NY to 200k?!

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uncle_rico

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NY to 200k?!

Post by uncle_rico » Thu Jun 10, 2021 11:07 am

Word on the street is that Milbank is raising salaries. Can anyone please confirm?

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:08 am

Milbanker here, confirmed. 10-15K rasies for all other class years as well

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:13 am

Anonymous User wrote:
Thu Jun 10, 2021 11:08 am
Milbanker here, confirmed. 10-15K rasies for all other class years as well
Can you post the full scale?

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:14 am

Milbank's new comp scale (starting July 2021):

2021/2020: $200,000 ($10,000 increase)
2019: $210,000 ($10,000 increase)
2018: $230,000 ($10,000 increase)
2017: $270,000 ($15,000 increase)
2016: $295,000 ($15,000 increase)
2015: $320,000 ($15,000 increase)
2014: $340,000 ($15,000 increase)
2013: $355,000 ($15,000 increase)
Last edited by Anonymous User on Thu Jun 10, 2021 11:23 am, edited 1 time in total.

SummerAssociate1689

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Re: NY to 200k?!

Post by SummerAssociate1689 » Thu Jun 10, 2021 11:23 am

Milbank for V10

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:29 am

SummerAssociate1689 wrote:
Thu Jun 10, 2021 11:23 am
Milbank for V10
I support this move. Willkie and DPW need to be moved up as well for the bonuses.

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:31 am

Great news and I think this trend upwards will continue so long as retention remains so bad. At my V5 it’s an absolute knife fight to keep anyone past like 2 years lmao

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:33 am

Hopefully DPW tops it and comes back with $220k. I know they can do it.

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:34 am

Anyone think the same thing will happen like last time (another firm coming in and further raising midlevel salaries)?

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bigboybob

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Re: NY to 200k?!

Post by bigboybob » Thu Jun 10, 2021 11:38 am

Can we all start chanting "DPW to 215"

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:39 am

Anonymous User wrote:
Thu Jun 10, 2021 11:34 am
Anyone think the same thing will happen like last time (another firm coming in and further raising midlevel salaries)?
Yes, that's how it works. The rest of the law firms will follow eventually (slowly). Else, Milbank would be singled out with above-market salary and hoard all the talents.

The term "Milbank scale" will definitely stick.

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:40 am

Anonymous User wrote:
Thu Jun 10, 2021 11:34 am
Anyone think the same thing will happen like last time (another firm coming in and further raising midlevel salaries)?
I'd honestly be surprised if another firm (looking at you, DPW) doesn't blow past this increase and raise salaries further for all levels across the scale. Question is whether it's going to be 210k or more

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:41 am

It is now the "Milbank Scale." Cravath in ruins.

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SummerAssociate1689

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Re: NY to 200k?!

Post by SummerAssociate1689 » Thu Jun 10, 2021 11:43 am

I doubt firms will come over the top for junior associates, but I think it's likely DPW will come over for mid-levels and seniors. Firms are bleeding mid-levels and the V10 needs to distinguish themselves from the rest of the Vault 100 besides prefstige.

Now is Cravath's chance to actually be relevant again!

diglaw

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Re: NY to 200k?!

Post by diglaw » Thu Jun 10, 2021 11:43 am

Anonymous User wrote:
Thu Jun 10, 2021 11:40 am
Anonymous User wrote:
Thu Jun 10, 2021 11:34 am
Anyone think the same thing will happen like last time (another firm coming in and further raising midlevel salaries)?
I'd honestly be surprised if another firm (looking at you, DPW) doesn't blow past this increase and raise salaries further for all levels across the scale. Question is whether it's going to be 210k or more
I hope you're right, but what's your reasoning?

mwells_56

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Re: NY to 200k?!

Post by mwells_56 » Thu Jun 10, 2021 11:44 am

it's happening.gif

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:44 am

SummerAssociate1689 wrote:
Thu Jun 10, 2021 11:23 am
Milbank for V10
+1. Milbank still not getting enough Vault credit. Even in the NY rankings it is only #17, below Sidley, W&C, GDC, etc ...

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:45 am

SummerAssociate1689 wrote:
Thu Jun 10, 2021 11:23 am
Milbank for V10
Indeed.

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:50 am

Fried Frank matched Millbank.

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 11:53 am

Does anyone have the stats on how midlevel/senior salaries increased during the last bump from 180k to 190k (or better yet also from 160k to 180k)? Was it basically across the board like this (with a slight bump for mids/seniors at +5 over the increase) or was there any more meaningful differentiation in the salary raise between class levels?

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Re: NY to 200k?!

Post by Ultramar vistas » Thu Jun 10, 2021 11:55 am

Milbank Scale forever.

Only way Cravattth retains a shred of dignity after the past few years is to come over the top in a big way.

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DoveBodyWash

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Re: NY to 200k?!

Post by DoveBodyWash » Thu Jun 10, 2021 12:03 pm

DPW will come out over top. Covington will be the last one if they match at all lol

Bear2019

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Re: NY to 200k?!

Post by Bear2019 » Thu Jun 10, 2021 12:05 pm

DoveBodyWash wrote:
Thu Jun 10, 2021 12:03 pm
DPW will come out over top. Covington will be the last one if they match at all lol
I wouldnt be surprised if the DC firms (besides maybe Akin) just don't match.

ConfusedNYer

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Re: NY to 200k?!

Post by ConfusedNYer » Thu Jun 10, 2021 12:13 pm

For context:

the 180-190 raises were on the same scale essentially -
1-3rd years +$10K
4-8 years +$15k

the 160-180 raises were on a more graduated scale and (obviously) larger -
1-2nd years +$20k
3-4th years +$25k
5-6th years +$30k
7-8th years +$35k

Kind of surprised this scale is more like the 180-90 bump than the 160-80 bump given the issues with midlevel retention.

Sources:

https://www.vault.com/blogs/vaults-law- ... -where-why

https://abovethelaw.com/2016/06/breakin ... -salaries/

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Re: NY to 200k?!

Post by Anonymous User » Thu Jun 10, 2021 12:14 pm

I hope S&C drops comp - people are making too much

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