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Cravath just announced its bonus scale -- no change vs last year

http://abovethelaw.com/2017/11/associate-bonus-watch-cravath...
Irate Rebellious Striped Hyena
  11/27/17
(xo 2017)
Shimmering giraffe stag film
  11/27/17
...
Irate Rebellious Striped Hyena
  11/27/17
Who cares about biglaw bonuses when you can easily make $400...
Flickering Dingle Berry Plaza
  11/27/17
...
Contagious rough-skinned weed whacker
  11/27/17
...
Red Gaping
  11/27/17
This means a Cravath first-year will earn $195,000 and eight...
Flickering Dingle Berry Plaza
  11/27/17
It also means the bonus scale has stayed flat for three year...
Irate Rebellious Striped Hyena
  11/27/17
But there was also a pay raise in there.
tripping thriller spot
  11/27/17
I shudder at the thought of being an 8th year Cravath associ...
Poppy principal's office
  11/27/17
At least it only goes up that high. Lots of other firms with...
Insecure sound barrier sanctuary
  11/27/17
LOL more like permanent counsel track. Doesn't Cravath ma...
Poppy principal's office
  11/27/17
Yes, but they have the decency to push people out rather tha...
Milky Nowag
  11/27/17
A second-year at Cravath in 2006 made about ~$190k. The yea...
Irate Rebellious Striped Hyena
  11/27/17
really though, $415k for an 8th year associate at cravath is...
adventurous dun institution
  11/27/17
how many associates are actually left by year 8? doesn't cra...
Beady-eyed pink parlor
  11/27/17
Last year they named three.
Irate Rebellious Striped Hyena
  11/27/17
it varies year to year, but yeah it's in the single digits. ...
adventurous dun institution
  11/27/17
underpaid *and* a way of juicing the PPP; they're incredible...
Irate Rebellious Striped Hyena
  11/27/17
...
adventurous dun institution
  11/27/17
Ughhhhhyduufjcgzrstd c cuucucyzrs x
cream big fanboi piazza
  11/27/17
...
Irate Rebellious Striped Hyena
  11/27/17
...
Irate Rebellious Striped Hyena
  11/27/17
They also keep the ship sailing and supervise most associate...
puce ungodly university
  11/27/17
"The elite firms can continue raising rates to compensa...
Cracking arrogant set
  11/27/17
He probably means that price-demand is inelastic for elite l...
Irate Rebellious Striped Hyena
  11/27/17
But how do I become a bitcoin litigator?
Ocher spectacular people who are hurt
  11/27/17
What he’s really saying is “I’m a faggot who writes for Abov...
Flickering Dingle Berry Plaza
  11/27/17
lul cr
Beady-eyed pink parlor
  11/27/17
https://abovethelaw.com/wp-content/uploads/2013/12/2013_12_0...
Ocher spectacular people who are hurt
  11/27/17
jfc
Beady-eyed pink parlor
  11/27/17
...
Flickering Dingle Berry Plaza
  11/27/17
associates, tears in eyes, lighting the twin cauldron fire s...
Irate Rebellious Striped Hyena
  11/27/17
...
Beady-eyed pink parlor
  11/27/17
Pretty much. Have strong doubts they will come through, and ...
cream big fanboi piazza
  11/27/17
there's no incentive wrt competition within the V10; it woul...
Irate Rebellious Striped Hyena
  11/27/17
Cr but on the bright side a lot of people in the v10 REALLY ...
cream big fanboi piazza
  11/27/17
The klaxon bell firmly fixed on far wall, of your and ever...
Irate Rebellious Striped Hyena
  11/27/17
...
Beady-eyed pink parlor
  11/27/17
...
cream big fanboi piazza
  11/27/17
Let's see ... Cravath PPP reported in 2014: $3.29mm; Cr...
Irate Rebellious Striped Hyena
  11/27/17
But don't associates also get origination credit?
charismatic legal warrant
  11/27/17
Yes. 100% of all receivables generated in the nearest Flyin...
Irate Rebellious Striped Hyena
  11/27/17
it's even more jarring. you didnt compare apples to apples. ...
puce ungodly university
  11/27/17
Yep. I'm being conservative because even under the most con...
Irate Rebellious Striped Hyena
  11/27/17
to be fair...they also take all the risk, generate the work,...
curious salmon athletic conference chad
  11/27/17
Great poast exemplifying the mentality which has taken root ...
Irate Rebellious Striped Hyena
  11/27/17
good effort and shades of neumannmorgeneste may he live fore...
curious salmon athletic conference chad
  11/27/17
Didn't take effort; you're talking with a natural, bebe. I ...
Irate Rebellious Striped Hyena
  11/27/17
ahem, what risk does a cravath partner take?
puce ungodly university
  11/27/17
buy-in, not lateraling out for 8 years and risking getting c...
Insecure sound barrier sanctuary
  11/27/17
Uhhh, it’s called a limited liability partnership buddy
Shimmering giraffe stag film
  11/27/17
...
puce ungodly university
  11/27/17
eh, partners have more to lose than associates. i dont think...
curious salmon athletic conference chad
  11/27/17
as said above, it's called limited liability. if cravath goe...
puce ungodly university
  11/27/17
okay man if u are gonna argue that associates at law firms h...
curious salmon athletic conference chad
  11/27/17
you're missing the point. biglaw partners get paid $$$$$ rel...
puce ungodly university
  11/27/17
no, they get paid $$$$ because associates are fungible and (...
curious salmon athletic conference chad
  11/27/17
associates are fungible bc shitboomer partners totally chang...
puce ungodly university
  11/27/17
the OP i responded to was literally "partner pay has in...
curious salmon athletic conference chad
  11/27/17
link to associate pay dramatically lagging astronomical part...
puce ungodly university
  11/27/17
just do start your own law firm and get your own clients, so...
curious salmon athletic conference chad
  11/27/17
good poast / moniker synergy
puce ungodly university
  11/27/17
(idiot see, we shoulda just skipped to the end
curious salmon athletic conference chad
  11/27/17
I think the point that the guy was trying to make and that y...
impressive hairy legs den
  11/27/17
...
puce ungodly university
  11/27/17
I agree with this post, however, are you guys really surpris...
hyperventilating toaster
  11/27/17
Kirkland is going to shatter
Hyperactive toilet seat
  11/27/17
“Biglaw is a deadend racket who would even want that job,” s...
burgundy magical tanning salon twinkling uncleanness
  11/27/17
...
curious salmon athletic conference chad
  11/27/17
," he posted, with relevance to no one in the audience.
rose talented puppy
  11/27/17
...
curious salmon athletic conference chad
  11/27/17
Is this not a--I'm sorry, *the*--most prestigious legal disc...
Irate Rebellious Striped Hyena
  11/27/17
Lol at biglaw being prestigious
curious salmon athletic conference chad
  11/27/17
How dare you
Irate Rebellious Striped Hyena
  11/27/17
...
Clear Territorial Macaca
  11/27/17
Is this a function of first gen peasant phenotype asians gra...
Misunderstood associate
  11/27/17
Asians tend to suck at law (or more charitably have better t...
cream big fanboi piazza
  11/27/17
I don't know about that but if you compare the all in comp f...
magenta drunken black woman senate
  11/27/17
Yes. Also add in there's an open question about the general...
Irate Rebellious Striped Hyena
  11/27/17
I tend to think V10 fees will continue as a kind of signalin...
cream big fanboi piazza
  11/27/17
lol
Beady-eyed pink parlor
  11/27/17
lmao
Irate Rebellious Striped Hyena
  11/27/17
What do you mesn leveraraging
Shimmering giraffe stag film
  11/27/17
that's the best example of pulling up the ladder i've seen i...
Misunderstood associate
  11/27/17
partners = the GC global elite associates = middle class ...
curious salmon athletic conference chad
  11/27/17
*partner takes umbrage at being mentioned in your NYT expos&...
Misunderstood associate
  11/27/17
I rike revereaged film
Flickering Dingle Berry Plaza
  11/27/17
ITT desperately needs insight from D colon tp.
rose talented puppy
  11/27/17
$415k for a 33 year old is pretty damn good, xo crypto milli...
provocative violent messiness
  11/28/17
yeah it was nice in 1990, too
Misunderstood associate
  11/28/17


Poast new message in this thread



Reply Favorite

Date: November 27th, 2017 3:51 PM
Author: Irate Rebellious Striped Hyena

http://abovethelaw.com/2017/11/associate-bonus-watch-cravath-announces-its-2017-associate-bonuses/

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783010)



Reply Favorite

Date: November 27th, 2017 3:58 PM
Author: Shimmering giraffe stag film

(xo 2017)

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783070)



Reply Favorite

Date: November 27th, 2017 3:59 PM
Author: Irate Rebellious Striped Hyena



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783078)



Reply Favorite

Date: November 27th, 2017 4:01 PM
Author: Flickering Dingle Berry Plaza

Who cares about biglaw bonuses when you can easily make $400K in crypto in one day

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783097)



Reply Favorite

Date: November 27th, 2017 5:31 PM
Author: Contagious rough-skinned weed whacker



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783903)



Reply Favorite

Date: November 27th, 2017 6:27 PM
Author: Red Gaping



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784330)



Reply Favorite

Date: November 27th, 2017 4:00 PM
Author: Flickering Dingle Berry Plaza

This means a Cravath first-year will earn $195,000 and eighth-years will earn $415,000. Not a bad haul in an economy that looks to be slowing.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783089)



Reply Favorite

Date: November 27th, 2017 4:01 PM
Author: Irate Rebellious Striped Hyena

It also means the bonus scale has stayed flat for three years running, assuming no one challenges Cravath; four if you include the evolution that occurred in 2014.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783093)



Reply Favorite

Date: November 27th, 2017 6:47 PM
Author: tripping thriller spot

But there was also a pay raise in there.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784438)



Reply Favorite

Date: November 27th, 2017 4:02 PM
Author: Poppy principal's office

I shudder at the thought of being an 8th year Cravath associate.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783101)



Reply Favorite

Date: November 27th, 2017 4:12 PM
Author: Insecure sound barrier sanctuary

At least it only goes up that high. Lots of other firms with DAT 10 YEAR PARTNERSHIP TRACK.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783193)



Reply Favorite

Date: November 27th, 2017 4:14 PM
Author: Poppy principal's office

LOL more like permanent counsel track.

Doesn't Cravath make like 3 new partners a year?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783200)



Reply Favorite

Date: November 27th, 2017 6:22 PM
Author: Milky Nowag

Yes, but they have the decency to push people out rather than make them counsel for the most part.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784282)



Reply Favorite

Date: November 27th, 2017 4:58 PM
Author: Irate Rebellious Striped Hyena

A second-year at Cravath in 2006 made about ~$190k. The year after, as a third-year, he made about ~$210k. Junior associate compensation is down in real terms over a ten year period (it was even worse before last year's scale increase).

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783564)



Reply Favorite

Date: November 27th, 2017 5:01 PM
Author: adventurous dun institution

really though, $415k for an 8th year associate at cravath isn't really that much. you have to work very hard and eat a lot of shit to make it to that point, and you do it for partnership prospects, not $415k.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783588)



Reply Favorite

Date: November 27th, 2017 5:08 PM
Author: Beady-eyed pink parlor

how many associates are actually left by year 8? doesn't cravath only make like 3-4 new partners a year?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783674)



Reply Favorite

Date: November 27th, 2017 5:14 PM
Author: Irate Rebellious Striped Hyena

Last year they named three.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783729)



Reply Favorite

Date: November 27th, 2017 5:14 PM
Author: adventurous dun institution

it varies year to year, but yeah it's in the single digits.

at the very top firms the mid-senior associates are underpaid. the reason you do that job is either for partnership prospects (what's 1st year partner comp at Cravath, $1-1.5m?) or for an exit to a lucrative in-house or business role.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783734)



Reply Favorite

Date: November 27th, 2017 5:15 PM
Author: Irate Rebellious Striped Hyena

underpaid *and* a way of juicing the PPP; they're incredible profit centers. Easy to staff while paying them a fraction of the revenue they generate

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783747)



Reply Favorite

Date: November 27th, 2017 5:16 PM
Author: adventurous dun institution



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783751)



Reply Favorite

Date: November 27th, 2017 5:18 PM
Author: cream big fanboi piazza

Ughhhhhyduufjcgzrstd c cuucucyzrs x

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783782)



Reply Favorite

Date: November 27th, 2017 5:19 PM
Author: Irate Rebellious Striped Hyena



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783786)



Reply Favorite

Date: November 27th, 2017 6:26 PM
Author: Irate Rebellious Striped Hyena



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784319)



Reply Favorite

Date: November 27th, 2017 5:21 PM
Author: puce ungodly university

They also keep the ship sailing and supervise most associate work which generates huge profits itself.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783807)



Reply Favorite

Date: November 27th, 2017 4:04 PM
Author: Cracking arrogant set

"The elite firms can continue raising rates to compensate because there’s still some elasticity for their brand-name services… but just how long can that hold?"

What's he referring to? Price inelasticity is what's good for sellers.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783115)



Reply Favorite

Date: November 27th, 2017 4:05 PM
Author: Irate Rebellious Striped Hyena

He probably means that price-demand is inelastic for elite legal services (m&a; btc litigation)

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783118)



Reply Favorite

Date: November 27th, 2017 5:02 PM
Author: Ocher spectacular people who are hurt

But how do I become a bitcoin litigator?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783606)



Reply Favorite

Date: November 27th, 2017 4:06 PM
Author: Flickering Dingle Berry Plaza

What he’s really saying is “I’m a faggot who writes for Above the Law”

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783127)



Reply Favorite

Date: November 27th, 2017 4:16 PM
Author: Beady-eyed pink parlor

lul cr

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783207)



Reply Favorite

Date: November 27th, 2017 5:05 PM
Author: Ocher spectacular people who are hurt

https://abovethelaw.com/wp-content/uploads/2013/12/2013_12_05_ATL_Xmas-202.jpg

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783643)



Reply Favorite

Date: November 27th, 2017 5:07 PM
Author: Beady-eyed pink parlor

jfc

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783654)



Reply Favorite

Date: November 27th, 2017 5:40 PM
Author: Flickering Dingle Berry Plaza



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783981)



Reply Favorite

Date: November 27th, 2017 4:12 PM
Author: Irate Rebellious Striped Hyena

associates, tears in eyes, lighting the twin cauldron fire signals of Davis Polk & Simpson Thacher, hoaping, praying

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783187)



Reply Favorite

Date: November 27th, 2017 4:16 PM
Author: Beady-eyed pink parlor



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783208)



Reply Favorite

Date: November 27th, 2017 5:26 PM
Author: cream big fanboi piazza

Pretty much. Have strong doubts they will come through, and I'm trying not to think about the cash I generate.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783862)



Reply Favorite

Date: November 27th, 2017 5:34 PM
Author: Irate Rebellious Striped Hyena

there's no incentive wrt competition within the V10; it would literally have to be some BSD on a firm committee outright hating Cravath and wanting to show them up. From a "keep the troops happy" perspective, everyone can rest on last year's scale increase. The only other motivation I can conceive of is if someone in the V10 wanted to just fuck over the lower half of the Vault 100 (process already underway) by causing further separation through financial pressure as less-profitable firms finally gave up the effort to match. None of those factors seems sufficiently motivating to effect a Cravath-beating moment this year.

*bills you .25*

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783932)



Reply Favorite

Date: November 27th, 2017 5:39 PM
Author: cream big fanboi piazza

Cr but on the bright side a lot of people in the v10 REALLY hate CSM.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783973)



Reply Favorite

Date: November 27th, 2017 5:44 PM
Author: Irate Rebellious Striped Hyena

The klaxon bell

firmly fixed on far wall,

of your and every other

associate's office since time immemorial

~

Lately caked in dust,

that limp detritus of a shop

which once went beyond known limits

for the salvation of humanity

but now pushes paper

in ten thousand jurisdictions

You remember the senior partner touring you around the room on the day of your Assumption: "men have died in response to that bell; impossible treasures of the firm spent; grand ventures launched, failed, sent out again, conquesting; when that bell rings, my boy, you wage war. Goddamn you, you wage war." You still feel the steelcoil grip of his hand on your shoulder as he shook the message into you. You stare off into the abyss of Outlook, musing about the propriety of sending a request for precedent for the appropriate length of an office ennui hanging noose. Thunderclap sudden, the klaxon rings in your and every other office in the firm. It's come. Beethoven's Ninth in D Minor sounds in your ears, you feel the blood rushing through you, your mind body soul tensing for the challenge; you reach down and depress the red button under your desk.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784014)



Reply Favorite

Date: November 27th, 2017 5:45 PM
Author: Beady-eyed pink parlor



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784023)



Reply Favorite

Date: November 27th, 2017 5:48 PM
Author: cream big fanboi piazza



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784032)



Reply Favorite

Date: November 27th, 2017 4:32 PM
Author: Irate Rebellious Striped Hyena

Let's see ...

Cravath PPP reported in 2014: $3.29mm;

Cravath PPP reported in 2017: $4.20mm.

Carry the 1 ... divide by 3 ... subtract the sigma coefficient ... By my math, Cravath's profits have increased by 28% for the most recent three-year reported period (and rumor is it increased by at least another 10% this year, to be reported out in 2018).

Now, let's run the same complex algorithmic operation against the associate bonus scale for the same period ... insert the 4 ... into the rear-scalar of the 2 ... carry across the dying 8 ... 0% increase.

The salary increase last year came out to an ~11-13% jump. So, the message being sent is associates should expect, *at best*, a half-share of any profit increase experienced in the V10. While leverage ratios remain the same or are worsening.

Plan and act accordingly boys.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783354)



Reply Favorite

Date: November 27th, 2017 4:34 PM
Author: charismatic legal warrant

But don't associates also get origination credit?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783371)



Reply Favorite

Date: November 27th, 2017 4:34 PM
Author: Irate Rebellious Striped Hyena

Yes. 100% of all receivables generated in the nearest Flying J bathroom

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783374)



Reply Favorite

Date: November 27th, 2017 4:42 PM
Author: puce ungodly university

it's even more jarring. you didnt compare apples to apples. the salary increase was the first since 2006-7.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783441)



Reply Favorite

Date: November 27th, 2017 4:43 PM
Author: Irate Rebellious Striped Hyena

Yep. I'm being conservative because even under the most conservative of assumptions (not including Cravath's strong year this year; not mentioning that salaries were stagnant for a decade; not highlighting the fact that there are other firms in the V10 which are experiencing even stronger profit trend) the writing is still so clearly on the wall.

(While meanwhile, national firms outside the V50 are struggling. The legal industry is separating.)

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783448)



Reply Favorite

Date: November 27th, 2017 6:02 PM
Author: curious salmon athletic conference chad

to be fair...they also take all the risk, generate the work, and are the ones who actually give you something to do. associates are fungible billing units, if you think you are getting paid too little for the amount of billables you grind, you are free to quit and another person will pretty much instantly take your place. why would they bother sharing more?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784144)



Reply Favorite

Date: November 27th, 2017 6:08 PM
Author: Irate Rebellious Striped Hyena

Great poast exemplifying the mentality which has taken root in biglaw over the last couple decades and will ultimately lead to its implosion and/or consolidation. In the Olden Days, when men were men and women entered a state of hibernation every 40-90 days to molt their hardened exterior carapace, associates were viewed as actual potential partners (in meaningful numbers--not some Darwinian cataclysm where two surviving bedraggled fourteenth-years get the golden ring) and were treated with some modicum of respect--they *weren't* seen as fungible, even though they weren't exactly rocking the legal world with their deft argumentation and crafty briefing fresh out of law school.

Your position is of course a fine one to hold if that's your outlook, but firms should do a better job of communicating that reality to the young eager beaver law students still filtering into the Georgetown Palace of the Law each year--"you are a piece of shit and you will be regarded accordingly." Also, no take-backs if the shit ever hits the fan and the industry has a Come to God moment where it realizes that it can't just keep continuously swapping the same lateral cohort back and forth if it would like to actually, you know, experience organic growth, by which time society has given this segment of the profession a giant middle finger (bonus points if that business apocalypse occurs in tandem with a rise in sufficiently advanced AI / automation, so we can really watch Rome burn -- unlikely but possible).

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784193)



Reply Favorite

Date: November 27th, 2017 6:10 PM
Author: curious salmon athletic conference chad

good effort and shades of neumannmorgeneste may he live forever

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784202)



Reply Favorite

Date: November 27th, 2017 6:12 PM
Author: Irate Rebellious Striped Hyena

Didn't take effort; you're talking with a natural, bebe. I await your craven reply lol

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784217)



Reply Favorite

Date: November 27th, 2017 6:10 PM
Author: puce ungodly university

ahem, what risk does a cravath partner take?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784205)



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Date: November 27th, 2017 6:16 PM
Author: Insecure sound barrier sanctuary

buy-in, not lateraling out for 8 years and risking getting cut with no real alternatives, not lateraling out to a firm where you could get a higher % of the profits, yuge risk of divorce for working all the time, technically liable for debts of the partnership

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784242)



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Date: November 27th, 2017 6:22 PM
Author: Shimmering giraffe stag film

Uhhh, it’s called a limited liability partnership buddy

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784286)



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Date: November 27th, 2017 6:46 PM
Author: puce ungodly university



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784436)



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Date: November 27th, 2017 7:03 PM
Author: curious salmon athletic conference chad

eh, partners have more to lose than associates. i dont think this is debatable

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784527)



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Date: November 27th, 2017 7:07 PM
Author: puce ungodly university

as said above, it's called limited liability. if cravath goes under, they can take their book to any other firm

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784561)



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Date: November 27th, 2017 7:09 PM
Author: curious salmon athletic conference chad

okay man if u are gonna argue that associates at law firms have more risk than partners b/c partners have "limited liability" let's just skip to the end where i call u an idiot

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784577)



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Date: November 27th, 2017 7:12 PM
Author: puce ungodly university

you're missing the point. biglaw partners get paid $$$$$ relative to associates not bc they "have more risk" but bc they're at the top of the pyramid scheme and pulled the ladder from under them and totally changed the business model such that there's no realistic path to partnership anymore.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784595)



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Date: November 27th, 2017 7:15 PM
Author: curious salmon athletic conference chad

no, they get paid $$$$ because associates are fungible and (rainmaking) partners are not. what you're saying may be part of it but is not the fundamental reason

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784608)



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Date: November 27th, 2017 7:17 PM
Author: puce ungodly university

associates are fungible bc shitboomer partners totally changed the business model as OP described in the poast to which you first responded

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784616)



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Date: November 27th, 2017 7:19 PM
Author: curious salmon athletic conference chad

the OP i responded to was literally "partner pay has increased more than associate pay". no shit, equityholders profit more than wageslaves, news at 11. you are the one who went down some autistic rathole about risk and ladders

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784635)



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Date: November 27th, 2017 7:22 PM
Author: puce ungodly university

link to associate pay dramatically lagging astronomical partner pay increases in biglaw historically, before the shitboomers got into power?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784647)



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Date: November 27th, 2017 7:26 PM
Author: curious salmon athletic conference chad

just do start your own law firm and get your own clients, sounds like it's easy and you bill $1.5M or whatever a year so you clearly are able to do this and should be rewarded accordingly

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784665)



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Date: November 27th, 2017 7:31 PM
Author: puce ungodly university

good poast / moniker synergy

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784698)



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Date: November 27th, 2017 7:31 PM
Author: curious salmon athletic conference chad

(idiot

see, we shoulda just skipped to the end

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784706)



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Date: November 27th, 2017 8:35 PM
Author: impressive hairy legs den

I think the point that the guy was trying to make and that you're missing is that the current partners didn't take any risk. They did what the current associates are now doing only when they did it there were realistic chances at partnership. Then when they made partner they significantly shut down the same paths to partnership that allowed them to arrive in that position in their own self interest so they could make much more money than their predecessors did. This is obviously oversimplified to some degree but that's he gist of it.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34785335)



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Date: November 27th, 2017 10:19 PM
Author: puce ungodly university



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34786149)



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Date: November 27th, 2017 9:11 PM
Author: hyperventilating toaster

I agree with this post, however, are you guys really surprised? if anything this is better than the typical industry where the avg. workers' pay has increased minimally over the last 20-30 years (and pensions are unheard of) whereas executives at the top make significantly more relative to inflation.



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34785547)



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Date: November 27th, 2017 4:34 PM
Author: Hyperactive toilet seat

Kirkland is going to shatter

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783370)



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Date: November 27th, 2017 4:40 PM
Author: burgundy magical tanning salon twinkling uncleanness

“Biglaw is a deadend racket who would even want that job,” snorted TMF through an unconvincingly smug smile.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783419)



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Date: November 27th, 2017 5:15 PM
Author: curious salmon athletic conference chad



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783743)



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Date: November 27th, 2017 5:09 PM
Author: rose talented puppy

," he posted, with relevance to no one in the audience.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783689)



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Date: November 27th, 2017 5:15 PM
Author: curious salmon athletic conference chad



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783742)



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Date: November 27th, 2017 5:16 PM
Author: Irate Rebellious Striped Hyena

Is this not a--I'm sorry, *the*--most prestigious legal discussion bort in the world?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783753)



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Date: November 27th, 2017 5:28 PM
Author: curious salmon athletic conference chad

Lol at biglaw being prestigious

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783882)



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Date: November 27th, 2017 5:30 PM
Author: Irate Rebellious Striped Hyena

How dare you

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783900)



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Date: November 27th, 2017 5:36 PM
Author: Clear Territorial Macaca



(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34783950)



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Date: November 27th, 2017 5:51 PM
Author: Misunderstood associate

Is this a function of first gen peasant phenotype asians graduating from good schools willing to work for peanuts?

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784048)



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Date: November 27th, 2017 5:57 PM
Author: cream big fanboi piazza

Asians tend to suck at law (or more charitably have better things to do).

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784111)



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Date: November 27th, 2017 5:58 PM
Author: magenta drunken black woman senate

I don't know about that but if you compare the all in comp for a biglol associate in say '99 to what the all in income is now adjusted for inflation, and consider the shift in average partner profits over the same period of time, as well as the increased hour expectations, the wonders of modern technology and how you're now expected to be responsive 24/7 and the fact that opportunities for making equity partnership are now pretty much non-existent as boomer partners have begun leveraging "their" books of business (which they inherited from the prior generation) and threatening to walk out the door into the arms of the highest bidder if they're not paid top of the market figures, it seems like the profession has really taken a turn for the worse.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784118)



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Date: November 27th, 2017 6:00 PM
Author: Irate Rebellious Striped Hyena

Yes. Also add in there's an open question about the general sustainability of the business model which the V100 finds itself in as it seeks ever-increasing profitability as a means of trying to corral mercenary groups of portable partners lest the firm implodes

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784131)



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Date: November 27th, 2017 6:05 PM
Author: cream big fanboi piazza

I tend to think V10 fees will continue as a kind of signaling or bonding mechanism - "yes we are fucking serious look at all this money we're wasting!"

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784170)



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Date: November 27th, 2017 6:06 PM
Author: Beady-eyed pink parlor

lol

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784175)



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Date: November 27th, 2017 6:09 PM
Author: Irate Rebellious Striped Hyena

lmao

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784195)



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Date: November 27th, 2017 6:00 PM
Author: Shimmering giraffe stag film

What do you mesn leveraraging

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784133)



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Date: November 27th, 2017 6:04 PM
Author: Misunderstood associate

that's the best example of pulling up the ladder i've seen in real life

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784159)



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Date: November 27th, 2017 6:06 PM
Author: curious salmon athletic conference chad

partners = the GC global elite

associates = middle class

secretaries = poor

it works on all levels

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784174)



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Date: November 27th, 2017 6:10 PM
Author: Misunderstood associate

*partner takes umbrage at being mentioned in your NYT exposé of the 1% for grouping them with hedge fund managers and the like when they only make 3mm takehome*

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784204)



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Date: November 27th, 2017 7:04 PM
Author: Flickering Dingle Berry Plaza

I rike revereaged film

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784535)



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Date: November 27th, 2017 7:14 PM
Author: rose talented puppy

ITT desperately needs insight from D colon tp.

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34784600)



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Date: November 28th, 2017 12:16 AM
Author: provocative violent messiness

$415k for a 33 year old is pretty damn good, xo crypto millionaires notwithstanding

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34786988)



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Date: November 28th, 2017 12:17 AM
Author: Misunderstood associate

yeah it was nice in 1990, too

(http://www.autoadmit.com/thread.php?thread_id=3810445&forum_id=2#34786994)