NYC to 200k

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nealric

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Re: NYC to 200k

Postby nealric » Sun Jun 03, 2018 11:25 am

Wild Card wrote:
Fletch23 wrote:
Anonymous User wrote:
Anonymous User wrote:V10 firm here- can confirm we are bleeding mid-levels. 3 years in and more than 60% of my starting class has jumped ship (whether voluntarily or no).

What is the standard amount of attrition at a V10 after three years?


Historically, it is 50%. 80% by the conclusion of year five.


The deadliest cancers have better five-year survival rates. LJL.

I want to ask what percentage of departing associates do so voluntarily, but now that I've kept track of and spoken to many of the associates who've left my firm, I myself couldn't say.


I started in biglaw 8 years ago. There are 3 people from my class of ~25 left at my firm. However, the percentage still in biglaw but not at their original firm is quite a bit higher. I haven't kept up with all of them, but I'd say it's at least 30-40%.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 1:39 pm

Milbank just jumped to 190.

Not flame

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 1:43 pm

Anonymous User wrote:Milbank just jumped to 190.

Not flame

I can corroborate this. We just got a firm-wide email. Salary scale is now:

Classes 2018/2017 $190,000
Class 2016 $200,000
Class 2015 $220,000
Class 2014 $250,000
Class 2013 $275,000
Class 2012 $295,000
Class 2011 $315,000
Class 2010 $330,000

Summer associates are also getting bumped up. Everything is effective July 1st.

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smokeylarue

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Re: NYC to 200k

Postby smokeylarue » Mon Jun 04, 2018 1:52 pm

Holy shit

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 1:56 pm


OneTwoThreeFour

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Re: NYC to 200k

Postby OneTwoThreeFour » Mon Jun 04, 2018 2:05 pm

IT'S HAPPENING!

CRAVATH PLZ GO TO 200K, LET'S DO THIS.

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Re: NYC to 200k

Postby AmericanEagleee » Mon Jun 04, 2018 2:19 pm

Curious if this will be limited to NYC or spread to D.C./California/Texas.

Thoughts?

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:22 pm

AmericanEagleee wrote:Curious if this will be limited to NYC or spread to D.C./California/Texas.

Thoughts?

Milbank's email went out to multiple offices, including our DC and LA offices.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:24 pm

My v70 office (DC) literally just raised to 180 a few months ago. No way they bump it again. RIP

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:26 pm

Word on the street is Cravath to 215 ...

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Re: NYC to 200k

Postby OneTwoThreeFour » Mon Jun 04, 2018 2:26 pm

Anonymous User wrote:
AmericanEagleee wrote:Curious if this will be limited to NYC or spread to D.C./California/Texas.

Thoughts?

Milbank's email went out to multiple offices, including our DC and LA offices.


Good to hear. The haves will be able to raise to 190K globally, the have-nots will probably just do it for NY.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:27 pm

Anonymous User wrote:Word on the street is Cravath to 215 ...


Lol no way

I could see 200k happening though. And if my firm doesn't match I'm lateraling

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Cobretti

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Re: NYC to 200k

Postby Cobretti » Mon Jun 04, 2018 2:30 pm

Anonymous User wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


Lol no way

I could see 200k happening though. And if my firm doesn't match I'm lateraling

Will it into existence! none of this negative nonsense!

lawposeidon

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Re: NYC to 200k

Postby lawposeidon » Mon Jun 04, 2018 2:36 pm

Are PPP's up much this year? I read they were stagnant except at superelite firms.

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Re: NYC to 200k

Postby sparkytrainer » Mon Jun 04, 2018 2:37 pm

Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.

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Re: NYC to 200k

Postby lawposeidon » Mon Jun 04, 2018 2:40 pm

sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


I don't work in biglaw but it's INSANE that a firm with $4 to $6 million PPP pays Associates the same as a firm with $1 million PPP.

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Re: NYC to 200k

Postby OneTwoThreeFour » Mon Jun 04, 2018 2:40 pm

lawposeidon wrote:Are PPP's up much this year? I read they were stagnant except at superelite firms.


https://imgur.com/a/h8qCJfA

Milbank is "superelite" financially speaking.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:41 pm

AmericanEagleee wrote:Curious if this will be limited to NYC or spread to D.C./California/Texas.

Thoughts?


Big TX firms will absolutely match.

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Re: NYC to 200k

Postby sparkytrainer » Mon Jun 04, 2018 2:47 pm

lawposeidon wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


I don't work in biglaw but it's INSANE that a firm with $4 to $6 million PPP pays Associates the same as a firm with $1 million PPP.


I dont disagree, but associates at the firms with $1 m PPP work just as hard as the firms at the higher end.

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Re: NYC to 200k

Postby Anonymous User » Mon Jun 04, 2018 2:49 pm

sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


Forcing separation could be ideal though. It would be a stark advantage in recruiting and retaining talent vis-a-vis all the rest, and would help justify higher billing rates.

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Cobretti

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Re: NYC to 200k

Postby Cobretti » Mon Jun 04, 2018 2:50 pm

sparkytrainer wrote:
lawposeidon wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


I don't work in biglaw but it's INSANE that a firm with $4 to $6 million PPP pays Associates the same as a firm with $1 million PPP.


I dont disagree, but associates at the firms with $1 m PPP work just as hard as the firms at the higher end.

This is the most unamerican thing I've ever read on this forum.

lawposeidon

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Re: NYC to 200k

Postby lawposeidon » Mon Jun 04, 2018 2:51 pm

sparkytrainer wrote:
lawposeidon wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


I don't work in biglaw but it's INSANE that a firm with $4 to $6 million PPP pays Associates the same as a firm with $1 million PPP.


I dont disagree, but associates at the firms with $1 m PPP work just as hard as the firms at the higher end.


Yes but if the higher end firms are making more on that work, why give all the associated premium to the partners?

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Re: NYC to 200k

Postby plurilingue » Mon Jun 04, 2018 2:52 pm

Anonymous User wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


Forcing separation could be ideal though. It would be a stark advantage in recruiting and retaining talent vis-a-vis all the rest, and would help justify higher billing rates.


This was arguably one of the goals of the 2016 raise, and it was not accomplished because the entire market shifted.

I wouldn't be surprised to see a firm come up with $200k+ in order to really create a gap in perceived associate quality.

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Re: NYC to 200k

Postby sparkytrainer » Mon Jun 04, 2018 2:52 pm

Anonymous User wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


Forcing separation could be ideal though. It would be a stark advantage in recruiting and retaining talent vis-a-vis all the rest, and would help justify higher billing rates.


Oh I totally agree that it would be beneficial for those firms vis-a-vis their associates and future recruiting efforts to completely out-price the competition for associate salaries. So while I have zero inside information at Cravath, I can imagine a ball-busting move by Cravath or one of the like.

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Re: NYC to 200k

Postby PMan99 » Mon Jun 04, 2018 2:56 pm

Anonymous User wrote:
sparkytrainer wrote:
Anonymous User wrote:Word on the street is Cravath to 215 ...


I honestly think if Cravath moved to 215, maybe 10 firms match in total. I highly doubt the rest of the v100 will follow a move like that. A lot of the v30-100 took months to even match 180.


Forcing separation could be ideal though. It would be a stark advantage in recruiting and retaining talent vis-a-vis all the rest, and would help justify higher billing rates.


There’s no real incentive to do this, because Cravath still gets top students and can charge top rates even while paying associates the same as firms with much lower PPPs.

The firms with the most to gain are probably the Milbanks and Cahills of the world, but 10k probably isn’t enough to really cause separation from the lower ~V50. 10-15k does help a bit with retention, though, which is probably more what this move was about.



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