Wow

first?

fourth

Second! aT LAST!!!!

For tax purposes, isn't it a lot better to get 3% contributed to 401k as opposed to a 3% raise in salary?

2:53: Yes, it is way better because you increase the amount you can contribute to your 401k. Sucks that they weren't getting enough "recognition" for it, but cash is king in Biglaw or even Mediumbigbutgettinghosedbecausealltheydoisstructuredfinancelaw.

This will be all the more humorous when next year they decide to pass on most senior associates for partner.

They are concerned about their ppp hit in 2008 so they are paying bonuses all in 2007. This screws associates who were there before because now they are being paid 100% of this years bonus (if any) plus 50% of their 2006 bonus in 2007.

Wow, fire 25 people and then raise salaries. Smart move.

I give the firm 6 months till implosion.

ga ga ga GOINK!!!!!

Don't forget the 3% contribution is tax free too associates. Now they have to pay taxes on the increase in base.

Isn't this a former Prime Minister?

3:15

so, wait, the new 3% raise in base is not tax free? does that mean they have to pay taxes on the increase in base?

Yesterday, I posted a comment stating that I admired the way TPW handled the lay off of 24 associates. I recant in light of their decision to raise the salaries of remaining senior associates. I no longer think that they treated those 24 associates well.

"discretionary bonus will be maid in late December, just prior to payment."

pretty awful typo.

maid?

Agree with 3:18

3:17---i guess you never took taxes in law school

315 -

Not necessarily. 401(k) contributions are pre-tax. So assuming the associate hasn't already maxed out the possible contribution to the 401(k) that is permitted, simply increasing the contribution percentage by 3% (or by a percentage equal to the difference between the old base and new base salaries) should result in there being no significant tax penalty for the increase in the base salary.

3:21--i guess you never read sarcasm

3:21--agreed but my assumption is that at our salaries most max out their 401K contribution so this change does have an effect 200,000 x 3% x40%=$2,400

NY to 190!!!!

3:17--who's the author?

faulkner

This is exactly what Coudert Brothers did before it imploded

I think they meant to say, "the discretionary bonus will be a maid in late December to help associates clean out their office, just prior to payment"

3:38 - LOL!!

3. Timing of discretionary bonus. The firm has determined that 100% of the Firm's annual discretionary bonus will be paid in late December, 2007, rather than 50% in December and 50% in February as in past years. Please bear in mind that the final decisions regarding the discretionary bonus will be maid in late December, just prior to payment.

will be "maid"

My cat's name is Thacher.

His breath smells like cat-food.

Salary list for TPW Associates for 2009

Class of 2008 - $0
Class of 2007 - $0
Class of 2006 - $0
Class of 2005 - $0
Class of 2004 - $0
Class of 2003 - $0
Class of 2002 - $0
Class of 2001 - $0
Class of 2000 - $0

PPP - $0

this place is going down fast

they need to merge or get acquired by a firm with a more diverse practice

Employer contributions are not taken into account in the $15,500 annual cap on 401(k) contributions -- so if someone defers the max, any match actually results in their total contributions (their own and the firm's) being greater than $15,500.

Jerez Lat, me thinks you're getting too powerful. I 'm not saying to expect a horse's head in your bed or anything, but TP&W only, ... ONLY announced today because of yesterday's coverage on ATL.

Wow.

Does this mean that senior associates (those that still have a job) at TPW make more than senior associates at other shops? I thought market for SAs was:
2002: $230
2001: $250
2000: $265
1999: $280

I agree, 4:29. It's amazing how things have changed with the 'net.

I'd hate to say it, but TPW looks like it's going down unless they begin to make some very effective management decisions.

I also wonder what's going through the minds of the top brass at places like CWT and Sidley.

You know how firms are going to start finding out leaks regarding memos? They'll give each associate a slightly different memo (change the article "the" to "a"; 1.5 spacing instead of double spacing; smaller ident; etc). When they find the memo assigned to a specific associate on ATL, BAM!

all the associates need to get off the sinking TPW ship and fast.

all the associates need to get off the sinking TPW ship and fast.

mgt must have realized that no senior associate with any options would stay at a firm thats paying below market and laying everyone off. so they make this move. its kind of unfortunate, because in doing what TPW thought was the right thing (and giving notice) they really screwed themselves because this place is done.

4:00: I could see a Washington firm looking to strengthen their NY practice picking up the pieces here, or at least poaching a few partners feeling insecure about the firm's future.

4:38, nice. I remember reading that technique in a Tom Clancy novel as a way that CIA/NSA tries to ferret out moles when they have a small pool of suspects who are passing along documents.

Probably wouldn't work at a big firm, not enough grammar/punctuation permutations.

2:53: Yes, it is way better because you increase the amount you can contribute to your 401k. Sucks that they weren't getting enough "recognition" for it, but cash is king in Biglaw or even Mediumbigbutgettinghosedbecausealltheydoisstructuredfinancelaw.

there are a few national firms with small NY presences who are looking to expand in NY, like bingham

there are a few national firms with small NY presences who are looking to expand in NY, like bingham

The NYLJ is reporting that TPW is axing 50 associates.
http://www.nylawyer.com/

for you tom clancy DBs, the firms WANT this information out

fuctardathon 07 continues...

TPW has had a few partners smell the coffee and bolt recently, including Appenteng and Comizio - two with books that aren't tied to securitization.

I give the firm 6 months before they are looking for outside bankruptcy counsel, but not as laterals.

Get out quick.