Milbank/Davis Polk/Cravath Scale: NYC to 215-415k Forum

[Anonymous User]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

As time goes on, more and more people in this forum have become or will be partners. They lose money when stuff like this are announced.

I guess. My firm's PPP increased >20% for FY 2020 and probably at least that much again for FY 2021.

[Anonymous User]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

As time goes on, more and more people in this forum have become or will be partners. They lose money when stuff like this are announced.

Using aggressive assumptions … 5:1 leverage ratio X $20K/associate bump = $100K cost per partner. (The real number is almost definitely lower based on median class year etc.)

Not saying I would instantly stop being a greedy bastard if I became a partner, but I can’t imagine getting upset at taking home $4.5M vs. $4.6M… (especially when your NW is already in the $10M-$20M range)

[Chrstgtr]

Not to get off track…can any Milbank associates explain how the retroactive pay works? Will we be 100% trued up in the 1/31 paycheck?

[Anonymous User]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

Who's arguing against raises? I'm arguing against complaining about a raise that outpaces almost every field in the modern world. 26 year olds coming out of school making 215k is bonkers.

And yes, if you're getting a nice raise, and your first thought is "it should be higher", you're whiny. Firm associate salaries are so insanely bloated it's insane.

Bad way to cope at the fact that entry level SDE college grads are making $160-200K TC which, in areas like the PNW, are lower COL than NYC and SF. What is that, 22 y/o making as much as mid/senior associates and far more than in-house while working 30-40 hour weeks? Nice.

[thisismytlsuername]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

As time goes on, more and more people in this forum have become or will be partners. They lose money when stuff like this are announced.

Using aggressive assumptions … 5:1 leverage ratio X $20K/associate bump = $100K cost per partner. (The real number is almost definitely lower based on median class year etc.)

Not saying I would instantly stop being a greedy bastard if I became a partner, but I can’t imagine getting upset at taking home $4.5M vs. $4.6M… (especially when your NW is already in the $10M-$20M range)

You think partners are ok with pay cuts? Are you ok with a pay cut?

[Anonymous User]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

Who's arguing against raises? I'm arguing against complaining about a raise that outpaces almost every field in the modern world. 26 year olds coming out of school making 215k is bonkers.

And yes, if you're getting a nice raise, and your first thought is "it should be higher", you're whiny. Firm associate salaries are so insanely bloated it's insane.

Bad way to cope at the fact that entry level SDE college grads are making $160-200K TC which, in areas like the PNW, are lower COL than NYC and SF. What is that, 22 y/o making as much as mid/senior associates and far more than in-house while working 30-40 hour weeks? Nice.

Tbf software engineers are value-add whereas I'm not sure what the fuck we do that is of any value.

Anyways, not to get too off topic, do we think DPW comes over the top or just matches?

[Anonymous User]

This is a huge move by Milbank, is this primarily to retain talent from going in-house? Know that every year post bonus there are a ton of attorneys who leave for in-house, which appears to be accelerating over the past couple years.

[Anonymous User]

Milbank to V1

[glitched]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

As time goes on, more and more people in this forum have become or will be partners. They lose money when stuff like this are announced.

Using aggressive assumptions … 5:1 leverage ratio X $20K/associate bump = $100K cost per partner. (The real number is almost definitely lower based on median class year etc.)

Not saying I would instantly stop being a greedy bastard if I became a partner, but I can’t imagine getting upset at taking home $4.5M vs. $4.6M… (especially when your NW is already in the $10M-$20M range)

In what world does a junior or even the average partner make $4.5 M.... That's rainmaker levels for most firms.

[bigboybob]

DPW has to go over the top. They have one up'd Milbank each and every time. Let's go Neil.

[Anonymous User]

Should law grads today get paid more than those 3 years ago accounting for inflation?

Yes. Next question.

Well good news. They ARE. That's what this is.

Can’t believe someone is arguing against getting a raise LOL. Or that people are whiny if they expect that they should get a larger portion of the profit their labor generates.

As time goes on, more and more people in this forum have become or will be partners. They lose money when stuff like this are announced.

Using aggressive assumptions … 5:1 leverage ratio X $20K/associate bump = $100K cost per partner. (The real number is almost definitely lower based on median class year etc.)

Not saying I would instantly stop being a greedy bastard if I became a partner, but I can’t imagine getting upset at taking home $4.5M vs. $4.6M… (especially when your NW is already in the $10M-$20M range)

You think partners are ok with pay cuts? Are you ok with a pay cut?

I mean, yes, I’m “ok” with the price of my morning coffee increasing from $3.00 to $3.50, and gas going from $3.50 to $4.00 a gallon, airplane tickets from $300 to $450, and my rent going from $2700 to $3000.

I wouldn’t affirmatively choose for any of these things to happen but I just understand and accept that these changes are the natural result of market forces and inflationary pressures. Why should it be so markedly different for partners? (Especially when the partners have already baked in 5-10% rate increases for 2022 that will effectively pass on the salary bump to clients?)

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

[Sackboy]

This forum is such shit. 90% of these posts didn't need to be anon, and you all are insufferable. Let's just watch the fireworks and enjoy the show.

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

I wonder why you're so despised...

[Pulsar]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

Just curious -- how do you feel about litigation income partners cruising at 1850 billables (of high-quality work) making $1.7M for the firm and taking home roughly $500-$600k?

Wondering if we are bloat; asking for me lol

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

Lol @ this.

[Anonymous User]

This form is such shit. 90% of these posts didn't need to be anon, and you all are insufferable. Let's just watch the fireworks and enjoy the show.

The forum sucks now but who gives two and half f***s about people using anon. I don’t know who you are and vice versa. We are all here to escape for a few minutes from billing and fantasize about another $500 on each paycheck. It’s equally sad whether I use a unique anonymous name or a general anonymous name.

[Anonymous User]

.

[bigboybob]

Here is the real question.... would you turn down these salary raises to have a WFH permanently option at your firm? I would.

[Buglaw]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

I fully believe this guy is a partner. Totally believes he is entitled to his outsized profits, but yells that associates are entitled for their big salary raises. The cognitive dissonance is astonishing. I’m sure he has some view as to why the owners of law firms are entitled to much higher profit margins than the owners of all other businesses and how it’s terrible the associates are eating into that outsized profitability a little bit.

[Anonymous User]

Milbank to V1

V2 or somewhere within V5 would be fine. It would still leave a small incentive for them to keep trying to go for V1.

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

Lol if there's an '08 level correction, think you and your firm will probably look back fondly on the days of worrying about retaining entitled associates and a 6% associate comp raise.

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

I feel so sorry for associates pulling consistent 80+ hour weeks to enrich entitled boomers like you (Granted not all partners are like you).

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

I feel so sorry for associates pulling consistent 80+ hour weeks to enrich entitled boomers like you (Granted not all partners are like you).

I think it’s pretty obvious that poster is just trolling.

[Anonymous User]

I am one of those v10 equity partners you all despise. I honestly am hoping for a sharp correction and something like 2008-2010 (but not quite as bad) to flush all of the shit out of the system. There's so much bloat right now and terrible, entitled associates. We need some hardship to get lean and mean again.

Has to be a troll.