match. Firms are already down in revenue. This will certainly be tied to hours or tiered in some way.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
Ultramar vistas wrote: ↑Wed Sep 16, 2020 12:15 amAgreed and let’s be real, at the firms that are considering matching this, 5th years aren’t billed out at $650 anymore. Closer to $1000.nahumya wrote: ↑Tue Sep 15, 2020 11:56 pmIf this fifth-year bills 2000 hours at, say, $650/hour, that's $1.3m/year for the firm. Sure, you have to subtract realization and overhead, but there is plenty left over to give this associate $400k. The comp is all relative to how much money lawyers generate, which makes it less insane.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
Yes, I'm a 5th year and billed out at exactly $1000. So $2m for 2000 hours. Insane.Ultramar vistas wrote: ↑Wed Sep 16, 2020 12:15 amAgreed and let’s be real, at the firms that are considering matching this, 5th years aren’t billed out at $650 anymore. Closer to $1000.nahumya wrote: ↑Tue Sep 15, 2020 11:56 pmIf this fifth-year bills 2000 hours at, say, $650/hour, that's $1.3m/year for the firm. Sure, you have to subtract realization and overhead, but there is plenty left over to give this associate $400k. The comp is all relative to how much money lawyers generate, which makes it less insane.Pulsar wrote: ↑Tue Sep 15, 2020 11:08 pmI'd expect there will be a lot of stratification on this, with some high-revenue firms matching outright, some firms matching but imposing hours requirements, and many firms not matching at all.
Total comp for a fifth-year associate is hitting $280k (base) + 32,500 (fall) + 80,000 (expected end-year) = $392,500. That is kinda insane. The great majority of V100 firms are not going to be able to afford it.
I mean we say firms that “match” but a lot of firms have not even completely rolled back pay cuts... so I may get another make hole payment but it is really the have abs have nots.nahumya wrote: ↑Tue Sep 15, 2020 5:43 pmLooks like fall bonuses might be coming:
https://abovethelaw.com/2020/09/wow-dav ... n-bonuses/
https://abovethelaw.com/2020/09/cooley-bonuses/
Revenue per lawyer is a pretty good estimate: https://www.statista.com/statistics/878 ... ed-states/
I’m a PW 5th year. How are you talking about bonuses with partners? Some partners have told you they don’t think its necessary to match compensation? Sounds pretty tacky.Anonymous User wrote: ↑Tue Sep 15, 2020 10:51 pmAnecdotally some PW partners in my group dont think it’s necessary to match but agree with others that ultimately the firm will have to once our other peers follow suit. Just need 1-2 to start the dominoes
Didn't have the conversation directly but another senior took a shot and asked the question. Agree the comment is tacky lolAnonymous User wrote: ↑Wed Sep 16, 2020 9:55 amI’m a PW 5th year. How are you talking about bonuses with partners? Some partners have told you they don’t think its necessary to match compensation? Sounds pretty tacky.Anonymous User wrote: ↑Tue Sep 15, 2020 10:51 pmAnecdotally some PW partners in my group dont think it’s necessary to match but agree with others that ultimately the firm will have to once our other peers follow suit. Just need 1-2 to start the dominoes
I think they have to match if V20 matches, though likely with hours requirements.collegewriter wrote: ↑Tue Sep 15, 2020 10:54 pmI do wonder how this will be handled by firms with high RPL but low vault rankings (like Dechert, Schulte, Cahill). Does this further stratify the rankings? Or do lower ranked firms try to catch up by playing with the big boys?
Milbank it is.DoveBodyWash wrote: ↑Wed Sep 16, 2020 10:14 amMy money is that either Simpson or Milbank match first. Cravath goes 3rd once it's clear no one is beating it.
From other thread -- let's be clear, Milbank is leading.nahumya wrote: ↑Wed Sep 16, 2020 6:33 pmMilbank it is.DoveBodyWash wrote: ↑Wed Sep 16, 2020 10:14 amMy money is that either Simpson or Milbank match first. Cravath goes 3rd once it's clear no one is beating it.
Anonymous User wrote: ↑Wed Sep 16, 2020 6:13 pmMilbank here - the above anon failed to point out that if your utilization is above 110% then you get 1.5x DPW scale