NYC to 200k Forum

[Anonymous User]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Most law firms have cash flow issues this time of year. Maybe issues isnt the right word, but cash flows tend to be low this time of year. Clients disproportionally pay their bills toward the end of the year.

[Anonymous User]

What is Shearman waiting for? They usually don't take this long to match...

[Anonymous User]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Milbank has earned immunity from mockery much stronger than this.

[LaLiLuLeLo]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Most law firms have cash flow issues this time of year. Maybe issues isnt the right word, but cash flows tend to be low this time of year. Clients disproportionally pay their bills toward the end of the year.

None of the other big players are paying that late. Milbank tried to swing its big dick, but this is a small dick move.

[smokeylarue]

As far as I'm concerned, Milbank is V10 now. Forever a legendary firm.

[Anonymous User]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Most law firms have cash flow issues this time of year. Maybe issues isnt the right word, but cash flows tend to be low this time of year. Clients disproportionally pay their bills toward the end of the year.

None of the other big players are paying that late. Milbank tried to swing its big dick, but this is a small dick move.

Does Milbank pay bimonthly or monthly? I'm guessing for some HR departments it's too late to get this on the June payroll, and if the next payday isn't until late July this totally makes sense. Gives them an extra couple days afterward in case they have to disburse paper checks.

[Anonymous User]

Lmao, july 31. Does milbank have cash flow problems?

Milbank has earned immunity from mockery much stronger than this.

I agree - cut all the Milbank slander.

[NakedPowerOrgan]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Milbank has earned immunity from mockery much stronger than this.

Mocking our Holy Benefactor, Milbank, should be considered blasphemy in this thread. Blessed be Milbank's name. Let us give thanks to the Milbank, for inspiring hope and, for so many of us, shaming our employers into digging into their gold mines to pull out a small portion of their riches and cast amongst the filthy, huddled* masses of associates.

* especially at DPW, where it's minimum four associates per office, who each have to rat out any officemate who tries to work from home

[Anonymous User]

Milbank matched Cravath w/bonus.

Care to show/type the memo? Curious how they phrased it.

We are also delighted to confirm payment of summer bonuses on or before July 31, 2018.

Lmao, july 31. Does milbank have cash flow problems?

Most law firms have cash flow issues this time of year. Maybe issues isnt the right word, but cash flows tend to be low this time of year. Clients disproportionally pay their bills toward the end of the year.

None of the other big players are paying that late. Milbank tried to swing its big dick, but this is a small dick move.

Does Milbank pay bimonthly or monthly? I'm guessing for some HR departments it's too late to get this on the June payroll, and if the next payday isn't until late July this totally makes sense. Gives them an extra couple days afterward in case they have to disburse paper checks.

Bi-monthly. Definitely too late to swing for end of June paycheck. Makes no sense why they couldn't do it for first July paycheck (July 13).

[Anonymous User]

Bi-monthly. Definitely too late to swing for end of June paycheck. Makes no sense why they couldn't do it for first July paycheck (July 13).

Yeah that seems like a cash flow problem then. My firm pays monthly (and hasn't matched yet, though I'm sure they will) so I'm not expecting anything until late July.

[Anonymous User]

https://www.law.com/americanlawyer/2018 ... ing%20News

Reed Smith, Citing 'Interests of Clients,' Won't Increase Associate Salaries
While the firm is keeping its options open, the head of legal personnel said it has decided to hold salaries steady for now.
By Krishnan Nair | June 19, 2018 at 01:16 PM
Photo: Diego M. Radzinschi/ALM
Reed Smith has opted not to increase associate pay in any of its global offices, despite a host of U.S. firms confirming salary hikes in response to moves by Milbank Tweed Hadley & McCloy and Cravath, Swaine & Moore.
Reed Smith partner and global head of legal personnel, Casey Ryan, confirmed in a statement that, while the firm will continue to monitor the market, it “has no current plans to increase associate starting salaries in any location.”

Ryan said in her statement that the decision was based on “the interests of clients.”
Reed Smith’s announcement comes as Kirkland & Ellis confirmed it would match Cravath’s pay scale in the U.K. as well as the United States, while Quinn Emanuel Urquhart & Sullivan matched the raises in the United States but opted for a smaller rise in the U.K.

Cravath, which normally kickstarts the associate salary race in the United States, last week topped rates set earlier in June by first-mover Milbank by matching its junior associate pay, but bettering Milbank’s rates for mid-level and more senior associates by $5,000-$10,000.

Other firms to have matched Cravath’s pay scale include Clifford Chance, Cleary Gottlieb Steen & Hamilton, Kirkland, Ropes & Gray, Skadden Arps Slate Meagher & Flom, Willkie Farr & Gallagher, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison and Sullivan & Cromwell.
Meanwhile, freshfields bruckhaus deringer confirmed on Monday that it would match Milbank’s rates across its U.S. offices.

Reed Smith’s decision to freeze salary rates at last year’s level—but not halt associates’ progression—follows its recent efforts to broaden opportunities for its associates. These include introducing a new app-based feedback process, as well as opportunities to temporarily work in different offices around the globe.

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

[LaLiLuLeLo]

Reed Smith’s decision to freeze salary rates at last year’s level—but not halt associates’ progression—follows its recent efforts to broaden opportunities for its associates.

Reed Smith partners generously allowing their associates the opportunity to be a poor

[LaLiLuLeLo]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

Yeah no way Sheppard matches. They couldn't afford the last round.

Uh their revenue went up 10.5% last year and their PPP went up 14.5% last year. How does that equate to not being able to afford salary raises?

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

^This. I had an offer from Reed Smith in a major market office but turned them down in part because their compensation is TTT.

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

^This. I had an offer from Reed Smith in a major market office but turned them down in part because their compensation is TTT.

\

hes not talking about reed smith

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

^This. I had an offer from Reed Smith in a major market office but turned them down in part because their compensation is TTT.

\

hes not talking about reed smith

Doesn't matter. Let's just acknowledge that Reed SmiTTTh is LOL

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

Huh. I thought they did pay market. Second part sucks if true.

[Anonymous User]

California firms need to get going. OMM, Orrick, Fenwick, MoFo, Sheppard Mullin. C’mon guys.

LOLZ at them matching or included in this group.

MoFo's PPP was 1.736m.
Orrick's was 1.863m
Fenwick's was 1.513m

Sheppard Mullin's was $1.71m

So enlighten me as to why they wouldn't be on this list.

Bc they already don’t pay market and they don’t let you progress class years if you don’t hit hours. TTT moves by a TTT firm.

Huh. I thought they did pay market. Second part sucks if true.

[Anonymous User]

If Reed Smith is going to cite client interests as the reason to lag behind other firms in associate salaries, they should comment on billing rates. I suspect that rates have gone up significantly more than associate compensation over the last decade.

Reed Smith is likely in for a poor recruiting season and laterals from associates who can move to firms that pay more for the same work.

[Anonymous User]

Have never heard of anyone at Sheppard or MoFo getting held back a class year. Can someone confirm thats even true?

[nealric]

Reed Smith, Citing 'Interests of Clients,' Won't Increase Associate Salaries

I bet they think long and hard about client interests before setting partner comp too

[Anonymous User]

Reed Smith, Citing 'Interests of Clients,' Won't Increase Associate Salaries

I bet they think long and hard about client interests before setting partner comp too

Exactly. Reed Smith associates everywhere are returning the Bugattis they bought prematurely.

[NakedPowerOrgan]

Wall of Shame for Firms Yet to Announce:

• Fried Frank
  1. Latham ($3.25MM PPP, 24.8% L5Y PPP growth, 3.0 EP:Assoc. leverage)
  2. Paul Hastings ($2.91MM PPP, 28.4% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  3. Akin Gump ($2.39MM PPP, 35.5% L5Y PPP growth, 2.0 EP:Assoc. leverage)
  4. King & Spalding ($2.61MM PPP, 23.8% L5Y PPP growth, 2.1 EP:Assoc. leverage)
  Vinson & Elkins
  5. Shearman & Sterling ($2.32MM PPP, 34.4% L5Y PPP growth, 2.2 EP:Assoc. leverage)
  6. Gibson Dunn ($3.24MM PPP, 13.3% L5Y PPP growth, 2.4 EP:Assoc. leverage)
  6. Dechert ($2.68MM PPP, 21.7% L5Y PPP growth, 2.7 EP:Assoc. leverage)
  8. Wilmer ($2.12MM PPP, 31.0% L5Y PPP growth, 2.2 EP:Assoc. leverage)
  9. Schulte ($2.56MM PPP, 17.7% L5Y PPP growth, 2.6 EP:Assoc. leverage)
  Cooley
  10. Kramer Levin ($2.15MM PPP, 22.2% L5Y PPP growth, 2.8 EP:Assoc. leverage)
  10. Baker Botts ($1.84MM PPP, 26.0% L5Y PPP growth, 1.9 EP:Assoc. leverage)
  12. Alston & Bird ($1.93MM PPP, 11.0% L5Y PPP growth, 1.2 EP:Assoc. leverage)
  13. Sheppard Mullin ($1.71MM PPP, 26.0% L5Y PPP growth, 2.4 EP:Assoc. leverage)
  14. McDermott ($1.71MM PPP, 14.8% L5Y PPP growth, 1.4 EP:Assoc. leverage)

Latham, et al.: https://i.imgur.com/Cx3PZzT.jpg