Anon above. Retention is separate but maybe they are reconsidering amidst the salary raises, which would be a devastating blow to morale.Anonymous User wrote: ↑Tue Jun 15, 2021 5:08 pmLMAO if this is the big Skadden news after all the Skadden associate handwringing ITT about special retention bonuses etc.
NY to 200k?! Forum
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Re: NY to 200k?!
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Re: NY to 200k?!
Did they seriously just raise stub pay by 2.5k or are there changes further down the scale?Anonymous User wrote: ↑Tue Jun 15, 2021 5:08 pmLMAO if this is the big Skadden news after all the Skadden associate handwringing ITT about special retention bonuses etc.
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Re: NY to 200k?!
Sources suggest scale is otherwise the same.Anonymous User wrote: ↑Tue Jun 15, 2021 5:11 pmDid they seriously just raise stub pay by 2.5k or are there changes further down the scale?Anonymous User wrote: ↑Tue Jun 15, 2021 5:08 pmLMAO if this is the big Skadden news after all the Skadden associate handwringing ITT about special retention bonuses etc.
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Re: NY to 200k?!
Skadden partners are figuring out language for email announcement. Will likely be announced separately.
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Re: NY to 200k?!
Is this actual info or a complete guess? If it is info, what is your source?Anonymous User wrote: ↑Tue Jun 15, 2021 5:15 pmSkadden partners are figuring out language for email announcement. Will likely be announced separately.
I don't work at Skadden, but know numerous people who do work there. Given the size of the potential retention bonuses I heard of (over $50k for some classes), I doubt the salary raise is going to stop any retention bonus. However, the amount of the bonus may be lowered as a result of the salary increases.
I believe Skadden partners meet on Wednesdays. Would not shock me to hear something tomorrow, Thursday, or the same days next week if the firm is waiting to see if anyone raises salary scale.
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Re: NY to 200k?!
What an inane stub of an article from ATL:
Maybe that quote looks less ridiculous in the paywalled law.com story, but is he seriously concerned that these law firms didn't do the basic arithmetic of multiplying the amount of the raise by the number of attorneys in a class year?
https://abovethelaw.com/2021/06/these-s ... -of-money/It would be mismanagement if somebody at these firms is not thinking about [how much these raises and bonuses are going to cost]. If they don’t have an Excel spreadsheet, where they can plug in this raise and see what happens, then they need a new CFO
Maybe that quote looks less ridiculous in the paywalled law.com story, but is he seriously concerned that these law firms didn't do the basic arithmetic of multiplying the amount of the raise by the number of attorneys in a class year?
Last edited by Hstrat on Tue Jun 15, 2021 5:52 pm, edited 1 time in total.
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Re: NY to 200k?!
Dear Lord ATL sucks. 99% of the site is just clickbait.Hstrat wrote: ↑Tue Jun 15, 2021 5:40 pmWhat an inane stub of an article from ATL:
https://abovethelaw.com/2021/06/these-s ... -of-money/It would be mismanagement if somebody at these firms is not thinking about [how much these raises and bonuses are going to cost]. If they don’t have an Excel spreadsheet, where they can plug in this raise and see what happens, then they need a new CFO
Maybe that quote looks less ridiculous in paywalled law.com story, but is he seriously concerned that these law firms didn't do the basic arithmetic of multiplying the amount of the raise by the number of attorneys in a class year?
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Re: NY to 200k?!
Not only that, but multiple people ITT have done the math to show that the payscale raise has a negligible impact on most firm's bottom lines (with the exception of the few very highly levered firms).Hstrat wrote: ↑Tue Jun 15, 2021 5:40 pmWhat an inane stub of an article from ATL:
https://abovethelaw.com/2021/06/these-s ... -of-money/It would be mismanagement if somebody at these firms is not thinking about [how much these raises and bonuses are going to cost]. If they don’t have an Excel spreadsheet, where they can plug in this raise and see what happens, then they need a new CFO
Maybe that quote looks less ridiculous in paywalled law.com story, but is he seriously concerned that these law firms didn't do the basic arithmetic of multiplying the amount of the raise by the number of attorneys in a class year?
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Re: NY to 200k?!
Anonymous User wrote: ↑Tue Jun 15, 2021 5:10 pmYeah sorry but I ain't buying it. I'll believe an SA matched and that that's how the Chair answered, but sounds like a wishy-washy response. This is the same firm that in 2018 proudly declared that there's the "NY Market" and the "DC Market" and don't you dare think they are equal. Of course they did eventually match the real market, and maybe they've learned their lesson and won't pull the same stunt again, who knows, but I'll believe it when I see it.Anonymous User wrote: ↑Tue Jun 15, 2021 3:49 pmAs a fellow summer in that meeting, can confirm the commitment to match.Anonymous User wrote: ↑Tue Jun 15, 2021 3:37 pmIf true, I can't believe the summers scooped actual associates on this. JFC. (Anon because I'm a Cov associate.)Anonymous User wrote: ↑Tue Jun 15, 2021 3:34 pmCovington confirms they will match market, but will wait for the market to settle (so waiting to see if other firms raise DPW).
Source: A brave summer associate asking in a roundtable with Chair of Covington’s Management Committee.
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Re: NY to 200k?!
I am also in this boat. Why delay if you are just going to 205k? I feel like Cravath and STB are in a game of chicken.Anonymous User wrote: ↑Tue Jun 15, 2021 4:34 pmNo movement from Cravath is very good at this point IMO. Makes me think they are waiting to see if another firm comes over the top of DPW before coming over the top themselves to settle the market.
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Re: NY to 200k?!
Skadden email is out. It's a match (no direct mention of C/O 2021 payscale).
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Re: NY to 200k?!
lol so no retention bonuses for skadden, just a matched salary and a slightly accelerated counsel track
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Re: NY to 200k?!
No retention bonuses so far. Counsel scale was also increased to:Anonymous User wrote: ↑Tue Jun 15, 2021 6:08 pmlol so no retention bonuses for skadden, just a matched salary and a slightly accelerated counsel track
1st year: $385k
2nd year: $395k
3rd year+: $405k
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Re: NY to 200k?!
Every Skadden rumor monger should be IP banned
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Re: NY to 200k?!
Hear hear!
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Re: NY to 200k?!
lol accelerated counsel track so they can pay you less money faster. Way to go SkaTTTENAnonymous User wrote: ↑Tue Jun 15, 2021 6:08 pmlol so no retention bonuses for skadden, just a matched salary and a slightly accelerated counsel track
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Re: NY to 200k?!
I think that at least Cravath doesn’t want to raise but also doesn’t want to come in at a point when someone else can top them so I would say the waiting bodes poorly for the odds of us getting another bump.Anonymous User wrote: ↑Tue Jun 15, 2021 6:04 pmI am also in this boat. Why delay if you are just going to 205k? I feel like Cravath and STB are in a game of chicken.Anonymous User wrote: ↑Tue Jun 15, 2021 4:34 pmNo movement from Cravath is very good at this point IMO. Makes me think they are waiting to see if another firm comes over the top of DPW before coming over the top themselves to settle the market.
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Re: NY to 200k?!
Just so we're clear on this, does this meantopherdane wrote: ↑Tue Jun 15, 2021 6:13 pmNo retention bonuses so far. Counsel scale was also increased to:Anonymous User wrote: ↑Tue Jun 15, 2021 6:08 pmlol so no retention bonuses for skadden, just a matched salary and a slightly accelerated counsel track
1st year: $385k
2nd year: $395k
3rd year+: $405k
Class of 2012: 385k base
Class of 2011: 395k base
Class of 2010: 405k base
?
Not sure how the associate vs. counsel progression works at Skadden.
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Re: NY to 200k?!
Legit still believing the retention bonus rumors. The latest rumors I heard pre-announcement were shortened counsel track + retention bonus, so whoever was tipping me off definitely had some sort of inside info to call the counsel track bit correctly.
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Re: NY to 200k?!
I hate that I don't know whether this is real or just doubling down the troll.Anonymous User wrote: ↑Tue Jun 15, 2021 6:33 pmLegit still believing the retention bonus rumors. The latest rumors I heard pre-announcement were shortened counsel track + retention bonus, so whoever was tipping me off definitely had some sort of inside info to call the counsel track bit correctly.
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Re: NY to 200k?!
Anonymous User wrote: ↑Tue Jun 15, 2021 6:36 pmI hate that I don't know whether this is real or just doubling down the troll.Anonymous User wrote: ↑Tue Jun 15, 2021 6:33 pmLegit still believing the retention bonus rumors. The latest rumors I heard pre-announcement were shortened counsel track + retention bonus, so whoever was tipping me off definitely had some sort of inside info to call the counsel track bit correctly.
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Re: NY to 200k?!
There are already bonuses coming in a few months and again at year-end. “Retention bonuses” don’t make sense until the spring. They can’t possibly keep anyone around who was already leaving before year-end since those are the real beefy bonuses anyway.
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Re: NY to 200k?!
They are real but at this stage you have to assume that if you haven't heard about them they are not for you.Anonymous User wrote: ↑Tue Jun 15, 2021 6:36 pmI hate that I don't know whether this is real or just doubling down the troll.Anonymous User wrote: ↑Tue Jun 15, 2021 6:33 pmLegit still believing the retention bonus rumors. The latest rumors I heard pre-announcement were shortened counsel track + retention bonus, so whoever was tipping me off definitely had some sort of inside info to call the counsel track bit correctly.
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Re: NY to 200k?!
Retention bonuses make sense if they aren't payable until the end of a retention period or have a clawback.Anonymous User wrote: ↑Tue Jun 15, 2021 6:39 pmThere are already bonuses coming in a few months and again at year-end. “Retention bonuses” don’t make sense until the spring. They can’t possibly keep anyone around who was already leaving before year-end since those are the real beefy bonuses anyway.
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Re: NY to 200k?!
Skaddens memo didn't have summers on the email chain and no mention of the raises affecting summer pay. Does that mean summers aren't getting more too...?
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