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TTT SIMPSON MATCHES CRAVATTTH BONUSES - KILLS MARKET!
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Date: November 24th, 2008 5:01 PM Author: beta crimson piazza Thanks Bush for the half bonuses everywhere! Who would have thought we would be looking fondly at Skadden as market leader?
ATL scooped again. |
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Date: November 24th, 2008 5:04 PM Author: Abusive antidepressant drug parlour i don't see it on atl (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418776) |
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Date: November 24th, 2008 5:05 PM Author: beta crimson piazza that's cause I pwned ATL once again. wait for it. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418781) |
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Date: November 24th, 2008 5:27 PM Author: Abusive antidepressant drug parlour there it is - impressive (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418858) |
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Date: November 24th, 2008 5:05 PM Author: Flickering Kitty Cat source? (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418784) |
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Date: November 24th, 2008 5:06 PM Author: beta crimson piazza bonus announcement. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418787) |
Date: November 24th, 2008 5:18 PM Author: magenta soul-stirring giraffe pozpig Not surprising, Simpsons TTT practice has been foundering in this economic climate. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418837) |
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Date: November 24th, 2008 5:20 PM Author: Mustard scourge upon the earth If the market is half-bonuses, does this make Skadden decadent or shrewd? (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418842) |
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Date: November 24th, 2008 5:21 PM Author: beta crimson piazza Decadent definitely. Probably not shrewd. They are probably kicking themselves for not offering half bonuses too. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418844) |
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Date: November 24th, 2008 5:23 PM Author: aphrodisiac poppy location useless brakes The funny thing is they just did what everybody was expecting the market to do. I mean, that was the whole point of the retarded special bonus concept last year. I guess they just didn't expect Cravath of all firms to go totally lowball. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418848) |
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Date: November 24th, 2008 5:22 PM Author: magenta soul-stirring giraffe pozpig at this point, decadent. if s&c, dpw, cleary, weil et al match skadden, and bonus structures such as kirklands are emphasized, then its shrewd. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418845) |
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Date: November 24th, 2008 5:27 PM Author: adventurous underhanded university I dont think any of those will match Skadden (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418860) |
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Date: November 24th, 2008 5:28 PM Author: magenta soul-stirring giraffe pozpig nor do i, but if they do it would change things. some firms have been putting out 'we've been kicking ass in this economy' memos, which seem incongruent with heavily slashing bonuses, but i imagine it still will go down like this anyway. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418868) |
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Date: November 24th, 2008 5:28 PM Author: Mustard scourge upon the earth Is Simpson lockstep with no minimums? (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418869) |
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Date: November 24th, 2008 5:45 PM Author: beta crimson piazza yes. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418930) |
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Date: November 24th, 2008 6:29 PM Author: Mustard scourge upon the earth So it still might shake out that firms with minimum billables will pay 2007 market, while lockstep firms will pay half. Tough year to be a workhorse at a lockstep firm. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419096) |
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Date: November 24th, 2008 6:35 PM Author: beta crimson piazza I seriously doubt that. Most minimum billable firms are not New York firms and generally get dragged kicking and screaming to match NY compensation. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419109) |
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Date: November 24th, 2008 5:22 PM Author: Flickering Kitty Cat it makes Skadden look short-sighted and like the market follower they traditionally have been. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418847) |
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Date: November 24th, 2008 5:29 PM Author: Gold windowlicker Back when I was in school, Skadden was the only one at a $140k salary while the other firms were at $125k (but then they just lowballed on bonuses). (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418873) |
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Date: November 24th, 2008 5:26 PM Author: internet-worthy institution prole wow, working in NYC is for suckers. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418854) |
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Date: November 24th, 2008 5:32 PM Author: adventurous underhanded university srlys...on top of this I've lost half of my 401k. Its not worth it. Secondary market here I come. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418882) |
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Date: November 24th, 2008 5:57 PM Author: jet cocky jew faggot firefighter Aren't many of the high-paying secondary markets in trouble? They may pay close to NYC salaries but the firms in secondary markets bill at much lower rates than NYC firms. These associates are generating far less profit for their firm than NYC associates, which would put them on the chopping block should the firm start layoffs. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418961) |
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Date: November 24th, 2008 6:15 PM Author: Fantasy-prone old irish cottage But corporations are now going to send more work to these cheaper firms. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419041) |
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Date: November 24th, 2008 5:45 PM Author: beta crimson piazza In the meantime the "prestigious foreign language" thread and the "girlfriend dumped me" threads have 130+ posts. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418928) |
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Date: November 24th, 2008 5:59 PM Author: Mahogany laughsome main people srsly. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418969) |
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Date: November 24th, 2008 5:56 PM Author: Aqua property Let's wait and see what the other firms do. Simpson rushed to match cravath because it's a TTT firm that's leveraged 4:1 (thus having to pay 33% more bonus than its peers all things equal) and lost major clients this year.
S&C/DPW, otoh, have been going gangbusters in the crisis and hopefully will take this opportunity to separate themselves from the chumps. |
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Date: November 24th, 2008 6:02 PM Author: harsh jet-lagged rehab dont kid yourself. DPW is the same firm that tried to pay no bonus last recession.
cravath is screwed every associate in ny (and rest of the country, who will get pennies). |
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Date: November 24th, 2008 6:09 PM Author: Iridescent Mentally Impaired Locale Philosopher-king Yes. That toilet Cravattth screwed us all. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419012) |
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Date: November 24th, 2008 6:11 PM Author: Aqua property the associate comp landscape is so completely different from 2002 that it's not worth discussing. regardless, it stands that a) that year, DPW eventually matched, b) this year, skadden has already set a precedent, and c) DPW had an absolutely capital year in 2008 (http://abovethelaw.com/2008/09/davis_polk_making_bank.php#more). it's far from certain that DPW will match skadden, but the fact that cash-strapped TTTs like cravath and simpson low-balled doesn't foreclose the possibility. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419021) |
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Date: November 24th, 2008 6:35 PM Author: harsh jet-lagged rehab dpw has never been a market leader. it doesn't matter if they had a great year. lots of firms are having great years. the point is that cravath has now given any firm to use the economy to given a lower bonus. and every firmw ill now fall in line -- it's over. skadden can be seen as be seen as an outlier, just like wachtell is an outlier.
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Date: November 24th, 2008 6:40 PM Author: Aqua property stop being annoying, all i said is wait and see (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419132) |
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Date: November 24th, 2008 7:00 PM Author: harsh jet-lagged rehab sorry if reality is annoying to you.
i'd be happy if i am proven wrong. |
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Date: December 1st, 2008 12:31 PM Author: harsh jet-lagged rehab lol, so much for DPW having a "capital year" and paying half-skadden bonuses. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10444400) |
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Date: November 24th, 2008 5:58 PM Author: lavender razzle-dazzle stead are they actually slow on work? don't they have the gov't contract? they were the best bet to match skadden. the only other firm maybe Weill with their bankruptcy practice. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418964) |
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Date: November 24th, 2008 5:59 PM Author: magenta soul-stirring giraffe pozpig they are getting paid next to nothing on the government contract. they also did a lot of work for lehman. they have been ttt this year, were not a good bet to match skadden. this is an aggressive move to set market to discourage peer firms from matching skadden. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10418971) |
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Date: November 24th, 2008 6:03 PM Author: harsh jet-lagged rehab every firm is slower but in a position to match skadden.
the point is if cravath didn't come in and shit all over it, then everyone would be all paying $35k. |
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Date: November 24th, 2008 6:22 PM Author: Gold windowlicker Basically, the more a firm's PPP grew over the last three or four years, the more that firm is taking a hit this year. Securities and M&A and related matters have contributed to most if not all PPP growth.
(Except for some isolated cases like Quinn.) |
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Date: November 24th, 2008 6:14 PM Author: lavender razzle-dazzle stead who did this:
http://abovethelaw.com/2008/11/associate_bonus_watch_simpson_2.php#comment-844268
earl do you have a source at every major firm? |
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Date: November 24th, 2008 6:18 PM Author: harsh jet-lagged rehab um if you're a lawyer, you're likely to have friends at every major firm who will gchat you the second they get the bonus memo.
many people knew about skadden, cravath, and simpson before ATL. |
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Date: November 24th, 2008 8:03 PM Author: bright multi-billionaire water buffalo This sucks. My firm, a V30 and ttt in comparison to CSM and STP was set to pay the skadden bonus. They told us multiple times that they had budgeted for that bonus and was just waiting for the market to be set. Now, they'll most likely go to the CSM model. Thanks CSM. The only thing that may save us is the fact that we've got a billable-based bonus cut off. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10419353) |
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Date: November 24th, 2008 10:09 PM Author: beta crimson piazza like the crosses on mount calvary. (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10420182) |
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Date: November 25th, 2008 1:42 PM Author: violet idea he suggested personal credit line ttt (http://www.autoadmit.com/thread.php?thread_id=890351&forum_id=2#10422912) |