Vault 2022 Released Forum

[Anonymous User]

This still sounds pretty terrible. As a mid-level associate, I'm not trying to learn an entirely new practice. Especially, if the reason I'm being moved there is because it's insanely busy and I'll have to work intensely long hours to meet insane deadlines in a field where I literally no nothing.

[moxcoal]

A few observations from the specialty vault rankings…

~ In bankruptcy, KE took #1 away from Weil — not unprecedented but perhaps a verdict on which firm best capitalized on the covid RX wave
~ For NY rankings, DPW from #5 to #3 and S&C from #3 to #5. First time since 2008, that DPW > S&C in this ranking. Also in NY, Cleary falls to #11, behind Weil(?) and out-of-towners KE & LW
~ Cooley seemingly made moves across the board, but that is especially true in M&A (#17 to #12)
~ BSF fell hard in general commercial lit (unsurprising); STB jumped somewhat in the same category (#26 to #20)

But their bonuses last year were actually pretty good, and above market across the board I believe? Not sure if the input for this Vault ranking come in before/after that. We'll have to see if that was a one-time attempt to keep even more associates from leaving or something that will be regular there. If so, I expect them to climb back up in the rankings to where they were before last year's debacles.

The formula comp bonuses have always been big, but they're phasing those out for future associates. Either way, six figure bonuses didn't prevent BSF's rep from dropping, so I doubt it's going to move the needle for anyone.

does anyone take the specialty rankings on vault seriously? They seem like a joke. And didn't Kirkland just lay off like 20 of its restructuring associates?

They did - but long after the voting deadline. If I was an Rx associate looking for a job I'd 100% go to Weil over K&E because of this (no layoffs in Weil Rx, they're just making a bunch of them do corporate work until Rx picks back up).

That being said, K&E absolutely took the lion's share of large bankruptcies last year and it wasn't even close - mostly because K&E already had a large Rx ggroup to take on all of the work and Weil just decided to go on a hiring spree in the middle of last year when things were already beginning to cool down.

So Kirkland works their RX associates to death when business is hot and then lays them all off shortly after? Seems like a great firm...

Associates were moved to other groups that were insanely busy as rx slowed down, not laid off, and those that refused just left. Partners left because they had no chance at shares. People should stop spreading rumors: https://www.wsj.com/amp/articles/top-ba ... 1623962752

It’s not much better to be forced to change practice groups like that.. From reading your comment, these associates were pushed out. If they don’t want to switch groups, they left. It’s not a matter of changing from commercial litigation to white collar within a firm’s “litigation” group. Kirkland (and most firm’s) Rx groups are distinct for a reason. Why force associates to waste their time in a practice they’re not interested in when just a moment ago they were busting tail for the group they were promised.

[Anonymous User]

As someone at a non-DPW V10 -- DPW looks like it's made huge inroads in strength of practice in M&A, some PE too, their restructuring team is now elite. Associate comp and PPP are up too but the firm is just on a general tear. S&C is a good firm too but DPW's trajectory is just solid right now. Maybe just an outsider looking in but that's the perspective.

Makes sense... for what it's worth the rankings seem to indicate the same... DPW went up by 1 or 2 spots in basically all of the major corporate subcategories other than M&A and of course those that they already had and retained the number 1 spot in... including up 2 spots in general corporate... and moved up 2 spots in New York region ranking... without going down in any... it's actually shocking they didn't go up in overall rank...

[Anonymous User]

This still sounds pretty terrible. As a mid-level associate, I'm not trying to learn an entirely new practice. Especially, if the reason I'm being moved there is because it's insanely busy and I'll have to work intensely long hours to meet insane deadlines in a field where I literally no nothing.

I get that but how can you keep so many people staffed when deal flow just isn't there? From the same article:

Corporate bankruptcies have plummeted this year, to roughly 1,800 as of May compared with over 7,100 over the same period last year, according to Aacer, a division of legal services firm Epiq Systems Inc.

[Anonymous User]

But their bonuses last year were actually pretty good, and above market across the board I believe? Not sure if the input for this Vault ranking come in before/after that. We'll have to see if that was a one-time attempt to keep even more associates from leaving or something that will be regular there. If so, I expect them to climb back up in the rankings to where they were before last year's debacles.

The formula comp bonuses have always been big, but they're phasing those out for future associates. Either way, six figure bonuses didn't prevent BSF's rep from dropping, so I doubt it's going to move the needle for anyone.

does anyone take the specialty rankings on vault seriously? They seem like a joke. And didn't Kirkland just lay off like 20 of its restructuring associates?

They did - but long after the voting deadline. If I was an Rx associate looking for a job I'd 100% go to Weil over K&E because of this (no layoffs in Weil Rx, they're just making a bunch of them do corporate work until Rx picks back up).

That being said, K&E absolutely took the lion's share of large bankruptcies last year and it wasn't even close - mostly because K&E already had a large Rx ggroup to take on all of the work and Weil just decided to go on a hiring spree in the middle of last year when things were already beginning to cool down.

So Kirkland works their RX associates to death when business is hot and then lays them all off shortly after? Seems like a great firm...

Associates were moved to other groups that were insanely busy as rx slowed down, not laid off, and those that refused just left. Partners left because they had no chance at shares. People should stop spreading rumors: https://www.wsj.com/amp/articles/top-ba ... 1623962752

It’s not much better to be forced to change practice groups like that.. From reading your comment, these associates were pushed out. If they don’t want to switch groups, they left. It’s not a matter of changing from commercial litigation to white collar within a firm’s “litigation” group. Kirkland (and most firm’s) Rx groups are distinct for a reason. Why force associates to waste their time in a practice they’re not interested in when just a moment ago they were busting tail for the group they were promised.

It shows an utter disregard for the well-being and contribution of the associates. They were worked to death for a year; maybe it's ok if they're slow for a year. Instead Kirkland forces them to learn entirely new skills in an entirely new practice group because god forbid they don't bill 2500 hours again.

[Anonymous User]

Did re-staffing occur at other RX shops - Akin, DPW, Paul Weiss?

[2013]

Regarding Kirkland, I think this is the reason it is so successful. It’s run like a business. No successful business is going to let someone sit around for the economy to shift. It will hire and fire (or retool) as needed to trim the fat. It sucks, but it’s not that uncommon from other professions.

[ExpOriental]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

[Anonymous User]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

Ummmmm.... I think Vault was hacked.... MWE is now #1 in basically every newly release subcategory... and it's not even close... there's no way this isn't a hacking

[Miss-Bubbled]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

Yes, watch out Wachtell.

Lol McDermott is #1 in 14/17 best firm to work for categories

[showusyourtorts]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

Yes, watch out Wachtell.

Lol McDermott is #1 in 14/17 best firm to work for categories

The compensation subranking makes me question the survey prompts/procedure. Besides that, based on what I've seen on TLS, McDermott seems to be a relatively good place to work.

[Anonymous User]

Did re-staffing occur at other RX shops - Akin, DPW, Paul Weiss?

Rx at Milbank is still busy and not re-staffing.

[Iowahawk]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

Yes, watch out Wachtell.

Lol McDermott is #1 in 14/17 best firm to work for categories

The compensation subranking makes me question the survey prompts/procedure. Besides that, based on what I've seen on TLS, McDermott seems to be a relatively good place to work.

Vault's best firm to work for rankings are highly unstable, there's often a firm that's at the top of a ton of them, though I don't know if it's ever been to this degree

[Anonymous User]

#1
Associate/Partner Relations
#1
Business Outlook
#1
Career Outlook
#1
Compensation
#1
Firm Culture
#1
Formal Training
#1
Hours
#1
Informal Training, Mentoring & Sponsorship
#1
Quality of Work
#1
Satisfaction
#1
Technology & Innovation
#1
Transparency
#1
Wellness
#1
Integration of Laterals & Clerks
#2
Pro Bono
#3
Selectivity
#4
The Best Law Firms for Diversity
Overall Ranking
#1
Diversity for Individuals with Disabilities
#1
Diversity for LGBTQ+ Individuals
#1
Diversity for Women
#1
Racial & Ethnic Diversity
#1

[Sackboy]

Vault is now reporting that WachTTTell is no longer comp leader:

https://www.vault.com/best-companies-to ... mpensation

Adjust your bids accordingly and definitely keep paying attention to Vault

Yes, watch out Wachtell.

Lol McDermott is #1 in 14/17 best firm to work for categories

lmao, not sketchy at all...

EDIT: lololol #4 for selectivity

[Sackboy]

The compensation subranking makes me question the survey prompts/procedure. Besides that, based on what I've seen on TLS, McDermott seems to be a relatively good place to work.

This is humorous enough for me to read as someone who has been around this site for roughly a decade. McDermott used to be known as a cheap sweatshop.

[Anonymous User]

Was this some kind of concerted effort on the part of those surveyed to mess with Vault by ranking McDermott as #1 for almost everything?

[Anonymous User]

I’ve heard McDermott bonuses are some of the highest for high billers. Seems like the bonuses kinda go up linearly with an associate’s hours so there’s every incentive to keep billing.

Obviously, the firm told everyone to give 5s across the board on the Vault survey. I worked at a firm that would do that and it worked pretty well for getting best summer program and such.

[2013]

A lot of firms have big bonuses with high hours.

Idk how McDermott did so well when it laid off staff and associates during covid…