NYC to 200k

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Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 3:41 pm

Anonymous User wrote:
K&L Gates just had a 16% reduction in revenue


Oof. Literally how?

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 3:46 pm



Yeah the biggest question marks here are Latham and GDC, wtf are they doing.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 3:49 pm

Anonymous User wrote:


Yeah the biggest question marks here are Latham and GDC, wtf are they doing.


Think of all the Yale/Columbia 2Ls making bid lists right now. Does nobody think of the poor Yale/Columbia 2Ls?

Wacked Wombat

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Re: NYC to 200k

Postby Wacked Wombat » Fri Jun 15, 2018 3:55 pm

Anonymous User wrote:
Anonymous User wrote:


Yeah the biggest question marks here are Latham and GDC, wtf are they doing.


Think of all the Yale/Columbia 2Ls making bid lists right now. Does nobody think of the poor Yale/Columbia 2Ls?


Latham and GDC actually trying to help them out by providing conversation starters for post firm receptions.

toast and bananas

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Re: NYC to 200k

Postby toast and bananas » Fri Jun 15, 2018 4:03 pm

Anonymous User wrote:


Yeah the biggest question marks here are Latham and GDC, wtf are they doing.


Did ATL literally just steal an "article" idea from that poster a page back?

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:04 pm

Anonymous User wrote:
jd20132013 wrote:the DC firms are making themselves look pretty bad. didn't they do this last time?


Wilmer has to match now that Ropes and Goodwin did. Then DC will fall. Unless Hogan goes first.


They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:06 pm

toast and bananas wrote:
Anonymous User wrote:


Yeah the biggest question marks here are Latham and GDC, wtf are they doing.


Did ATL literally just steal an "article" idea from that poster a page back?


Stacey Zaretsky... doesn't update tracker when TLS requests but spends time stealing from TLS like we owe her something.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:06 pm

Surely these firms all know that they're going to have to match or look like assholes and find themselves at the bottom of T14 bidlists. Just bite the bullet already.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:07 pm

Anonymous User wrote:They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/


WH still took 4 days to match after Ropes though...

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:11 pm

All of the TLS Yale/Columbia 2Ls should email recruiting at the firms that haven’t announced yet, inform recruiting that they’re currently working on bid lists, and ask if the firms plan to match.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:12 pm

Freshfields matched with bonus

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:12 pm

Anonymous User wrote:
Anonymous User wrote:They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/


WH still took 4 days to match after Ropes though...


Didn't WH also wait to match until Hogan matched? They have more lawyers in DC than in Boston.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:18 pm

Anonymous User wrote:All of the TLS Yale/Columbia 2Ls should email recruiting at the firms that haven’t announced yet, inform recruiting that they’re currently working on bid lists, and ask if the firms plan to match.


be sure to cc the hiring partner too

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:20 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/


WH still took 4 days to match after Ropes though...


Didn't WH also wait to match until Hogan matched? They have more lawyers in DC than in Boston.


Hogan matched the same day that Ropes did, and a few days before Goodwin. Wilmer's website shows 347 in DC, 304 in Boston, and 193 in NY. But would not be surprised if they wait until next week.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:21 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/


WH still took 4 days to match after Ropes though...


Didn't WH also wait to match until Hogan matched? They have more lawyers in DC than in Boston.


Yes, but Hogan went before Ropes and Goodwin last time, so Wilmer didn't feel the need to match quite yet

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:25 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:They're all going to match but other than Wilmer, the others aren't going to come close to matching until Latham also matches.

After Cov did its attempt at holding DC salaries down last year, it took another week before Hogan went to 180 and that was after quite a few other people had matched, and after Latham

https://abovethelaw.com/2016/06/salary-wars-scorecard-which-firms-have-announced-raises/


WH still took 4 days to match after Ropes though...


Didn't WH also wait to match until Hogan matched? They have more lawyers in DC than in Boston.


Yes, but Hogan went before Ropes and Goodwin last time, so Wilmer didn't feel the need to match quite yet


Come on Hogan! What are you waiting for???? We got mouths to feed!

owlofminerva

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Re: NYC to 200k

Postby owlofminerva » Fri Jun 15, 2018 4:34 pm


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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:36 pm

owlofminerva wrote:https://www.law.com/americanlawyer/2018/06/14/midsize-boutiques-acted-quickly-to-keep-up-on-associate-comp-405-17466/?kw=These%20Boutiques%20Aren%27t%20Hesitating%20to%20Match%20Milbank%20on%20Associate%20Pay&et=editorial&bu=The%20American%20Lawyer&cn=20180615&src=EMC-Email&pt=Afternoon%20Update

Interesting


Summary for those who can't get beyond the paywall?

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:40 pm

Anonymous User wrote:
Come on Hogan! What are you waiting for???? We got mouths to feed!


In 2016 Cravath went to 180 on a Monday, and Hogan was the first DC firm to match, the following Monday.

This year Cravath was also on a Monday. No reason to think Hogan will act before Monday. If anything, things seem a bit slower this time around because partners nationwide hadn't been planning on this raise for years.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:40 pm

.
Last edited by Anonymous User on Fri Jun 15, 2018 4:43 pm, edited 1 time in total.

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:41 pm

Anonymous User wrote:Come on Hogan! What are you waiting for???? We got mouths to feed!


It's a much harder decision for Hogan. Their PPP is relatively low at $1.3 mil and they are leveraged at 3.83. If you assume $35k (c/o 2014 raise + summer bonus) is the average cost to raise per associate that's $134k per partner. That amounts to a 10% cut off the top for each partner. Given that PPP only grew by 2.4% in 2017, Hogan partners are probably looking for any reason not to go for the raise.

Sources:
https://www.law.com/nationallawjournal/2018/02/23/revenue-tops-2-billion-at-hogan-lovells-led-by-corporate-practice/
https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-profitability-index/

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:44 pm

Anonymous User wrote:
Anonymous User wrote:Come on Hogan! What are you waiting for???? We got mouths to feed!


It's a much harder decision for Hogan. Their PPP is relatively low at $1.3 mil and they are leveraged at 3.83. If you assume $35k (c/o 2014 raise + summer bonus) is the average cost to raise per associate that's $134k per partner. That amounts to a 10% cut off the top for each partner. Given that PPP only grew by 2.4% in 2017, Hogan partners are probably looking for any reason not to go for the raise.

Sources:
https://www.law.com/nationallawjournal/2018/02/23/revenue-tops-2-billion-at-hogan-lovells-led-by-corporate-practice/
https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-profitability-index/


That's not the whole story. Hogan is a verein, and its PPP includes it numerous international offices, which are less profitable and carry substantial overhead. The US partnership's PPP is much higher than the firm-wide PPP reported in AmLaw. ...this Kool-Aid is quite tasty...

Anonymous User
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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:46 pm

Anonymous User wrote:
Anonymous User wrote:Come on Hogan! What are you waiting for???? We got mouths to feed!


It's a much harder decision for Hogan. Their PPP is relatively low at $1.3 mil and they are leveraged at 3.83. If you assume $35k (c/o 2014 raise + summer bonus) is the average cost to raise per associate that's $134k per partner. That amounts to a 10% cut off the top for each partner. Given that PPP only grew by 2.4% in 2017, Hogan partners are probably looking for any reason not to go for the raise.

Sources:
https://www.law.com/nationallawjournal/2018/02/23/revenue-tops-2-billion-at-hogan-lovells-led-by-corporate-practice/
https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-profitability-index/


Is that because of their regulatory practice or because they have offices in ridiculous places like Colorado Springs and Rio? (or some combination maybe?)

Either way, probably still not an excuse to pay less than Wilmer and Covington, if/when those match. At the very least they could raise for DC/NY/LA

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:48 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Come on Hogan! What are you waiting for???? We got mouths to feed!


It's a much harder decision for Hogan. Their PPP is relatively low at $1.3 mil and they are leveraged at 3.83. If you assume $35k (c/o 2014 raise + summer bonus) is the average cost to raise per associate that's $134k per partner. That amounts to a 10% cut off the top for each partner. Given that PPP only grew by 2.4% in 2017, Hogan partners are probably looking for any reason not to go for the raise.

Sources:
https://www.law.com/nationallawjournal/2018/02/23/revenue-tops-2-billion-at-hogan-lovells-led-by-corporate-practice/
https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-profitability-index/


That's not the whole story. Hogan is a verein, and its PPP includes it numerous international offices, which are less profitable and carry substantial overhead. The US partnership's PPP is much higher than the firm-wide PPP reported in AmLaw. ...this Kool-Aid is quite tasty...


Fair point. Do you think the US partner comp is closer to the $2 mil mark? That's still a 6.7% hit (assumptions get wonky with the foreign offices though, so probably a little lower than that even). A bit more palatable though.

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Re: NYC to 200k

Postby Anonymous User » Fri Jun 15, 2018 4:50 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Come on Hogan! What are you waiting for???? We got mouths to feed!


It's a much harder decision for Hogan. Their PPP is relatively low at $1.3 mil and they are leveraged at 3.83. If you assume $35k (c/o 2014 raise + summer bonus) is the average cost to raise per associate that's $134k per partner. That amounts to a 10% cut off the top for each partner. Given that PPP only grew by 2.4% in 2017, Hogan partners are probably looking for any reason not to go for the raise.

Sources:
https://www.law.com/nationallawjournal/2018/02/23/revenue-tops-2-billion-at-hogan-lovells-led-by-corporate-practice/
https://www.law.com/americanlawyer/2018/04/24/the-2018-am-law-100-profitability-index/


That's not the whole story. Hogan is a verein, and its PPP includes it numerous international offices, which are less profitable and carry substantial overhead. The US partnership's PPP is much higher than the firm-wide PPP reported in AmLaw. ...this Kool-Aid is quite tasty...


Fair point. Do you think the US partner comp is closer to the $2 mil mark? That's still a 6.7% hit (assumptions get wonky with the foreign offices though, so probably a little lower than that even). A bit more palatable though.


Maybe just assume it's comparable to Covington down the street. Both are the DC powerhouses; they compete for talent; and if one matches there's zero chance the other doesn't.



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