NYC to 220k Forum
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Jchance
- Posts: 820
- Joined: Sun Mar 11, 2012 2:17 am
NYC to 220k
With all the inflation news and shifting billing rate's increase to clients, what are the chances of NYC to 220k happening in 2022?
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Anonymous User
- Posts: 432462
- Joined: Tue Aug 11, 2009 9:32 am
Re: NYC to 220k
I'd expect that the heavier variable comp model that has been pushing through 2020 / 2021 will drive most TC increases. The rate changes are trailing effects from 2021 raises.
At some point the elevated deal activity normalizes and I think partners will be worried about increasing fixed compensation expenses too much. Ultimately they can afford it, but I would assume they start choosing to push people out rather than take comp hits themselves. Special bonuses are an easy way to lower compensation without making "hard" choices.
Also biglaw salary is still relatively high these days relative to most other highly paid professions. There is likely less noise about increases in bonuses than there would be about a back to back year salary increase, especially since bonuses aren't presented in one lump annual amount versus at banks.
Senior guys at my fund commented on the salary increases but not the bonus increases.
At some point the elevated deal activity normalizes and I think partners will be worried about increasing fixed compensation expenses too much. Ultimately they can afford it, but I would assume they start choosing to push people out rather than take comp hits themselves. Special bonuses are an easy way to lower compensation without making "hard" choices.
Also biglaw salary is still relatively high these days relative to most other highly paid professions. There is likely less noise about increases in bonuses than there would be about a back to back year salary increase, especially since bonuses aren't presented in one lump annual amount versus at banks.
Senior guys at my fund commented on the salary increases but not the bonus increases.
