NY to 200k?! Forum

[Anonymous User]

Wait so...Skadden retention bonuses were entirely false? Should I stop signing up for pro bono to bring me to 2000 annualization?

Skadden’s big news was that they lowered the number of class years to become counsel from 7.5 to 6.5.

To be fair, I guess that’s nice to hear if you’re a Skadden mid level who is considering sticking it out, but yeah it wasn’t anything interesting to the wider community.

Ok back like 10 pages people were saying they knew mid/seniors being called by partners to make sure they got their hours in and are annualizing at 2000. The lowering of class years doesn't really fit with that?

Also, the news is non-news even for Skadden since in almost every practice, it takes more than 7.5 years to make counsel (except maybe M&A).

[Ultramar vistas]

Wait so...Skadden retention bonuses were entirely false? Should I stop signing up for pro bono to bring me to 2000 annualization?

Skadden’s big news was that they lowered the number of class years to become counsel from 7.5 to 6.5.

To be fair, I guess that’s nice to hear if you’re a Skadden mid level who is considering sticking it out, but yeah it wasn’t anything interesting to the wider community.

Ok back like 10 pages people were saying they knew mid/seniors being called by partners to make sure they got their hours in and are annualizing at 2000. The lowering of class years doesn't really fit with that?

Also, the news is non-news even for Skadden since in almost every practice, it takes more than 7.5 years to make counsel (except maybe M&A).

Yeah pretty sure that was just trolling from whoever said that. Doesn’t really make sense to be announcing new special bonuses when (a) salaries just got raised and (b) they haven’t even paid the second half of the first special bonuses yet.

Wouldn’t surprise me if the bonus scale went up this year but we’re months away from the first announcements on EOY bonuses.

[Anonymous User]

Wait so...Skadden retention bonuses were entirely false? Should I stop signing up for pro bono to bring me to 2000 annualization?

Skadden’s big news was that they lowered the number of class years to become counsel from 7.5 to 6.5.

To be fair, I guess that’s nice to hear if you’re a Skadden mid level who is considering sticking it out, but yeah it wasn’t anything interesting to the wider community.

Ok back like 10 pages people were saying they knew mid/seniors being called by partners to make sure they got their hours in and are annualizing at 2000. The lowering of class years doesn't really fit with that?

Also, the news is non-news even for Skadden since in almost every practice, it takes more than 7.5 years to make counsel (except maybe M&A).

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

[Sackboy]

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

I explained this earlier. Counsel can either be a perma-associate position or be a place you sit for 2-4 years before they give you equity. I know several groups in Skadden where you have to be a counsel before you can become partner, and that might be the case with every group (I don't know). But, considering they're lowering it to 6.5 years, I'm going to say pretty much everyone is going to have to do a couple of years at counsel before they get equity. Can't imagine Skadden giving equity to a 6th year associate.

[Anonymous User]

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

I explained this earlier. Counsel can either be a perma-associate position or be a place you sit for 2-4 years before they give you equity. I know several groups in Skadden where you have to be a counsel before you can become partner, and that might be the case with every group (I don't know). But, considering they're lowering it to 6.5 years, I'm going to say pretty much everyone is going to have to do a couple of years at counsel before they get equity. Can't imagine Skadden giving equity to a 6th year associate.

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

[Anonymous User]

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

I explained this earlier. Counsel can either be a perma-associate position or be a place you sit for 2-4 years before they give you equity. I know several groups in Skadden where you have to be a counsel before you can become partner, and that might be the case with every group (I don't know). But, considering they're lowering it to 6.5 years, I'm going to say pretty much everyone is going to have to do a couple of years at counsel before they get equity. Can't imagine Skadden giving equity to a 6th year associate.

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

This is really a crushing blow to morale and I don't understand how this doesn't turn into an associate relations nightmare. Speaking as someone to whom those bonuses--and potential amounts--had been leaked.

[Anonymous User]

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

I explained this earlier. Counsel can either be a perma-associate position or be a place you sit for 2-4 years before they give you equity. I know several groups in Skadden where you have to be a counsel before you can become partner, and that might be the case with every group (I don't know). But, considering they're lowering it to 6.5 years, I'm going to say pretty much everyone is going to have to do a couple of years at counsel before they get equity. Can't imagine Skadden giving equity to a 6th year associate.

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

This is really a crushing blow to morale and I don't understand how this doesn't turn into an associate relations nightmare. Speaking as someone to whom those bonuses--and potential amounts--had been leaked.

How much are we talking?

[Anonymous User]

.

[Anonymous User]

Any info about Desmarais? I've heard they committed to raising but I haven't heard anything concrete about the numbers

also curious. they dropped salaries for 3rd+ years this year, wondering how much they plan on going back up

[Ultramar vistas]

Can someone explain the significance of making counsel at Skadden? Counsel at certain other shops is very much perma-associate, just cruise the bios of counsel in the v20 and it's a bunch of guys who graduated in the 80s and 90s who didn't get the nod. I'm sure it's good money just not sure why it's something you'd particularly gun for.

I explained this earlier. Counsel can either be a perma-associate position or be a place you sit for 2-4 years before they give you equity. I know several groups in Skadden where you have to be a counsel before you can become partner, and that might be the case with every group (I don't know). But, considering they're lowering it to 6.5 years, I'm going to say pretty much everyone is going to have to do a couple of years at counsel before they get equity. Can't imagine Skadden giving equity to a 6th year associate.

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

This is really a crushing blow to morale and I don't understand how this doesn't turn into an associate relations nightmare. Speaking as someone to whom those bonuses--and potential amounts--had been leaked.

Sorry but this seems like total b.s.

[Anonymous User]

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

Makes sense. Here's to hoping for bigger 2021 EOY bonuses.

[Anonymous User]

apparently retention bonus dream is dead at skadden after last partner meeting. The posters talking about it previously weren't trolling, though -- details had been leaked to associates by some partners directly, but then the new raises spiked the whole thing.

EDIT -- didn't mean to quote the above post. Not a direct reply, sorry

Makes sense. Here's to hoping for bigger 2021 EOY bonuses.

EOY bonuses don’t have the effect of retaining people.

Skadden is really over the hill as a law firm. I don’t consider it a peer of S&C or DPW anymore.

[Anonymous User]

S&c match

[Anonymous User]

Sidley match. 2021 at 205.

[Anonymous User]

Latham match (all first years, which includes stubs, at 205)

[Anonymous User]

Latham match (all first years, which includes stubs, at 205)

Source, not that I'm concerned at all about us matching, but I'm at latham and don't see an email.

[papermateflair]

Decided it was finally time for a google doc. Took the previous bonus doc and created a new version, and updated based on ATL's scorecard chart. Sounds like there's been movement since the ATL updated their chart last, so if something is missing/wrong let me know and I will update. Fingers crossed the link works and I set it up right...

https://docs.google.com/spreadsheets/d/ ... sp=sharing

[Anonymous User]

Am I crazy or is Kellogg Hansen’s salary undermarket if you’ve clerked twice, which many of its associates do?

If you have clerked twice and then join BL under the new scale, you’d come in as a third for compensation purposes, second for partner nearly everywhere. That’s $240k, and then $275 as a 4th year.

If you come in at KH after clerking twice, you’d make $245k and then $245k the next year too. Of course you’d make out like a robber baron based on the clerkship bonuses that are paid out (I still think they’re $175k spread out over a couple years), but I think the math doesn’t work out that well compared to Susman Godfrey/WLRK/Bartlit Beck for any litigators interested and with these options, especially since (IIRC), the clerkship bonuses received impacts the amount of normal bonuses received at year end from KH. But maybe an actual KH associate can chime in and explain compensation?

[Anonymous User]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

[Summerheightshigh]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

I am pretty sure the only difference is the stub year compensation. DPW is 202,500 for stubs whereas the other scale is 205,000 for stubs. Everything else is the same.

[Anonymous User]

Latham match (all first years, which includes stubs, at 205)

Source, not that I'm concerned at all about us matching, but I'm at latham and don't see an email.

Email from the associates committee about 30 mins ago to all US, LO, TK, SH, BE, HK, SE, and ME associates

[Anonymous User]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

There's kind of 3 scales that are active right now:

1. The Milbank scale which starts at $200k for first years and was quickly topped by DPW at every class year. Ultimately every firm that adopted the Milbank scale will almost certainly move up to the DPW scale

2. The DPW scale, which starts at $205k for first years but carved out a special, slightly lower salary for stub years: $202.5k. It's the first time, to my knowledge, that the market has tried to separate stub year compensation from first year compensation.

3. The Willkie scale, which is exactly the same as the DPW scale except they pay their stub years the full $205k.

[Anonymous User]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

I am pretty sure the only difference is the stub year compensation. DPW is 202,500 for stubs whereas the other scale is 205,000 for stubs. Everything else is the same.

It's just so odd to me because now prospective summers will be looking at the firms paying 202,500 and 205k and inevitably will flock to the 205k firms en masse because summers need money. What's the endgame here for the 202,500 firms?

[Lubberlubber]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

I am pretty sure the only difference is the stub year compensation. DPW is 202,500 for stubs whereas the other scale is 205,000 for stubs. Everything else is the same.

It's just so odd to me because now prospective summers will be looking at the firms paying 202,500 and 205k and inevitably will flock to the 205k firms en masse because summers need money. What's the endgame here for the 202,500 firms?

I really highly doubt summers are going to choose firms based on a net $600 difference...

[nealric]

Weil matches DPW scale at $202,500. Can someone break down the difference between the two scales?

I am pretty sure the only difference is the stub year compensation. DPW is 202,500 for stubs whereas the other scale is 205,000 for stubs. Everything else is the same.

It's just so odd to me because now prospective summers will be looking at the firms paying 202,500 and 205k and inevitably will flock to the 205k firms en masse because summers need money. What's the endgame here for the 202,500 firms?

The amount of money at stake is pretty minimal- that's around a $575 difference to a summer (2,500/4.333 for a 12 week summer). I doubt that's going to make or break a summer. It's not much more for stubs (depending on when they start of course). Not sure why any firm is even bothering with the 202,500 scale.