How long does it take to trickle down? Will all the firms that are going to match do so by Friday? Do we think all the $145K NY based firms will match?

Good question. Does anyone remember how long it took last year?

You'll know within about 10 days. Firms with large offices in California and/or DC need to assess how this will affect their compensation in each market. Once the firms in the 30s and 40s of the Vault go along -- Cadwalder & Morgan Lewis -- that's basically the NY market.

Anyone know how long it took for firms to raise salaries for summers last year?

Cadwalader in the 30s and 40s? I know they're not top 5, but with top tier compensation & PPP, don't they rank higher than that?

what about the 2nd half of the V100?

So what about firms like Kaye Scholer, Morgan Lewis, Schulte, Proskauer, etc?

I'd be shocked if they didn't match. Here's a link to the Vault.

http://www.thevault.com/nr/lawrankings.jsp?law2007=2&top100=2&ch_id=242

The firms listed in 6:10 should feel extra pressure to match because they don't want to slip off the V100. If any one of them raises then the others would be suicidal not to. Then again, if one or two of them do, and the others don't, those that do will take a great leap forward as their recruiting, vis a vis other V50-100 firms who didn't match, will improve drastically.

Any idea whether the non-NY firms that consider themselves peers to those firms will raise too? I am thinking of firms like Latham and Kirkland. Any thoughts?

CWT is # 16 on Vault prestige rank for NYC firms, #31 overall.

The issue with firms like Latham is that they have a very large number of associates outside of NY, so raising everybody is a much bigger cost than to some of the firms that are mostly concentrated in NY, with a few small offices here and there in other cities (like Los Angeles).

I think Latham, Sidley and Skadden all are in the same boat with large NY offices, but another BIG office outside NY (i.e. LA and Chicago), so I'd be suprised if their salary increases are nationwide. I am sure they will match in NY. Of course, that doesn't stop associates leaving for Simpson and S&C once the bonus checks clear.

I had seen a previous comment regarding Morgan Lewis. Does anybody know if they raised? If yes, did they raise their Philly office as well? Prior to the Simpson announcement, their Philly office was at 135K.

and can we get a confirmation on cravath, if in fact they have matched, as others have said?

What about DC firms????

Kirkland already pays about 10K a year less to Chicago than to NY. So they need to raise NY but no reason to bring Chicago up to the NY level maybe bump them to the 145K scale.

If any Chicago firm makes a move, please be sure to provide the information. I have not heard anything yet.

Any word on Weil? I can't imagine they won't fall in line...

yeah, Weil had better fall in line, though i'd be SHOCKED if they didn't! ...and i might start looking for something else...

It will be interesting to see how Kirkland NY responds since they see themselves as a total compensation leader in that market.

The federal judiciary has matched!!!! Somebody tell John Roberts!

Weil step up to the plate yet?

Weil has not stepped up. They are usually a dy behind and rumor is that its coming tomorrow.

Much obliged, fellow Anon.

Does this apply to incoming associates (class of 2007)? It doesn't say so.

Good question. As an incoming associate, I have not received any email from Cleary about the pay raise. When the last pay raise came, 125-145, there was an email. I am worried.

they've notified the summers that they've been bumped, and they won't bump summers without bumping incoming. now that they've got us, fellow cleary-ite, they're not particularly worried about notifying us.

Morgan Lewis has not raised as of yet. We are all anxiously awaiting to see if it does or not. In recent years it did make a huge move in keeping up to par, lets see if it can maintain this.

I wonder if any firm will come out 5K ahead of competition, that is sure to get them noticed.

As noted above, Cleary doesn't usually raise so quickly. They're smart - they know that profits were at a record high last year, and they know that there's a distinct possibility that Cravath may try to reset the market by outdoing Simpson. I think that their quick response was to try to add to solidarity with Simpson and keep Cravath from breaking rank. Here's to hoping that Cleary's great fear becomes a reality . . . .

As noted above, Cleary doesn't usually raise so quickly. They're smart - they know that profits were at a record high last year, and they know that there's a distinct possibility that Cravath may try to reset the market by outdoing Simpson. I think that their quick response was to try to add to solidarity with Simpson and keep Cravath from breaking rank. Here's to hoping that Cleary's great fear becomes a reality . . . .

What is a TOPS Account and how much does the firm contribute?

What is a TOPS Account and how much does the firm contribute?

What is a TOPS Account and how much does the firm contribute?

What is a TOPS Account and how much does the firm contribute?

sorry for the multiple posts re: the TOPS account -- i kept getting an error that the message wasn't posting. The server must be getting bombarded.

What kind of bonus can the associates expect -- wondering how this compares to a bulge bracket investment bank.

What kind of bonus can the associates expect -- wondering how this compares to a bulge bracket investment bank.

What kind of bonus can the associates expect -- wondering how this compares to a bulge bracket investment bank.