The most prestigious law school admissions discussion board in the world.
|
 |
 
|
STB RAISES TO $160K
Poast new message in this thread
Date: January 22nd, 2007 4:33 PM Author: Elite scourge upon the earth We believe we have the finest legal team of any global law firm. In appreciation of your efforts, we are pleased to increase associate base salaries as follows, effective January 1, 2007:
Class of 2006 - $160,000
Class of 2005 - $170,000
Class of 2004 - $185,000
Class of 2003 - $210,000
Class of 2002 - $230,000
Class of 2001 - $250,000
Class of 2000 - $265,000
Class of 1999 - $280,000
Class of 1998 - $290,000
We are also raising the base salary for the members of the Class of 2007, who will arrive in the fall, to $160,000.
Counsel and classes senior to 1998 will be addressed on an individual basis.
Again, on behalf of the Firm, thank you for your commitment and hard work.
This just in.
Lets hope so. |
 |
Date: January 22nd, 2007 4:35 PM Author: Useless Space Macaca Have you heard this from somebody? I got a call but I'm in class and can't get it. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468297) |
|
Date: January 22nd, 2007 4:37 PM Author: Elite scourge upon the earth yes my friend there.
he sent me the memo but I cant fwd it. |
|
Date: January 22nd, 2007 4:37 PM Author: Iridescent misunderstood market yawn (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468307) |
|
Date: January 22nd, 2007 4:49 PM Author: Indecent erotic degenerate hilarious. good thing you were so secretive. within 5 minutes it's all over the internet. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468373) |
|
Date: January 23rd, 2007 12:58 PM Author: Self-centered candlestick maker Subject: other Cali firms $$ Quinn Emanuel is also at $145k for first years - for all offices. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472989) |
|
Date: January 23rd, 2007 8:10 PM Author: maize cuckold Subject: Come on, Sidley! Any word on Sidley Austin NYC? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474935) |
|
Date: January 25th, 2007 12:13 AM Author: Slap-happy base Word is that Shearman and Sterling has matched as well. Let's hope they all keep falling into place. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481407) |
Date: January 22nd, 2007 4:38 PM Author: navy motley pit queen of the night Cut n' Redact n' Paste (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468310) |
|
Date: January 22nd, 2007 4:39 PM Author: Iridescent misunderstood market not real obviously (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468311) |
|
Date: January 22nd, 2007 4:41 PM Author: Useless Space Macaca I think it might be. Hold on, screw 5 minutes of class. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468321) |
|
Date: January 22nd, 2007 4:46 PM Author: Iridescent misunderstood market right. This is important. If true, we'd all make more money. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468347) |
|
Date: January 22nd, 2007 4:40 PM Author: Dull therapy SIMPSON THACHER & BARTLETT LLP MEMORANDUM TO ALL ASSOCIATES AND COUNSEL
The Firm has been very busy and we expect the high level of activity to continue. We are proud of the results we are helping our clients achieve. We believe we have the finest legal team of any global law firm. In appreciation of your efforts, we are pleased to increase associate base salaries as follows, effective January 1, 2007: Class of 2006 - $160,000 Class of 2005 - $170,000 Class of 2004 - $185,000 Class of 2003 - $210,000 Class of 2002 - $230,000 Class of 2001 - $250,000 Class of 2000 - $265,000 Class of 1999 - $280,000 Class of 1998 - $290,000 We are also raising the base salary for the members of the Class of 2007, who will arrive in the fall, to $160,000. Counsel and classes senior to 1998 will be addressed on an individual basis. Again, on behalf of the Firm, thank you for your commitment and hard work.
January 22, 2007 Pete Ruegger |
|
Date: January 22nd, 2007 4:42 PM Author: brilliant forum AWESOME http://www.abovethelaw.com/2007/01/breaking_simpson_thacher_ups_t.php |
|
Date: January 22nd, 2007 4:43 PM Author: Elite scourge upon the earth w00t. heard it here first. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468330) |
|
Date: January 22nd, 2007 4:44 PM Author: Haunting Fantasy-prone Double Fault In other legal news, MadCat's positive evaluation this quarter bumped her salary up $1,500 to $28,750.00/yr! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468334) |
|
Date: January 23rd, 2007 2:36 AM Author: Marvelous pozpig patrolman A++. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7471694) |
|
Date: January 25th, 2007 7:29 PM Author: Vivacious point You put in an extra zero. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7485427) |
|
Date: January 22nd, 2007 4:45 PM Author: Outnumbered At-the-ready Dragon So... do other firms match? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468338) |
|
Date: January 22nd, 2007 4:46 PM Author: Nudist green place of business they'll pretty much have to (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468344) |
|
Date: January 22nd, 2007 4:46 PM Author: Useless Space Macaca We better still not be getting $135k in Cali. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468349) |
|
Date: January 22nd, 2007 4:47 PM Author: Outnumbered At-the-ready Dragon Didn't a bunch of cali firms jump to 145? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468358) |
|
Date: January 22nd, 2007 4:48 PM Author: Useless Space Macaca None of the larger ones yet. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468361) |
|
Date: January 22nd, 2007 4:48 PM Author: Bright temple depressive not true, i know of at least one v50 firm that did (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468369) |
|
Date: January 22nd, 2007 4:49 PM Author: Iridescent misunderstood market he means gibson, omm or latham (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468374) |
|
Date: January 22nd, 2007 4:50 PM Author: Bright temple depressive figured, thanks for clairfying though. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468386) |
|
Date: January 22nd, 2007 4:51 PM Author: Useless Space Macaca Or MoFo, Orrick, WSGR, Paul Hastings, etc.
Right now you have Irell and Manatt -- all more or less boutiques -- and Kirkland, which is more or less a boutique in Cali. |
|
Date: January 22nd, 2007 4:52 PM Author: Bright temple depressive i was pretty sure that 2 of the firms you listed above did in fact raise to 145. could be wrong tho. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468400) |
|
Date: January 22nd, 2007 4:54 PM Author: Useless Space Macaca Which ones? I haven't heard of any others. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468422) |
|
Date: January 22nd, 2007 11:20 PM Author: Grizzly Glittery Institution when did MTO go to 145? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470521) |
|
Date: January 22nd, 2007 11:30 PM Author: Useless Space Macaca Oops, should have left them out. Can't imagine they'd be far behind though. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470594) |
|
Date: January 22nd, 2007 11:39 PM Author: Grizzly Glittery Institution Yeah, I would think so, but you never know. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470634) |
|
Date: January 22nd, 2007 4:58 PM Author: Stimulating idea he suggested i thought you were in NY? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468447) |
|
Date: January 22nd, 2007 4:49 PM Author: Iridescent misunderstood market cant imagine cali firms will stick to the 135k now, not if new york all raises to 160 (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468372) |
|
Date: January 22nd, 2007 5:01 PM Author: supple orchid address cumskin If this is real, I wonder what DC and Chicago are going to do. Go to $145k? $150k? $160k? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468465) |
|
Date: January 22nd, 2007 5:19 PM Author: Iridescent misunderstood market I dont know that they'll go to 160k, but I bet they'll go to 145 or 150 (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468573) |
|
Date: January 22nd, 2007 5:29 PM Author: Opaque comical mother Wow, they really resisted going to 135, but you're right, it's hard to imagine that they'll stay there if it's 25k below NY. (That differential is probably more that fair, given the COL, but 2Ls don't always think that way.) (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468647) |
|
Date: January 22nd, 2007 5:37 PM Author: wine self-absorbed coffee pot COL in DC isn't that much lower than in NYC. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468684) |
|
Date: January 22nd, 2007 5:45 PM Author: Opaque comical mother Probably true. But in Chicago, it's way lower. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468738) |
|
Date: January 22nd, 2007 6:02 PM Author: Iridescent misunderstood market but firms still want to attract people who might otherwise go to new york. in chicago they like to be able to say, "hey, this is like new york but without all the bad stuff and much much cheaper" (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468855) |
|
Date: January 22nd, 2007 5:59 PM Author: Thirsty Sweet Tailpipe Yes it is. I'd guesstimate and say its about 25% lower; an entry salary of $135k vs. $160k in NYC would only be 15% lower. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468831) |
|
Date: January 22nd, 2007 10:10 PM Author: Titillating gaping that assumes that you spend your entire salary on things like housing and groceries (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470028) |
|
Date: January 22nd, 2007 10:19 PM Author: Alcoholic Cruise Ship STB pays lockstep salaries and bonuses across all offices. No telling what other firms in DC & Cali will do, but STB associates will be making a sweet $160,000 to start. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470095) |
|
Date: January 22nd, 2007 10:51 PM Author: Titillating gaping interesting but nonresponsive (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470331) |
|
Date: January 22nd, 2007 5:57 PM Author: Glassy hideous partner I don't think it is an even differential - as the other poster noted, DC COL isn't THAT much lower than NYC. Plus, DC bonuses are typically significantly less than NYC.
I really don't see how DC can't bump up after this. A total comp. difference of about $40k between NYC & DC just seems way too high. |
|
Date: January 23rd, 2007 9:16 AM Author: supple orchid address cumskin I think I'm just hoping for $160k in DC, SF or LA. The partners at Latham, Covington, etc. have a hard decision to make, but moving up to $150k seems credited to hold the line. This should make OCI kinda interesting. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472254) |
|
Date: January 22nd, 2007 4:50 PM Author: Lemon nubile half-breed STB is officially the second most prestigious firm behind WLRK. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468382) |
|
Date: January 22nd, 2007 10:12 PM Author: Titillating gaping or more accurately:
WLRK and STB are the only two NYC firms that are worth working for.
incidentally, this causes my contempt for cravath only to grow |
|
Date: January 22nd, 2007 4:51 PM Author: Elite scourge upon the earth FRIED FRANK MATCHES.
that was quick. |
|
Date: January 22nd, 2007 4:53 PM Author: Nudist green place of business I'm sure theyve had that form letter ready for months. This was inevitable. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468405) |
|
Date: January 22nd, 2007 4:54 PM Author: Outnumbered At-the-ready Dragon were they just waiting to type in the number? or did the all agree beforehand? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468416) |
|
Date: January 22nd, 2007 4:57 PM Author: Iridescent misunderstood market highly doubt they all sat down to agree not to raise over 160k (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468440) |
|
Date: January 22nd, 2007 4:58 PM Author: peach odious cuckoldry wouldn't that be illegal? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468445) |
|
Date: January 22nd, 2007 5:01 PM Author: Outnumbered At-the-ready Dragon theoretically, but it would be very hard to enforce. What are you going to do, sue all the lawfirms? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468468) |
|
Date: January 22nd, 2007 5:02 PM Author: Vermilion beta set elastic band yes. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468472) |
|
Date: January 22nd, 2007 5:04 PM Author: Iridescent misunderstood market it's also an unnecessary risk. It's much more likely that word would go out that someone was going to put out a raise memo on monday afternoon and everyone gets the message (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468485) |
|
Date: January 22nd, 2007 5:04 PM Author: peach odious cuckoldry just checking my instinct :) seems like it would be pretty hard to keep something like that secret. as far as enforcement, i would think that some subset of NLRB, FTC, and DOJ would be able to do something about it, not just associates individually or as a class. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468483) |
|
Date: January 22nd, 2007 5:07 PM Author: Outnumbered At-the-ready Dragon I know, i know, but I'm just thinking it would be awfully hard to prove and i'm sure they've all been very careful about it. Like, I'm sure a couple firms will wait until tomorrow to match just to put some distance in it. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468498) |
|
Date: January 22nd, 2007 5:51 PM Author: Histrionic Potus Stead Price fixing is actually pretty easy to prove if you know where to look. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468779) |
|
Date: January 22nd, 2007 6:01 PM Author: Outnumbered At-the-ready Dragon where do you look, then? I assume there is nothing on paper. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468846) |
|
Date: January 22nd, 2007 10:14 PM Author: Titillating gaping especially in the age of email, there's always, ALWAYS something on paper. all it takes is one leak, or even economic evidence for the DOJ to start trolling through documents. and if they find it... holy shit there'd be hell to pay (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470052) |
|
Date: January 22nd, 2007 4:59 PM Author: Vermilion beta set elastic band meaning fried partners or FF with STB? of course not the latter. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468450) |
|
Date: January 22nd, 2007 5:06 PM Author: Iridescent misunderstood market I meant the compensation committees of the 100 or so major law firms in new york city. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468495) |
|
Date: January 22nd, 2007 5:22 PM Author: Useless Space Macaca I'd prefer my partners lightly poached, thanks. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468595) |
|
Date: January 22nd, 2007 5:27 PM Author: Vermilion beta set elastic band ty -- i appreciated this (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468624) |
|
Date: January 22nd, 2007 5:50 PM Author: Histrionic Potus Stead All agreeing beforehand would violate the antitrust laws. These guys know better. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468767) |
|
Date: January 22nd, 2007 11:43 PM Author: Purple aphrodisiac home I haven't taken anti-trust. Is wage fixing illegal?? I thought it was only for fixing the prices of things that affect the consumer. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470651) |
|
Date: January 22nd, 2007 4:53 PM Author: Vermilion beta set elastic band and they still don't provide mustard and relish. cheap bastards. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468409) |
|
Date: January 22nd, 2007 5:38 PM Author: Olive lodge windowlicker underrated post. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468690) |
|
Date: January 22nd, 2007 5:28 PM Author: Boyish Cyan Background Story Can someone confirm this? We are assuming it's true but no one has posted a memo or anything else confirming the Fried Frank raise. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468635) |
|
Date: January 22nd, 2007 5:29 PM Author: Useless Space Macaca Yeah noticed somebody on abovethelaw said FF didn't raise. I'm just trusting Earl here. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468646) |
|
Date: January 22nd, 2007 11:36 PM Author: Alcoholic Cruise Ship It's hard to believe they matched this quickly. I am skeptical. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470620) |
|
Date: January 22nd, 2007 5:41 PM Author: Razzle-dazzle church building It's true. No mustard or relish. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468710) |
|
Date: January 22nd, 2007 4:52 PM Author: Stirring International Law Enforcement Agency does this bump summer associate salaries to 160 pro rated? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468401) |
|
Date: January 22nd, 2007 4:55 PM Author: Outnumbered At-the-ready Dragon almost certainly. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468429) |
|
Date: January 25th, 2007 12:24 AM Author: razzmatazz new version CGSH did. I'd be shocked if any firm that bumped up 1L salaries didn't match for summers. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481448) |
|
Date: January 22nd, 2007 4:53 PM Author: Glassy hideous partner Here's hoping DC firms raise. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468411) |
|
Date: January 22nd, 2007 4:54 PM Author: peach odious cuckoldry i'll drink to that (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468421) |
|
Date: January 22nd, 2007 4:57 PM Author: Stimulating idea he suggested fuck me (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468442) |
|
Date: January 22nd, 2007 4:58 PM Author: Useless Space Macaca You weren't the only person to turn down STB. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468448) |
|
Date: January 22nd, 2007 4:59 PM Author: Stimulating idea he suggested fuck both of us (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468453) |
|
Date: January 22nd, 2007 5:02 PM Author: Stirring International Law Enforcement Agency and a third. and I went outside of V10, which means chance of a full match are slimmer. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468471) |
|
Date: January 22nd, 2007 5:03 PM Author: Stimulating idea he suggested sounds like a group orgy is coming up. you're in the middle (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468477) |
|
Date: January 22nd, 2007 5:04 PM Author: Outnumbered At-the-ready Dragon if Fried Frank matched, I think you are safe. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468490) |
|
Date: January 22nd, 2007 6:56 PM Author: Mustard boiling water Smarter, the promo material said that compensation would be at the level of "top-tier NY firms." If our firm doesn't raise, they've got some 'splaining to do. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469094) |
|
Date: January 22nd, 2007 9:16 PM Author: Stirring International Law Enforcement Agency yeah, but didnt this happen a couple of years ago when the market went to 145 and the firm initially said it was going to keep SAs at 125 and only after getting ridiculed on this board and others did they change it.
I could see that happening again, but lets hope they learned their lesson. |
|
Date: January 22nd, 2007 5:03 PM Author: Outnumbered At-the-ready Dragon does it matter? I'm sure they'll all match by the next billing cycle. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468479) |
|
Date: January 22nd, 2007 5:08 PM Author: Stimulating idea he suggested yes it does :( (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468500) |
|
Date: January 22nd, 2007 5:11 PM Author: Outnumbered At-the-ready Dragon why the hell does it matter? Should someone at Cravath be jealous of fried frank associates and regret that decision because they got notice a couple of days earlier? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468513) |
|
Date: January 22nd, 2007 5:13 PM Author: Stimulating idea he suggested i went to a cali based firm
135k + 10k bonus compared to 160k + 30k bonus = pretty big deal |
|
Date: January 22nd, 2007 5:14 PM Author: Outnumbered At-the-ready Dragon Well, the decision to work in NYC or Cali is a pretty big one regardless of money. Or are you suggesting that you should have worked in STB's Cali office? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468535) |
|
Date: January 22nd, 2007 10:18 PM Author: Titillating gaping well at the very least it says something about STB's attitude toward its associates (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470087) |
|
Date: January 22nd, 2007 4:58 PM Author: high-end dead death wish I cannot believe I turned down biglaw 2 years ago. When it was $125k, it didn't seem like such a big deal. Unreal. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468444) |
|
Date: January 22nd, 2007 5:01 PM Author: Useless Space Macaca Yeah, it was just guys in my high school at the time. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468463) |
|
Date: January 22nd, 2007 5:03 PM Author: high-end dead death wish Well the difference between $125k and what I took instead was pretty big, but it seemed worth it because I liked the other, smaller firm. It was a tough decision though.
Now I regret the fuck out of it. |
|
Date: January 22nd, 2007 5:04 PM Author: Vermilion beta set elastic band what kind of place did you end up? at least you have to bill less, no? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468487) |
|
Date: January 22nd, 2007 5:08 PM Author: high-end dead death wish Small boutique. I have to bill much less, and it's a great place. But for fuck's sake, that's a lot of money. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468503) |
|
Date: January 22nd, 2007 5:18 PM Author: Vermilion beta set elastic band i dunno -- i imagine that this raise comes with more billable requirements/pressure. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468561) |
|
Date: January 22nd, 2007 5:27 PM Author: Iridescent misunderstood market honestly in new york at least they cannot squeeze any more hours out of people. It's a lot more likely that they are doing this to retain more mid-levels and seniors and therefore increase their effective billing rates (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468626) |
|
Date: January 22nd, 2007 5:28 PM Author: red talented electric furnace right, with the banks high bonuses, they probably want to prevent people from leaving to go to finance. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468637) |
|
Date: January 25th, 2007 12:29 AM Author: razzmatazz new version I'd be curious to see the math. I know that a 1st year out of college in I-banking makes approx $150k with bonus. That comes with a 120-130hr wk. An associate just out of an MBA program makes about what, $300k-350k with a 100-120hr wk.? How's this compare to an average BigLaw requirement (not billable but rather actual workweek to equal the billable)? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481475) |
|
Date: January 23rd, 2007 10:12 AM Author: Poppy dilemma wrinkle If this were the case, then why wouldn't they just limit raises to mid-levels and seniors? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472372) |
|
Date: January 23rd, 2007 6:42 PM Author: Iridescent misunderstood market because that goes against the tradition of law firms and guess what, hurts junior associates' morale. how would you feel about a firm that says, "hey, we had a great year, everyone gets a raise but you". Sounds like a great way to keep the people you are shafting in the organization (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474553) |
|
Date: January 23rd, 2007 7:29 PM Author: Startled sound barrier locale I think if the lowered the pressure and allowed the people to have some life, maybe they could retain more mid levels (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474765) |
|
Date: January 22nd, 2007 5:29 PM Author: Cerebral Turquoise Library no billable requirements at STB. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468642) |
|
Date: January 22nd, 2007 9:59 PM Author: mind-boggling garrison LOL
Most top firms lack billing requirements. You don't work in biglaw if you believe them. |
|
Date: January 23rd, 2007 11:59 AM Author: Dun fighting friendly grandma there's no need for a requirement, even an unspoken one, if you're given a constant stream of work that will keep you billing 50-60 hours per week.
regardless of how hard it is to get fired in BIGLAW, i think most people understand that if they're given 60 hours of work and only do half of it (thereby working around a 40-hour week), they're probably going to get kicked out the door. |
|
Date: January 23rd, 2007 6:43 PM Author: Iridescent misunderstood market it'd probably take them two or three years to do it (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474555) |
|
Date: January 22nd, 2007 7:30 PM Author: very tactful brass location becky (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469215) |
|
Date: January 22nd, 2007 5:01 PM Author: Vermilion beta set elastic band "When it was $125k, it didn't seem like such a big deal."
who the fuck are YOU? |
|
Date: January 22nd, 2007 5:05 PM Author: high-end dead death wish See my next post. I meant relatively. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468493) |
|
Date: January 22nd, 2007 5:00 PM Author: Plum Idiot Can someone (preferably someone in the know like GTO or Hazelrah) please explain the logic of this move to me. Why would STB move to $160 when all they had to do was stay where they were. If they wanted to show some good faith, they could've just upped bonuses $5K over market for each class year.
A raise to $160K, plus the market $30-$35K bonus, means that 25 year old kids with no work experience at all will be pulling down roughly $200K in salary. This just doesn't seem like a logical move given the high turnover rates at STB (and all V50 firms). It's also likely to make the partnership at all of STB's peer firms resent them.
Personally, I'm skeptical about the autenticity of this memo. But if it's for real, I'm even more skeptical about the rest of the NYC market matching after they just rasied $20K in base salary a year ago.
I do think, however, that a bold move like this might be enough to push the L.A./Chicago/D.C. markets to meet NYC at $145K. |
|
Date: January 22nd, 2007 5:01 PM Author: Lemon nubile half-breed The LA market was going to meet NY. The TX market was already approaching NY. STB felt the need to stay ahead of the pack. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468464) |
|
Date: January 22nd, 2007 5:04 PM Author: Stimulating idea he suggested V20ish probably, plus NY v50 (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468484) |
|
Date: January 22nd, 2007 5:01 PM Author: Stimulating idea he suggested they're self styled 'compensation leaders' who got smacked around in the bonus wars and wanted to one-up the other firms (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468466) |
|
Date: January 22nd, 2007 5:07 PM Author: Plum Idiot So you think that STB is setting the bar higher than they think their peer firms are willing to go?
I never understood the term "compensation leader". Does that mean they are always ahead of the market rate, or that they just set the market and then everyone catches up later?
|
|
Date: January 22nd, 2007 5:10 PM Author: Stimulating idea he suggested no, they just acted first. other firms will catch up
firms get a lot of good will, esp in recruiting (even if it's not justified), for being the 'first to go to X' |
|
Date: January 22nd, 2007 5:12 PM Author: Carnelian senate It's all cyber rattling, pun intended. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468522) |
|
Date: January 22nd, 2007 5:14 PM Author: Plum Idiot I'm pretty sure that's not a pun. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468531) |
|
Date: January 22nd, 2007 5:15 PM Author: Carnelian senate They have dictionaries online these days. Or so I hear. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468540) |
|
Date: January 22nd, 2007 5:13 PM Author: Outnumbered At-the-ready Dragon I never got that "good will" concept. As long as my firm matches, I could give a shit who goes first. We all get paid the same anyway, except for Wachtell and apparently kirkland. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468528) |
|
Date: January 22nd, 2007 5:15 PM Author: Stimulating idea he suggested i think it exists
since there's not much (at least for 2Ls) to distinguish between firms, whether one has an image as a 'compensation leader' or 'grudging follower' figures a bit into the calculus |
|
Date: January 22nd, 2007 5:22 PM Author: spectacular range Only if you fear that a "grudging follower" may decide one day not to follow. Otherwise, who even remembers who set the market? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468596) |
|
Date: January 22nd, 2007 5:24 PM Author: Stimulating idea he suggested whoa, your post is above an earlier post
actually, i think a good number of associates are aware of who set the market when (browse through greedy a bit)
|
|
Date: January 22nd, 2007 5:31 PM Author: spectacular range Even still, would knowing that STB set the market this year meaningfully affect the decision of future 2Ls, when they also know that every peer firm will inevitably match?
It's possible, I guess. But it didn't factor into my decision, and I somehow doubt it factored into other students' decisions.
Don't get me wrong, I appreciate the fact that STB stepped it up, but I just don't see how it benefits them in recruiting. |
|
Date: January 22nd, 2007 5:37 PM Author: Stimulating idea he suggested well, the effect on recruiting is probably just incidental - as others have stated on the thread, it's probably mainly to improve retention. they're making tons of money, having attrition problems, and need to get people to stay. i'm sure having an image as "market leaders" confers other side benefits (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468681) |
|
Date: January 22nd, 2007 5:39 PM Author: Outnumbered At-the-ready Dragon " i'm sure having an image as "market leaders" confers other side benefits"
No, it doesn't. I don't know where you people get this idea. being market leaders has nothing to do with anything other than being the first to send out the memo. |
|
Date: January 22nd, 2007 5:44 PM Author: Stimulating idea he suggested now you're being ridiculous. are you claiming to know the reasons behind every law student's choice to go to or turn down firms in this and past recruiting seasons? how do you know it didnt affect one person per school? two people? 10? 20? we both only have anecdotal experience, but the mere fact that mine invalidates yours makes your assertion silly.
i'm not sure why you're so fired up against the idea. yes, you like your firm better than STB. you're annoyed they didnt raise first. we get it. |
|
Date: January 22nd, 2007 5:48 PM Author: Outnumbered At-the-ready Dragon Totally different point. Yes, I am sure some kids went to some firm or another because it was a market leader. I never denied that - in fact, I agree with it whole heartedly.
Just because people do it, however, does not mean that it is rational for them to use this as a factor. My point is that there are no side benefits and, really, no benefit at all for having your firm announce first. |
|
Date: January 22nd, 2007 5:53 PM Author: Stimulating idea he suggested Well, we'll agree to disagree. I think the mere fact that reputation as a 'market leader' will affect some peoples' choices (which you agree with) is a side benefit (which you disagree with).
Like it or not, firms spent a lot of money on recruiting, to set themselves apart from the competition, and to sell themselves to students, and any edge in making students (who = lucrative future profits) choose them over peer firms would, imo, be the definition a 'side benefit' |
|
Date: January 22nd, 2007 5:58 PM Author: Outnumbered At-the-ready Dragon A side benefit - to the firm? Or to the associate? I can see how you can argue its a side benefit to the firm because they might get a couple of extra hires (which i'd argue is very minor but does exist), but I don't get how this is a side benefit to the associate. What does the STB associate get from this? Added prestige on XOXO? They certainly get nothing substantive. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468829) |
|
Date: January 22nd, 2007 6:01 PM Author: Stimulating idea he suggested oh, i'm speaking solely about the firm. this subthread consists of me saying that "firms get a lot of good will, esp in recruiting (even if it's not justified), for being the 'first to go to X' " and someone else asking whether "Even still, would knowing that STB set the market this year meaningfully affect the decision of future 2Ls, when they also know that every peer firm will inevitably match?" the answer to that is pretty clear
i agree that it's pretty useless perk for associates, as long as everyone else is matching |
|
Date: January 22nd, 2007 6:05 PM Author: Outnumbered At-the-ready Dragon Yes, there is some bizarre recruiting benefit for STB, I agree with that. I've never quite understood it, though, because I don't see any benefit for associates. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468879) |
|
Date: January 22nd, 2007 5:45 PM Author: Lemon nubile half-breed You are speaking for yourself, which makes you sound stupid. Personally, I know more than a few people who, all things equal, would like to work for the firm that leads rather than follows. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468734) |
|
Date: January 22nd, 2007 5:50 PM Author: Outnumbered At-the-ready Dragon All thing are equal. Are there some associates that get off on it? Sure. I'm sure there are also some associates at Skadden who get off on having free hot cocoa. This doesn't mean that the thing itself, here, announcing first, actually has any value. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468769) |
|
Date: January 22nd, 2007 6:03 PM Author: Naked associate Ever heard of a little firm called Gunderson Dettmer? Being the first to announce actually is hot shit for the same reasons that any positive PR is hot shit. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468869) |
|
Date: January 22nd, 2007 6:09 PM Author: Outnumbered At-the-ready Dragon Yes, there is a PR bump. But it means nothing for associates. It just helps HR people recruit. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468911) |
|
Date: January 22nd, 2007 10:22 PM Author: Titillating gaping it's a proxy for the partners' attitude toward associates. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470117) |
|
Date: January 23rd, 2007 2:55 AM Author: Outnumbered At-the-ready Dragon Not really. As said elsewhere, STB is a shark tank. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7471798) |
|
Date: January 22nd, 2007 6:19 PM Author: Thirsty Sweet Tailpipe Yes, there are some associates who consider that working at a market leader constitutes a benefit; therefore, STB will receive a benefit from being perceived as a market leader (although the degree of this benefit is probably very small and certainly not large enough, by itself, to cover the cost of the raise). (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468958) |
|
Date: January 22nd, 2007 5:24 PM Author: peach odious cuckoldry the firms that are still at 135--have not yet even matched 145k--look very grudging right now (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468608) |
|
Date: January 22nd, 2007 5:33 PM Author: spectacular range I meant within the same market and general grouping of firms. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468664) |
|
Date: January 22nd, 2007 5:18 PM Author: Outnumbered At-the-ready Dragon I don't deny its existance. It certainly does. I just think it is silly. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468565) |
|
Date: January 25th, 2007 12:34 AM Author: razzmatazz new version As someone who went through the process, I didn't care who first went up to $145k so long as the firms that made me an offer did. Now it would be interesting if this happened during recruiting season. Then I would care!
But isn't this really about mid-level/senior associates? |
|
Date: January 22nd, 2007 5:16 PM Author: Plum Idiot Same here. If all the firms match $160K, they'll make it retroactive to Jan 1st, so it won't matter which firm declared "first". As long as my firm "follows the market", I'll be happy. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468549) |
|
Date: January 22nd, 2007 5:19 PM Author: Outnumbered At-the-ready Dragon the fried frank match is actually somewhat bigger news, because it means that all the other firms will have to match. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468574) |
|
Date: January 22nd, 2007 5:20 PM Author: Lemon nubile half-breed A firm that is at the forefront of compensation is likely a better place to work and provide other substantial perks than one that only pays the absolute minimum required to their associates. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468579) |
|
Date: January 22nd, 2007 5:25 PM Author: Outnumbered At-the-ready Dragon Not really. STB is a shark tank. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468614) |
|
Date: January 22nd, 2007 5:28 PM Author: Stimulating idea he suggested but at least they exhibit a willingness to compensate their associates well to be chum
(unlike S+C's grudging "ok, we're raising to 145k, but it's going to come out of your bonuses") |
|
Date: January 22nd, 2007 5:35 PM Author: Outnumbered At-the-ready Dragon what difference does it make what they exhibit right now? Everyone will get paid the same in the end. And, btw, S&C didn't say that, and their bonuses weren't lowered. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468674) |
|
Date: January 22nd, 2007 5:40 PM Author: Stimulating idea he suggested i know the actual bonuses werent lowered, but they took some flak for their announcement. i'm pretty sure it was S+C, i would double check for the posts but GA has slowed to a crawl. look it up later (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468701) |
|
Date: January 22nd, 2007 5:43 PM Author: Outnumbered At-the-ready Dragon Yes, it was S&C. My point is that at the end of the day, the flack was unwarranted and, at the very least, turned out to be unimportant. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468722) |
|
Date: January 22nd, 2007 10:25 PM Author: Titillating gaping fuck that. S&C's partners tried to stunt their associates' pay. who wants to work for a bunch of greedy bastards? the more you prove that STB's partners had nothing to gain by this, the more i see it as an actual reflection of the firm's attitude toward the associates, and the more i'd want to work there. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470134) |
|
Date: January 23rd, 2007 2:57 AM Author: Outnumbered At-the-ready Dragon (1) discuess this S&C on the other thread, no evidence that they were trying to limit anything, (2) STB has nothing to gain by going first. They have a lot to gain if they feel that the higher salary will mean more retention. But that has nothing to do with them going first. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7471803) |
|
Date: January 22nd, 2007 5:39 PM Author: Kink-friendly parlor Credited. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468696) |
|
Date: January 22nd, 2007 5:04 PM Author: Stirring International Law Enforcement Agency I think the goal is to lower turnover rates. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468489) |
|
Date: January 22nd, 2007 5:20 PM Author: Useless Space Macaca EDIT: This was a response to the post below on PPPs, although it's pretty applicable here too.
I think this is the credited response. Seriously I was surprised that STB didn't step up the bonus instead of salaries, because that would seem the easier way to do this. But maybe they thought higher salaries would hold off attrition more than bonuses (associates might just grab the bonus and run). |
|
Date: January 22nd, 2007 8:37 PM Author: Puce haunted graveyard the psychological effect of a permanent raise is bigger than guaranteed bonuses. also you get the money sooner with the higher salary. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469474) |
|
Date: January 22nd, 2007 5:16 PM Author: Boyish Cyan Background Story just wait until PPP #'s come back. simpson had an absolutely ridiculous year in private equity/ M+A. their numbers will likely be so high that they would have been embarrassed not to raise salaries. throw in that simpson was late to act on the bonuses this year (by late, i mean not 1st, 2nd or 3rd) and that theyve taken a huge recruiting hit because of the fact that associates are literally clocked in and out of the office, and the move makes perfect sense. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468545) |
|
Date: January 23rd, 2007 4:48 PM Author: Jet round eye "associates are literally clocked in and out of the office"
like little factory workers? |
|
Date: January 22nd, 2007 5:03 PM Author: Lemon nubile half-breed Predictions for who will match? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468474) |
|
Date: January 22nd, 2007 5:03 PM Author: Nudist green place of business Every NYC firm worth a shit. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468478) |
|
Date: January 22nd, 2007 5:04 PM Author: Lemon nubile half-breed It might be too much for some V50-100 that aren't very profitable. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468486) |
|
Date: January 22nd, 2007 5:05 PM Author: Stimulating idea he suggested (test) V20ish probably, plus NY v50 |
|
Date: January 22nd, 2007 11:29 PM Author: sinister community account Oh no! What about the V55-65!? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470589) |
|
Date: January 22nd, 2007 11:31 PM Author: Mustard boiling water 178.5 (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470601) |
|
Date: January 23rd, 2007 11:39 PM Author: smoky crawly tanning salon philosopher-king Seriously, how low do you think it'll go in NY? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7476103) |
|
Date: January 22nd, 2007 5:06 PM Author: peach odious cuckoldry this definitely makes the 135 firms look like ass right now (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468496) |
|
Date: January 22nd, 2007 5:12 PM Author: Iridescent misunderstood market if everyone in new york matches, this is exactly the kind of thing that is going to make every firm that thinks highly of its self to raise salaries a little bit. Hard to see Jones Day in cleveland continuing to hold the line at 125k when they are supposedly trying to draw the same kind of people that go to firms in chicago and new york (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468520) |
|
Date: January 24th, 2007 1:22 AM Author: smoky crawly tanning salon philosopher-king Yes it does. They must be shamed. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7476679) |
|
Date: January 25th, 2007 12:53 AM Author: razzmatazz new version Are you serious? There are NY firms that pay $135k that aren't "top" firms? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481581) |
|
Date: January 22nd, 2007 5:12 PM Author: wine self-absorbed coffee pot I love how Lat is trying to claim credit, even though the news broke here 3 minutes before he posted. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468525) |
|
Date: January 22nd, 2007 5:14 PM Author: Light yapping roast beef In his defense, I imagine he learned of it independently and posted it without awareness that it was on xoxo first. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468533) |
|
Date: January 22nd, 2007 5:16 PM Author: Bright temple depressive hi lat!!! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468548) |
|
Date: January 22nd, 2007 5:47 PM Author: Awkward rigor Poor guy... the one time he scoops Greedy on law firm news he ends up getting scooped by xo. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468749) |
|
Date: January 22nd, 2007 5:19 PM Author: Stirring International Law Enforcement Agency does it make a difference that STB is like the king of private equity? I mean they killed the last couple of years in that hot market.
What about firms who don't do as much of that work? Can they really afford to match? |
|
Date: January 22nd, 2007 5:20 PM Author: Iridescent misunderstood market dude they take in like 500k in revenue for each associate at least (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468584) |
|
Date: January 22nd, 2007 5:27 PM Author: disturbing feces its probably more like 1.2m per associate...but the exact figures are available on some thread around here. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468628) |
|
Date: January 22nd, 2007 5:29 PM Author: Iridescent misunderstood market you are probably much closer to the number, maybe 500K was closer to the profit figure (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468648) |
|
Date: January 22nd, 2007 5:36 PM Author: Plum Idiot Assuming first-years bill out at $275/hour (which is the midrange between $250-$300/hour), when you multiply it by 2200 hours in a year...a first-year brings in $605,000 total. Some of those hours, however, are likely to be cut down by the supervising/billing attorney.
Note that it also costs the firm anywhere between $250,000-$400,000 to recruit, train, pay salary to and provide benefit packages and perks (i.e. blackberries, laptops, gym and parking subsidies, etc.) for a single first-year associate.
So firms really don't make much of young associates at all. In fact, some firms barely break even on new associates the first 2 years.
|
|
Date: January 22nd, 2007 5:38 PM Author: Iridescent misunderstood market but a key consideration here on the part of the firms has to be that higher salaries allow them to retain associates until they are profitable (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468692) |
|
Date: January 22nd, 2007 5:41 PM Author: Outnumbered At-the-ready Dragon This partner sob story argument is flawed. YOu have to take into account that partner's couldn't bill as much as they did if they didn't have a team of associates work for them. Associates all the firms to take on deals, which make the partners money irrespective of what the associate actually bills. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468708) |
|
Date: January 22nd, 2007 5:45 PM Author: Stimulating idea he suggested NY firms will be billing at a higher rate, no? at significantly more than 2200 hours, too (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468735) |
|
Date: January 22nd, 2007 5:57 PM Author: Plum Idiot I dont know any firms in NY whose first-years bill out at more than $300/hour (unless they are specialized, like patent litigators).
And don't buy into the hype that NYC lawyers bill "significantly more" than 2200 hours. 2200 hours is pretty average, and a great deal of NYC attorneys never even make it to 2200. |
|
Date: January 22nd, 2007 6:08 PM Author: Stimulating idea he suggested i would contend that the firms in this discussion (v10-20, since they're the ones who'll be matching) aren't quite "average"
say 300 hour x 2400 (which seems like a fair NYC number and on the low end for v10) = 700k+ |
|
Date: January 22nd, 2007 6:15 PM Author: Outnumbered At-the-ready Dragon 2400 is not on the low end for anything in NYC. Its not horribly rare but it is a lot of hours. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468943) |
|
Date: January 22nd, 2007 6:18 PM Author: Plum Idiot You've clearly never worked a firm a day in your life.
2400 is NOT on the "low end" for a v10. The only places where you're likely to find more than 25% of associates billing 2400+ is at Watchtell and Cravath.
At all other V10s, 2400 would be considered above average. |
|
Date: January 22nd, 2007 6:38 PM Author: Boyish Cyan Background Story most firm averages are right around 2000 hours and many v10's are under 2000 in NYC (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469016) |
|
Date: January 22nd, 2007 5:32 PM Author: rambunctious organic girlfriend they cant afford not to. this wont affect what parterns make in any meaningful way (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468662) |
|
Date: January 22nd, 2007 5:25 PM Author: massive heady people who are hurt yarmulke so after bonuses, total associate compensation will be ~190K/nearing the 200K plateau?
|
|
Date: January 22nd, 2007 5:27 PM Author: red talented electric furnace assuming they don't lower bonuses which isn't a great assumption. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468627) |
|
Date: January 22nd, 2007 5:29 PM Author: disturbing feces yeah, stupid to speculate on total comp. but having a high guaranteed salary is one advantage over ibanking (it helps sign a lease for instance)...firms should leverage that more to discourage attrition to clients. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468645) |
|
Date: January 22nd, 2007 5:30 PM Author: Outnumbered At-the-ready Dragon after all the freaking about about that last year, that ended up being a good assumption. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468650) |
|
Date: January 22nd, 2007 5:54 PM Author: red talented electric furnace an assumption shouldn't be judged retrospectively. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468799) |
|
Date: January 22nd, 2007 6:17 PM Author: Outnumbered At-the-ready Dragon so the fact that it was wrong has no bearing on the analysis of whether it was warranted? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468949) |
|
Date: January 22nd, 2007 10:33 PM Author: Titillating gaping that is correct (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470204) |
|
Date: January 23rd, 2007 2:59 AM Author: Outnumbered At-the-ready Dragon it was based on a non-commital statement that said very little either way. The fact that they did nothing further to weaken the market suggest the statement to the paper meant nothing when it was said. No other firm was guaranteeing full bonuses at the time. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7471816) |
|
Date: January 23rd, 2007 11:11 AM Author: Titillating gaping still, whether it was wrong is strictly irrelevant to whether it was warranted (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472554) |
|
Date: January 22nd, 2007 5:32 PM Author: burgundy arrogant quadroon lettuce 2/3 of what a 1st year ibanker with an MBA makes and less than 1/2 of what a 1st year PE associate with an MBA makes. Not bad at all. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468661) |
|
Date: January 22nd, 2007 5:36 PM Author: Iridescent misunderstood market law firm associates almost never take a paycut and never get fired. Ibankers and PE people take a paycut more than half of the time, are laid off during down years and generally have to leave if they dont make VP in two or three years. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468677) |
|
Date: January 22nd, 2007 5:52 PM Author: Outnumbered At-the-ready Dragon Yes, but those kids tend to be older.
But, no denying bankers make more money. |
|
Date: January 22nd, 2007 5:57 PM Author: rambunctious organic girlfriend yeah, i dont know why anyone would want to be a lawyer vs. a banker in NYC. the effect on other markets is more intriguing though... and banker bonuses are likely coming to a crashing halt this year or the next (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468827) |
|
Date: January 23rd, 2007 1:14 PM Author: Puce haunted graveyard god i hope so. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473059) |
|
Date: January 22nd, 2007 6:03 PM Author: Dull therapy incorrect. base for ib is substantially lower than this. also, if you think that ib'ing bonuses of the last couple years are the norm, you're new to the game. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468864) |
|
Date: January 22nd, 2007 6:53 PM Author: flesh deep piazza stain Have you ever seen MBA starting salaries? Pretty pathetic for guys who are in their 30s. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469081) |
|
Date: January 22nd, 2007 11:25 PM Author: Appetizing preventive strike Have you ever seen a SCOTUS justice's salary? Pretty pathetic for guys who are at the pinnacle of their profession. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470558) |
|
Date: January 23rd, 2007 4:57 PM Author: Jet round eye and more than what almost all the other mba's make. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474100) |
|
Date: January 22nd, 2007 5:31 PM Author: Sticky doctorate school cafeteria What's more, STB has now announced that they wil give all associates a free remote-access security “token”. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468654) |
|
Date: January 25th, 2007 1:03 AM Author: razzmatazz new version WTF is that? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481627) |
|
Date: January 22nd, 2007 5:33 PM Author: Iridescent misunderstood market Look, we need to get the supposed Fried Frank, Cadawalader and Weil memos on here now. Someone has them if they are real (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468666) |
|
Date: January 22nd, 2007 5:36 PM Author: Light yapping roast beef exactly. can anyone confirm? an anonymous poster at abovethelaw said fried has NOT matched, another has said weil hasn't. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468678) |
|
Date: January 22nd, 2007 5:36 PM Author: Passionate rough-skinned school Who said CWT and WGM matched already? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468680) |
|
Date: January 22nd, 2007 5:37 PM Author: Light yapping roast beef commenters to the abovethelaw.com post (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468686) |
|
Date: January 22nd, 2007 5:38 PM Author: Bright temple depressive lat, stop advertising. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468689) |
|
Date: January 22nd, 2007 5:42 PM Author: Sticky doctorate school cafeteria Hello, GTO! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468712) |
|
Date: January 22nd, 2007 5:43 PM Author: Bright temple depressive Big Changes = New Moniker (shhh, don't tell anyone) (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468720) |
|
Date: January 22nd, 2007 5:37 PM Author: Outnumbered At-the-ready Dragon Cadawalader must be a good place to work if they announced so earlier. Blah. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468682) |
|
Date: January 22nd, 2007 5:39 PM Author: rambunctious organic girlfriend Hopefully firms in markets like Charlotte will feel compelled to bump up as well. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468699) |
|
Date: January 22nd, 2007 5:44 PM Author: Awkward rigor If anyone wants to fwd a memo anonymously, send to contact@autoadmit.com (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468727) |
|
Date: January 22nd, 2007 5:44 PM Author: Domesticated fanboi french chef Subject: BREAKING NEWS If KIRKLAND TROLL's not around...
KIRKLAND & ELLIS STILL pwns the market because of its SHATTERING bonuses. |
|
Date: January 22nd, 2007 6:25 PM Author: Contagious brunch corn cake It will be interesting to see how K&E plays this.
Technically, even with the $15K bump to other firms, they'll still be paying on average $2K more than their competitors. (This is if you factor in bonuses -- and if you assume the bonuses at the firms that raise will stay at the same level.) So they don't necessarily need to move. |
|
Date: January 22nd, 2007 7:00 PM Author: Awkward rigor Yeah that's very true.
I'm sure a lot of movement will happen soon though.
What I'm most curious about is how this will impact secondary markets. |
|
Date: January 24th, 2007 7:32 PM Author: Garnet resort trump supporter Perhaps, but if I were at Kirkland and were willing to lateral, I'd sure as hell prefer a set 160K base salary promise (along with the incremental payments of that sum throughout the year) to having to continue to rely on partner generosity bonus-time just to keep up with other firms.
Kirkland will suffer if it does not match.
|
|
Date: January 25th, 2007 2:23 PM Author: hateful adventurous parlour *MISINFORMATION ALERT*
It is KIRKLAND & ELLIS NYC policy to pay the NYC market in base and to shatter the NYC market with bonuses. |
|
Date: January 22nd, 2007 5:47 PM Author: spectacular range Which firm is going to man up and bump to $175,000? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468747) |
|
Date: January 22nd, 2007 5:50 PM Author: Stimulating idea he suggested Wachtell will announce $200k base (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468772) |
|
Date: January 22nd, 2007 5:51 PM Author: spectacular range They don't count. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468778) |
|
Date: January 22nd, 2007 5:51 PM Author: Khaki beady-eyed milk puppy TCQ is which firm is preftigious enough to break $200k first (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468774) |
|
Date: January 22nd, 2007 5:51 PM Author: swashbuckling dingle berry kitchen c'mon cravath. i know you can do it. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468777) |
|
Date: January 22nd, 2007 5:52 PM Author: Lemon nubile half-breed Cravath is the douchiest. They will never bump anything. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468784) |
|
Date: January 22nd, 2007 5:54 PM Author: Bright temple depressive i am emailing Cravath right now, and letting them know that a potential associate is posting mysoginist messages on xoxo. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468800) |
|
Date: January 22nd, 2007 10:35 PM Author: Titillating gaping yeah fucking right (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470225) |
|
Date: January 22nd, 2007 5:54 PM Author: Outnumbered At-the-ready Dragon Quit dreaming. They could just as easily have done nothing and kept up the lateral hiring. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468804) |
|
Date: January 22nd, 2007 5:59 PM Author: spectacular range pssst . . . it's called a joke. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468837) |
|
Date: January 22nd, 2007 6:02 PM Author: Outnumbered At-the-ready Dragon pssst... i'm sure some people are actually dreaming it. I know I am. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468856) |
|
Date: January 22nd, 2007 6:05 PM Author: spectacular range Well, I'm all for raising expectations and putting pressure on partners. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468880) |
|
Date: January 22nd, 2007 10:38 PM Author: Titillating gaping hell, a firm could announce a $165k salary right now and steal most of STB's thunder for a relatively low cost (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470247) |
|
Date: January 23rd, 2007 10:17 AM Author: Poppy dilemma wrinkle Bickel Brewer did it back in 2001. It was no big deal. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472384) |
|
Date: January 22nd, 2007 5:55 PM Author: Elite scourge upon the earth MY FIRST STICKY!
*splooges* |
|
Date: January 22nd, 2007 5:56 PM Author: Awkward rigor Well deserved too, given that you scooped Greedy and ATL. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468818) |
|
Date: January 22nd, 2007 6:01 PM Author: Useless Space Macaca Sadly, David Lat will probably end up taking credit for this. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468848) |
|
Date: January 22nd, 2007 6:04 PM Author: spectacular range Let him have it. That blog's all he has left. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468872) |
|
Date: January 22nd, 2007 6:14 PM Author: Awkward rigor If that happens we should send out corrections, like the time PrawfsBlawg tried to take credit for leaking U.S. News last March. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468933) |
|
Date: January 22nd, 2007 10:39 PM Author: Titillating gaping start sending (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470252) |
|
Date: January 22nd, 2007 9:20 PM Author: razzle pungent psychic chapel while lat was writing his blog and pretending to be a woman, earl was running wind sprints with his asian b-ball team, preparing for exactly this situation. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469687) |
|
Date: January 23rd, 2007 12:28 AM Author: zombie-like curious messiness ! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470967) |
|
Date: January 22nd, 2007 5:56 PM Author: Bright temple depressive MY FIRST SPLOOGE!
*sticky* |
|
Date: January 23rd, 2007 11:39 AM Author: Milky big-titted pervert underrated post (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472642) |
|
Date: January 22nd, 2007 5:58 PM Author: Effete Racy Alpha Stag Film News like this makes me wonder what these places will be paying in 2 years (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468830) |
|
Date: January 22nd, 2007 6:02 PM Author: Stimulating idea he suggested ONE HUNDRED BILLION DOLLARS (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7468857) |
|
Date: January 22nd, 2007 7:00 PM Author: soul-stirring center The same as they do now, only with associates working 200 hours more per year to pay for the salary bump. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469109) |
|
Date: January 22nd, 2007 7:59 PM Author: Effete Racy Alpha Stag Film TINTCR (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469323) |
|
Date: January 22nd, 2007 7:17 PM Author: Mustard boiling water Subject: SA Salaries...$3100? what are the odds of this happening for this summer, at STB and elsewhere? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469170) |
|
Date: January 22nd, 2007 7:43 PM Author: big pearly telephone deer antler Subject: will this definitely mean 145k or 150k in DC I can't imagine the major markets staying at 135k. I'll be definitely not going for a bonus now. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469258) |
|
Date: January 22nd, 2007 8:30 PM Author: black startling menage For a lot of firms, there won't be much of a bonus system to go for, unless you're super hardcore. These base salary raises aren't coming entirely from partner profit, I can tell you that. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469447) |
|
Date: January 23rd, 2007 6:35 PM Author: Iridescent misunderstood market I honestly dont think there will be much more pressure to bill. The partners of STB intend to make money on the raise not by getting more hours out of juniors but by getting more juniors to stay and become mid-levels and seniors--that's where the real profit margin is in a law firm anyway. Increasing the pressure on the juniors just to get another 30 or 40 billables out of each associate would undermine that goal. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474532) |
|
Date: January 22nd, 2007 8:00 PM Author: hairless hell cuck Ibanking still PWNS Law.
Just in case anyone forgot. |
|
Date: January 22nd, 2007 8:23 PM Author: Khaki beady-eyed milk puppy omg! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469411) |
|
Date: January 22nd, 2007 8:29 PM Author: Frum arousing son of senegal where will WLRK go? $165k? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469443) |
|
Date: January 22nd, 2007 10:42 PM Author: Titillating gaping probably. but it would be pretty amazing if they had the balls to go all the way to $200k. it would be like someone suddenly turned the volume way down on the rest of this furor. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470269) |
|
Date: January 22nd, 2007 8:39 PM Author: pearl casino So how long before the whole V30 matches? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469482) |
|
Date: January 22nd, 2007 8:46 PM Author: cowardly diverse crackhouse ape (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469512) |
|
Date: January 22nd, 2007 10:07 PM Author: Khaki beady-eyed milk puppy Should help fund the presidential campaign as well.... (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470004) |
|
Date: January 22nd, 2007 8:58 PM Author: Trip Keepsake Machete Factory Reset Button fuck me. why did I choose a shitty firm. no way they'll raise to 160. I can't even afford to commit suicide on 2800 a week (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469569) |
|
Date: January 22nd, 2007 8:59 PM Author: vengeful tan field that + bonus = fuckton of cash (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469575) |
|
Date: January 22nd, 2007 9:11 PM Author: Outnumbered At-the-ready Dragon too bad the punishment for child porn is prison and not a fine. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469643) |
|
Date: January 22nd, 2007 9:13 PM Author: pearl casino I was happy when the firms decided not to lower the bonus. But this extra $15k base was a hell of a surprise! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469649) |
|
Date: January 22nd, 2007 9:30 PM Author: Trip Keepsake Machete Factory Reset Button too bad for you latham doesn't pay market bonuses (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469737) |
|
Date: January 22nd, 2007 10:07 PM Author: pearl casino Is that right? They're not listed in the bonus chart. I just assumed they paid market. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470010) |
|
Date: January 22nd, 2007 10:08 PM Author: Elite scourge upon the earth they pay market in NY. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470017) |
|
Date: January 22nd, 2007 10:25 PM Author: Useless Space Macaca They pay slightly above market in NY. Here is the Latham NY bonus breakdown from last year: http://infirmation.com/bboard/clubs-fetch-msg.tcl?msg_id=0035uw (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470137) |
|
Date: January 22nd, 2007 9:20 PM Author: amethyst gas station (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469693) |
|
Date: January 22nd, 2007 9:20 PM Author: Lilac Impertinent Regret Persian Fried Frank didn't match anything yet...at least not in a memo to associates. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469694) |
|
Date: January 22nd, 2007 10:26 PM Author: underhanded ocher box office national security agency They had already raised to $145K in DC right after new years though. I wonder if that was a bit of a precursor to another bump in NYC. My friend told me the memo said specifically though that DC was making a bump to *match* NYC, making it sound like the two offices would have equivalent pay going forward. Who knows. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470144) |
|
Date: January 22nd, 2007 9:40 PM Author: brilliant forum "XOXOHTH folk:
We have revised this post to state that ATL posted the memo first. This we believe to be indisputably true. Thank you.
David Lat" I guess he posted the text of the memo first, but XO reported the raise first, which is what counts. Idiot. |
|
Date: January 22nd, 2007 9:43 PM Author: hairless hell cuck What a sad little man. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469827) |
|
Date: January 22nd, 2007 10:06 PM Author: Elite scourge upon the earth Should I fucking kill him? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7469999) |
|
Date: January 22nd, 2007 10:07 PM Author: hairless hell cuck Sure. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470007) |
|
Date: January 22nd, 2007 11:08 PM Author: henna floppy spot faggotry I don't think most people here would even care if he wasn't being such a whiny douche about "I SAID IT FIRST I SAID IT FIRST" (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470443) |
|
Date: January 22nd, 2007 10:15 PM Author: wine self-absorbed coffee pot lmao (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470069) |
|
Date: January 22nd, 2007 10:17 PM Author: Elite scourge upon the earth such bullshit. I posted this literally 90 seconds after the STB email went out. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470081) |
|
Date: January 22nd, 2007 10:23 PM Author: Useless Space Macaca Next time we need to post the memo. But then David Lat would probably say something like, "You saw the memo copied to a blog here first, folks. PLEASE CREDIT ABOVE THE LAW." (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470121) |
|
Date: January 22nd, 2007 10:28 PM Author: Elite scourge upon the earth haha done. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470156) |
|
Date: January 22nd, 2007 10:28 PM Author: wonderful athletic conference FIRST MEMO COPY BY A FORMER WACHTELL ASSOCIATE TURNED ERISA HOTTIE RATER, CREDIT ABOVETHELAW! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470158) |
|
Date: January 22nd, 2007 10:44 PM Author: Titillating gaping beautiful (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470282) |
|
Date: January 22nd, 2007 11:10 PM Author: blathering tank business firm What a fucking douche. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470455) |
|
Date: January 22nd, 2007 10:48 PM Author: Primrose medicated indian lodge for those of you doing part time work as a 3l, you think firms will up your hourly salary? i REALLY hope so. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470309) |
|
Date: January 22nd, 2007 11:50 PM Author: Contagious brunch corn cake yea. i'm pretty sure we'll get bumped. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7470696) |
|
Date: January 23rd, 2007 7:24 AM Author: Bonkers Apoplectic Church Pocket Flask Under this compensation scheme, a new associate will earn a million dollars in 4.5 years, and NET a million in 6 years.
Who gives a shit about making partner anymore? Just live cheaply, make the bare minimum on your billables, and when you get pushed out, you can do something else. |
|
Date: January 23rd, 2007 8:16 AM Author: hairless hell cuck I've always thought this as well. Not saying it's easy to work in big law for 8 years, but living well yet smart for those 8 years could net you a significant nest egg. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472196) |
|
Date: January 23rd, 2007 9:24 AM Author: house-broken galvanic dog poop step-uncle's house never speak of this again. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472276) |
|
Date: January 23rd, 2007 10:53 AM Author: razzle pungent psychic chapel maybe...just maybe... a million dollars ain't what it fucking used to be? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472483) |
|
Date: January 23rd, 2007 1:10 PM Author: Transparent harsh affirmative action That's true... but its still pretty significant. Certainly enough to support yourself for a few years if you are trying to make a career transition (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473044) |
|
Date: January 23rd, 2007 1:53 PM Author: Titillating gaping ha. it's enough to retire on confortably without ever drawing down the principal. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473200) |
|
Date: January 23rd, 2007 3:40 PM Author: Trip Keepsake Machete Factory Reset Button if you're willing to live in a third world country (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473724) |
|
Date: January 23rd, 2007 4:13 PM Author: clear electric private investor rigpig or brooklyn (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473876) |
|
Date: January 25th, 2007 1:11 AM Author: razzmatazz new version In what world? Buying a studio anywhere decent in NYC costs $500k. Unless you wanna live in Brigthon Beach in which case you can get a 1bdrm. If you wanna live in the city, $1m for a 1bdrm/2bth worth living in is cheap. How do people afford to live these days? Work here for a couple years, then move to the Poconos? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481668) |
|
Date: January 26th, 2007 2:11 PM Author: Alcoholic Cruise Ship The interest on a million dollars, at 5%, would be $50,000/year. Median income in this country is around $45,000/year. You could easily retire on the interest if you accepted a moderate standard of living, and you could even live on less and let your principle keep growing. NYC wouldn't be your best bet, but you could even live there if you rented.
Or you could work part-time doing whatever you want, and still maintain a standard of living that is well above average.
Plus, at upper-level associate rates it would only take you a few more years (along with compounding interest) to double up. And if your SO was making money the whole time you were, you'd be even wealthier. |
|
Date: January 29th, 2007 11:28 AM Author: Iridescent misunderstood market you could put it all in municipals and get 43k tax free without much additional risk. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7505261) |
|
Date: January 25th, 2007 5:29 AM Author: concupiscible sex offender LOL, I love how delusional some of you are. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7482196) |
|
Date: January 23rd, 2007 9:18 AM Author: concupiscible sex offender This is rather incredible. To be 25 years old and making near $200,000 is not bad at all.
Maybe I should consider law again... |
|
Date: January 23rd, 2007 11:57 AM Author: Dun fighting friendly grandma no. don't. it's really not worth it. you know those people who tell you that "money can't buy happiness"? they're right. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7472711) |
|
Date: January 23rd, 2007 4:54 PM Author: Vigorous bossy love of her life But money does lead to a better sex life. If a better sex life brings happiness, then money may lead to happiness.
http://blogs.wsj.com/wealth/2007/01/23/the-rich-libido |
|
Date: January 23rd, 2007 6:41 PM Author: jade hot giraffe stage Too bad a report a few months ago found that iBankers and lawyers have awful sex lives. It was ain a feature on "Extreme" jobs. Being actually *wealthy* might get you better sex though. Salaries are not wealth.
"Ian Kerner, a New York-based sex therapist, says the study sheds new light on the links between money and sex. One reason that wealth would equate to better sex, he says, is that money helps alleviate many of the daily stresses that can inhibit a couple’s sex life.
“I see in my practice that financial stress can have huge impacts on the libido and can cause general dissatisfaction,” he says. “When you strip away those elements of financial hardship and stress, that can make for better sex. This shows that sex and money are very intertwined.”
|
|
Date: January 25th, 2007 2:22 PM Author: Laughsome fishy site stock car this is a really good point. i often think of this as i try to figure out why i believe i would be happier with money. because the daily stresses would melt away. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7483884) |
|
Date: January 23rd, 2007 7:20 PM Author: Hyperactive Water Buffalo Sanctuary Aren't you the one pulling like a 2.0? I don't think you'll have to worry about that 200k dood. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474699) |
|
Date: January 24th, 2007 8:21 AM Author: Excitant gay wizard turdskin It's NY money. 200K in NY is like 90K in Atlanta. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477508) |
|
Date: January 24th, 2007 9:55 AM Author: Elite scourge upon the earth thats retarded jinx. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477632) |
|
Date: January 23rd, 2007 1:05 PM Author: supple orchid address cumskin GTO, you ought to do a base pay chart so we know who's first-tier and who's second place. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7473022) |
|
Date: January 23rd, 2007 2:24 PM Author: Light yapping roast beef he has a base pay chart on that "beta beta beta" law firm website he has been touting.
Relevant thread: http://www.xoxohth.com/thread.php?thread_id=568309 Chart: http://www.autoadmit.com/lawfirms/compensation/nysalary07jun.html |
|
Date: January 23rd, 2007 5:51 PM Author: supple orchid address cumskin TY (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474316) |
|
Date: January 24th, 2007 11:33 AM Author: Alcoholic Cruise Ship "LawFirmDiscussion.com?" Really? That seems a little uncreative. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477887) |
|
Date: January 24th, 2007 3:42 PM Author: Awkward rigor Better idea for a name? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7479088) |
|
Date: January 26th, 2007 2:17 PM Author: Alcoholic Cruise Ship Anything that doesn't look like a blatant attempt to leech off LSD's goodwill would be better. "Law Firm Information" or something. Anything but "Discussion" or "Jive." (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7489401) |
|
Date: January 24th, 2007 8:57 AM Author: Awkward rigor http://www.autoadmit.com/salary/ (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477551) |
|
Date: January 24th, 2007 9:46 AM Author: frisky university codepig Interesting ... why do wilmerhale, gibson, jones day, a&p, hogan, ropes have so many unknowns? Do associates at those firms not leak their memos? Maybe raises are communicated in person or by paper memo? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477619) |
|
Date: January 24th, 2007 10:14 AM Author: Stirring International Law Enforcement Agency law.com article yesterday said GDC in NYC bonus for first years was $35k (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477656) |
|
Date: January 24th, 2007 11:34 AM Author: Awkward rigor The info wasn't on Greedy. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477895) |
|
Date: January 23rd, 2007 7:21 PM Author: Hyperactive Water Buffalo Sanctuary Anyone know the timeframe for announcing raises for summers? (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7474705) |
|
Date: January 24th, 2007 1:06 AM Author: Nudist green place of business If anyone happens to be curious, a Schulte partner told me they would be matching at our reception tonight. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7476603) |
|
Date: January 24th, 2007 1:15 AM Author: Mustard boiling water HEADLINE: "Schulte matches Simpson...Circa 1975. New Disco outfits for all!" (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7476652) |
|
Date: January 24th, 2007 8:19 AM Author: Excitant gay wizard turdskin (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7477507) |
|
Date: January 24th, 2007 3:25 PM Author: offensive spruce public bath main people Fried Frank NY matched. Got word from someone on the inside. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7478987) |
|
Date: January 24th, 2007 4:18 PM Author: Cordovan Goal In Life If these pay raises are intended to keep midlevels from fleeing, it's hard to see how they can be taken as wise.
These firms would have been way better off if they had left starting at $145K and then provided a big bump around year 3 or 4. |
|
Date: January 24th, 2007 5:04 PM Author: Iridescent misunderstood market yea, that would have been great! Nothing improves the morale of your soon to be mid-levels like giving everybody else a raise (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7479529) |
|
Date: January 24th, 2007 8:10 PM Author: Cordovan Goal In Life It would, you know, be an incentive to stay around. HTH. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7480234) |
|
Date: January 24th, 2007 11:57 PM Author: Iridescent misunderstood market doesnt work that way, you moron. If you want more people to get to the 4th year you dont screw them by giving everyone else a raise but them. That doesn't make any fucking sense (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7481317) |
|
Date: January 25th, 2007 9:27 AM Author: Stimulating idea he suggested dude, what the hell are you talking about? reread his post, he's saying leave everyone ELSE's alone and bump the 3-4th years (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7482415) |
|
Date: January 25th, 2007 11:37 AM Author: Titillating gaping ty, i felt like i was in crazy land (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7482949) |
|
Date: January 25th, 2007 4:58 PM Author: Iridescent misunderstood market because it doesn't fucking help you retain seniors if you are paying 3rd and 4ths just as much and it doesnt fucking help you retain juniors if they dont get a raise. What is so fucking hard to understand about this? You have to retain juniors for them to become mid-levels and seniors (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7484695) |
|
Date: January 27th, 2007 3:53 AM Author: citrine roommate orchestra pit wow... you need to go back and try and understand again. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7494400) |
|
Date: January 27th, 2007 3:04 PM Author: Frum arousing son of senegal marty has a point (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7495655) |
|
Date: January 28th, 2007 8:03 PM Author: Iridescent misunderstood market you need to understand that in order to get more people to senior level you have to keep them from leaving after year 1, 2, 3, and so on. Just boosting the salary for year 5 and higher does about as much for junior morale as an increase in PPP. Also, it's a slap in the face to give higher levels a raise and not lower ones. This is not a corporation. This is a law firm. In a law firm there is an expectation that associates will be treated equally. I know this fucks up your dumb argument but you'll have to trust me on this one until you actually work at a large firm. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7502274) |
|
Date: January 29th, 2007 2:37 AM Author: Titillating gaping if your problem is that years 4-5 are leaving more rapidly than you'd like, it makes a lot of sense to my mind to increase their weekly paycheck. if junior associates and senior associates aren't leaving more rapidly than you'd like, it makes a lot of sense to my mind not to increase their weekly paycheck.
perhaps you have a point that all associates want to get a raise at once, but i'm not convinced. besides, all associates *don't* get treated equally -- senior associates are practically partners in terms of their authority over junior associates. |
|
Date: January 29th, 2007 11:31 AM Author: Iridescent misunderstood market dude if you don't think that junior associates would be in revolt if seniors got a raise and they didn't you are delusional and have never worked at a firm. Associates expect to be treated equally with respect to raises, period. and the problem isn't that firms are losing too many people between year 4 and year 5. They are losing too many people at every level (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7505273) |
|
Date: February 4th, 2007 11:59 PM Author: Titillating gaping this is an entirely different argument, and i agree (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7546074) |
|
Date: January 24th, 2007 5:55 PM Author: rusted cracking personal credit line rehab Word on Greedy is Skadden match in all classes. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7479782) |
|
Date: January 26th, 2007 2:23 PM Author: Alcoholic Cruise Ship Skadden's merely matching? If they continue to pay below-market bonuses their associates will get screwed.
Maybe they've given up on pretending to be generous by paying above-market salaries and below-market bonuses, and they'll just match like other firms do? |
|
Date: January 29th, 2007 9:54 AM Author: rusted cracking personal credit line rehab WTF are you talking about? Skadden has always paid market total compensation. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7504934) |
|
Date: January 24th, 2007 6:22 PM Author: Flickering tattoo MoFo NY matched:
http://www.infirmation.com/bboard/clubs-fetch-msg.tcl?msg_id=0036GM |
|
Date: January 25th, 2007 10:15 AM Author: Startled sound barrier locale White & Cases matched (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7482574) |
|
Date: January 26th, 2007 3:43 PM Author: hairraiser heaven Stroooooooooooooooooooooooooooooooooock matched. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7490095) |
|
Date: January 26th, 2007 3:46 PM Author: exciting masturbator surely this is a sign of the apocalypse.
http://www.abovethelaw.com/2007/01/attention_boy_associates_heres_1.php#comments |
|
Date: January 29th, 2007 3:48 PM Author: dark corner coldplay fan Subject: LeBoeuf matches ($160k) in NYC and DC offices. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7506548) |
|
Date: January 30th, 2007 12:47 PM Author: chrome low-t hominid Subject: Covington From Law.com: Washington-based Covington & Burling also announced Monday it was raising its salary for first-year associates to $145,000 in the District (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7511991) |
|
Date: January 30th, 2007 5:20 PM Author: Costumed aromatic lay Subject: Troutman Sanders raises! 15K for all associate classes, effective Feb 1st! (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7513548) |
|
Date: February 2nd, 2007 12:35 PM Author: Elite scourge upon the earth latham matches.
145 non NY |
|
Date: February 6th, 2007 7:22 PM Author: exhilarant whorehouse clown Subject: k&l gates k&l gates NY matched today. (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7556276) |
|
Date: February 8th, 2007 9:59 PM Author: Mauve Den Mental Disorder bump (http://www.autoadmit.com/thread.php?thread_id=568075&forum_id=2#7570065) |