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BofA GC to Cravath: First Year Associates Not Worth $180K (WSJ)
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Date: June 16th, 2016 1:04 AM Author: Fighting tanning salon sound barrier After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.
But now companies are pushing back.
Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.
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“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal.
A Bank of America spokesman declined to comment. |
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Date: June 16th, 2016 1:12 AM Author: Lake fantasy-prone point prole Yeah, just do 10 years with no salary increases, bros. Hourly rates haven't budged in a decade. Lets be real -- inflation is low but still exists. Everyone has been taking a pay cut for a decade. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716007) |
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Date: June 16th, 2016 1:18 AM Author: Yellow wonderful dog poop And? Is 1st year associate work product worth it? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716021) |
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Date: June 16th, 2016 1:26 AM Author: Lake fantasy-prone point prole It still better than some shitlaw lawyers work product 5 years out so -- yeah, probably. Banks are just bitching because their entire business model is fucked long term and they know it. Between crypto-currencies, over regulation murdering trading, and the fact that everyone is waking up to the fact that finance is increasingly just a collection of algorithms increasingly running without any people at all behind them and without the people expense it becomes increasingly hard to justify paying bankers their fees. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716038) |
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Date: June 16th, 2016 3:54 AM Author: laughsome sandwich useless brakes (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716389) |
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Date: June 16th, 2016 10:20 AM Author: Thriller double fault party of the first part (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717262) |
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Date: June 16th, 2016 10:28 AM Author: aromatic fanboi This is completely correct. 5 years in shitlaw pwns first year biglaw associate in many many instances. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717319) |
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Date: June 16th, 2016 10:29 AM Author: cream site (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717321) |
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Date: June 16th, 2016 10:32 AM Author: bistre hairraiser becky state Especially if "shitlaw" is actually a boutique doing relevant things. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717344) |
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Date: June 16th, 2016 11:16 AM Author: Wine school cafeteria (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717666) |
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Date: June 16th, 2016 11:16 AM Author: Wine school cafeteria LJL @ being compared to a 1st year associate who has never taken a deposition let alone tried a case. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717663) |
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Date: June 16th, 2016 10:18 AM Author: kink-friendly bawdyhouse FWIW, biglaw just collects crumbs from the banking industry. if banks are fucked, so is biglol (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717252) |
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Date: June 16th, 2016 2:22 AM Author: Heady Bronze Nowag Regret The salary doesn't tell you anything.
What billable rates are at issue?
That's what matters. |
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Date: June 16th, 2016 2:27 AM Author: honey-headed contagious stage stock car I think article says he's not gonna pay $400/hr for a first year. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716187) |
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Date: June 16th, 2016 2:30 AM Author: Diverse trump supporter well, he's flame. biglaw 1st year rates have been at 400+ for years. this salary increase is irrelevant. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716195) |
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Date: June 16th, 2016 2:30 AM Author: honey-headed contagious stage stock car I agree with you. Not sure the point of his being a total bitch. He seems insufferable. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716196) |
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Date: June 16th, 2016 2:32 AM Author: Diverse trump supporter see response below:
Date: June 16th, 2016 2:32 AM Author: David Ben Gator-ion (*)
nah, you're overthinking this. he's just literally an angry rat-faced man and the WSJ reporter went down the rolodex and kept calling people until they found a rat-faced man like this who was angry enough with life to give them the money quote they wanted.
(http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716201) |
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Date: June 16th, 2016 10:20 AM Author: Fighting tanning salon sound barrier 180 (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717265) |
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Date: June 16th, 2016 10:23 AM Author: Indecent dashing theater stage twinkling uncleanness Astute ty (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717277) |
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Date: June 16th, 2016 10:24 AM Author: bistre hairraiser becky state lmao (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717291) |
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Date: June 16th, 2016 10:51 AM Author: Big-titted hospital roommate a rare DBG poast I 100% agree with. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717483) |
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Date: June 16th, 2016 11:07 AM Author: Diverse trump supporter tyty (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717592) |
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Date: June 16th, 2016 1:08 PM Author: judgmental french market very subtle fake tit trolling (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718817) |
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Date: June 16th, 2016 1:09 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718833) |
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Date: June 16th, 2016 1:10 PM Author: judgmental french market maybe i can negotiate a 10% discount with Dr. Kim if pumette and jewess go in together (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718842) |
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Date: June 16th, 2016 1:11 PM Author: Diverse trump supporter dr. kim has more than a 10% discount between his legs... (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718854) |
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Date: June 16th, 2016 2:28 AM Author: Diverse trump supporter BEEP BEEP BEEP.
it doesnt matter what a 1st year associate's work product is. what matters is the overall value/quality of the services that some F100 company is getting from biglaw and the cost of those services. it doesn't really matter what specific hourly rates various people are charging. |
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Date: June 16th, 2016 10:48 AM Author: bistre hairraiser becky state 1) Clients are always trying to cut costs and improve the value of services obtained.
2) Many clients are limiting acceptability of 1st years in general because they fuck with the value proposition. These guys are making a move that will further decrease that. Are you really surprised there's push back? |
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Date: June 16th, 2016 10:57 AM Author: Diverse trump supporter who else is gonna do the work but 1st years? there's not enough 4th yr associates at biglaw firms to do all the work. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717536) |
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Date: June 16th, 2016 11:01 AM Author: bistre hairraiser becky state A lot of companies will chop up the work and send a lot of the shit work to cheaper firms or legal outsourcing companies. The more this shit happens the greater the incentive to do this. The fact is that first years aren't worth $180k. The fact that law school tuition basically requires that kind of pay to make it all worthwhile is totally irrelevant. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717555) |
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Date: June 16th, 2016 11:07 AM Author: Diverse trump supporter but they won't send the high-level work to shitfirms because they're risk-averse faggots and want to hire the best to CYA if something goes wrong. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717589) |
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Date: June 16th, 2016 11:08 AM Author: bistre hairraiser becky state Yes, but the cutoff for "this goes to top biglaw" vs "this goes to cheaper bigaw" vs "this goes to Axiom" is changing and not in the direction you want. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717601) |
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Date: June 16th, 2016 10:51 AM Author: Big-titted hospital roommate Hourly rates have absolutely increased over the past decade. This is why keeping the salaries where they were was unfair, even though first-years may be worthless - the clients were still paying for their work and the partners were collecting that money. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717478) |
Date: June 16th, 2016 1:15 AM Author: cream site Well that's definitely true. They should have just bumped mid level and up (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716011) |
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Date: June 16th, 2016 1:31 AM Author: honey-headed contagious stage stock car Cr. Midlevels are the ones getting fucked by this. Bonuses will go down. And midlevels will continue to shoulder the (ever increasing) load of clients not trusting juniors. What a horseshit profession. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716056) |
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Date: June 16th, 2016 1:33 AM Author: electric tripping foreskin school you can really chart the median age of xo excellently over time by the type of shit it bitches about (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716059) |
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Date: June 16th, 2016 2:19 AM Author: histrionic useless keepsake machete (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716171) |
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Date: June 16th, 2016 2:24 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716181) |
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Date: June 16th, 2016 10:52 AM Author: Big-titted hospital roommate (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717486) |
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Date: June 16th, 2016 11:18 AM Author: Wine school cafeteria (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717679) |
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Date: June 16th, 2016 12:40 PM Author: Flesh blathering knife (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718553) |
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Date: June 16th, 2016 5:08 PM Author: Crimson Gaming Laptop (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720908) |
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Date: June 16th, 2016 5:13 PM Author: bistre hairraiser becky state (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720953) |
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Date: June 16th, 2016 7:50 PM Author: green library (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722436) |
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Date: June 17th, 2016 11:19 AM Author: Misunderstood Comical Hairy Legs Coldplay Fan (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726470) |
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Date: June 4th, 2018 2:20 PM Author: curious cruise ship (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36181849) |
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Date: June 16th, 2016 2:24 AM Author: Diverse trump supporter (boomer bootlicker) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716183) |
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Date: June 16th, 2016 2:13 AM Author: Razzle Slate International Law Enforcement Agency Casino Whatever firms service BoA there is a 100% chance they have raised their billable rates for associates multiple times since 2007. Whether BoA has agreed to those rates or received a discount is up to BoA. Not sure what the point of this posturing is. Dood just sounds butt hurt that he went in-house. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716164) |
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Date: June 16th, 2016 2:22 AM Author: Diverse trump supporter cr. lol @ this retarded shitboomer. they've been paying raised rates for the past 10 years. it's irrelevant what the firms pay their associates. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716178) |
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Date: June 16th, 2016 2:26 AM Author: Multi-colored senate no market-driven basis for the increase!! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716186) |
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Date: June 16th, 2016 2:37 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716215) |
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Date: June 16th, 2016 11:15 AM Author: seedy cordovan main people Cr, Bank of America's global general counsel just couldn't hack it in biglaw (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717648) |
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Date: June 16th, 2016 11:19 AM Author: Diverse trump supporter this guy is obviously a money-grubbing asshole. if he were able to make $5-6M in biglaw as opposed to $2M at BofA, he would. he's still butthurt at not being a biglaw rainmaker. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717688) |
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Date: June 16th, 2016 11:30 AM Author: seedy cordovan main people He's a good ol boy from Carolina and is the absolute king down there with $2 million/year. He loves lording over kike lawyers in New York and making them fly down to kiss his ball sack (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717792) |
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Date: June 16th, 2016 11:33 AM Author: Wine school cafeteria Don't all Southern Lawyers with Power feel that way? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717827) |
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Date: June 16th, 2016 6:11 PM Author: hilarious razzmatazz kitty Yes. They're not just doing it to you because you're black, if you were wondering.
You don't know how many of these guys I've bobbed my head and laughed along with as I imagined murdering them. |
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Date: June 16th, 2016 11:37 AM Author: Diverse trump supporter he's not a good ol boy. he's the guy in carolina with the smallest penis in his fancy country club's locker room. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717866) |
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Date: June 16th, 2016 2:21 AM Author: Heady Bronze Nowag Regret That B of A guy is a clown.
Associate pay is an internal business decision for firms.
Clients are only affected by the rates they're being charged, which are independent of the input costs.
If some other firm does similar quality work for less, B of A is perfectly free to use it. |
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Date: June 16th, 2016 2:23 AM Author: Diverse trump supporter cr, and as mentioned above, the rates have gone up already. they've been paying them. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716179) |
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Date: June 16th, 2016 2:24 AM Author: Heady Bronze Nowag Regret http://about.bankofamerica.com/en-us/our-story/david-leitch.html (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716182) |
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Date: June 16th, 2016 2:26 AM Author: Diverse trump supporter rat-faced man
lol @ "He served as law clerk to William H. Rehnquist, Roberts’ predecessor as chief justice,"
is that description really necessary? seems insulting to WHR |
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Date: June 16th, 2016 3:06 AM Author: cowardly nursing home round eye (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716284) |
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Date: June 16th, 2016 10:10 AM Author: Sooty Old Irish Cottage Dilemma JFC. what a smug boomerface (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717197) |
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Date: June 16th, 2016 10:29 AM Author: glittery turdskin sex offender (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717320) |
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Date: June 16th, 2016 6:13 PM Author: hilarious razzmatazz kitty (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721650) |
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Date: June 16th, 2016 2:26 AM Author: Heady Bronze Nowag Regret Maybe he's really more concerned about having to pay more to recruit for in-house positions. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716184) |
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Date: June 16th, 2016 2:32 AM Author: Diverse trump supporter nah, you're overthinking this. he's just literally an angry rat-faced man and the WSJ reporter went down the rolodex and kept calling people until they found a rat-faced man like this who was angry enough with life to give them the money quote they wanted. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716201) |
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Date: June 16th, 2016 2:39 AM Author: Heady Bronze Nowag Regret Could be. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716219) |
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Date: June 16th, 2016 2:41 AM Author: Diverse trump supporter what else could it be? why would you want to be quoted in the WSJ about this? if he doesnt like his rates, he's welcome to negotiate a discount with his law firms in private. he's got to be just a major dickhead. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716225) |
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Date: June 4th, 2018 4:39 PM Author: Autistic Field (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36182631) |
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Date: June 16th, 2016 2:29 AM Author: Heady Bronze Nowag Regret *refuses to get B of A mortgage if their underwriters get a raise this year* (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716192) |
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Date: June 16th, 2016 10:30 AM Author: Indecent dashing theater stage twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717332) |
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Date: June 16th, 2016 7:52 PM Author: green library (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722447) |
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Date: June 16th, 2016 2:35 AM Author: honey-headed contagious stage stock car And people wonder why BigLaw is total shit. Purely a function of having to kowtow to motherfuckers like this. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716211) |
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Date: June 16th, 2016 2:40 AM Author: Diverse trump supporter mfcr.
this guy is the exact reason that, if a brief is due on friday, the junior in-house lawyer asks for the draft on the monday of that week because he's afraid of this guy, even tho this won't review it until friday morning. and the senior partner wants the draft the thursday before, and the junior partner wants the draft the tuesday before.... |
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Date: June 16th, 2016 10:16 AM Author: bistre hairraiser becky state Of course. Because as in-house counsel if it sucks and I haven't fixed it then my ass is getting handed to me by my boss. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717241) |
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Date: June 16th, 2016 10:54 AM Author: Big-titted hospital roommate Have you actually read the post you just responded to? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717506) |
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Date: June 16th, 2016 10:56 AM Author: bistre hairraiser becky state I did, my point is that there's a reason for several layers of review and everyone is busy so that creates this shitty situation. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717523) |
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Date: June 16th, 2016 10:58 AM Author: Diverse trump supporter (boomer bootlicker) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717542) |
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Date: June 16th, 2016 11:05 AM Author: bistre hairraiser becky state Not really, I'm just in-house so obviously have a different POV on this issue. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717577) |
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Date: June 16th, 2016 11:08 AM Author: Diverse trump supporter you're a boomer bootlicker for justifying the 6 levels of artificial deadlines and fire drills in biglaw caused by faggots like yourself. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717599) |
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Date: June 16th, 2016 11:11 AM Author: bistre hairraiser becky state I'm actually really good about communicating deadlines and planning for that crap. But a lot of people aren't. That's just how it is. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717616) |
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Date: June 16th, 2016 7:37 PM Author: Irradiated sinister den clown Crrr 180 (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722320) |
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Date: June 16th, 2016 10:58 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717541) |
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Date: June 16th, 2016 10:23 AM Author: Indecent dashing theater stage twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717280) |
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Date: June 16th, 2016 2:47 AM Author: Diverse trump supporter FULL ARTICLE BELOW...
BUSINESS LAW Corporate Clients Push Back After Law Firms Hike Starting Salaries Bank of America calls decision to boost junior lawyers’ pay to $180,000 unjustified Worldwide Plaza, home of the offices of Cravath, Swaine & Moore LLP, the law firm whose decision to raise junior lawyers’ starting pay has rankled some companies. ENLARGE Worldwide Plaza, home of the offices of Cravath, Swaine & Moore LLP, the law firm whose decision to raise junior lawyers’ starting pay has rankled some companies. PHOTO: BLOOMBERG NEWS By SARA RANDAZZO Updated June 15, 2016 7:05 p.m. ET 44 COMMENTS After Cravath, Swaine & Moore LLP said last week it would boost starting pay for its junior-most lawyers to $180,000, law firms across the country stumbled over themselves to announce salary increases for their own associates.
But now companies are pushing back.
Bank of America Corp.’s top lawyer recently sent an email to a group of law firms calling the increases in associate lawyer pay unjustified, making it clear the bank wouldn’t help firms absorb the cost.
“While we respect the firms’ judgment about what best serves their long-term competitive interests, we are aware of no market-driven basis for such an increase and do not expect to bear the costs of the firms’ decisions,” David Leitch, Bank of America’s global general counsel, wrote in the email, reviewed by The Wall Street Journal.
A Bank of America spokesman declined to comment.
The latest law firm salary raises boosted first-year pay by 12.5%, and gave comparable hikes to the rest of the associate lawyer ranks. Pay generally went up by between $20,000 and $35,000 for every associate, topping out at salaries of $315,000 and above for the senior-most associates, typically with eight or nine years of experience.
The chief litigation officer for a Fortune 100 company said $180,000 for a first-year isn’t justified, pointing by way of comparison to a lawyer in the company’s litigation department with 20 years of experience who doesn’t make that much money. “Why would we ever think a first-year associate is worth that?” the lawyer said, adding that they recently denied a firm’s request to charge $400 an hour for a first-year.
The identities of the law firms that received Mr. Leitch’s message aren’t known, but the email appeared to target firms that handle the bank’s litigation.
“We value the work performed by our Litigation Roundtable firms and seek to maintain a true partnership that meets our reciprocal needs—thoughtful, strategic, and cost-competitive representation at rates and alternative billing arrangements that are attractive to our counsel,” wrote Mr. Leitch.
The email ended by saying Mr. Leitch entrusts the firms who receive the email with its work because of their “legal expertise and entrepreneurial instinct,” and looks forward to continuing to partner with them.
Like many other large companies, BofA has worked in recent years to reduce its legal spending; in 2013, the bank told the Association of Corporate Counsel it slimmed the number of firms it hires to defend it in litigation to 30 from around 700. Bank of America spent $1.2 billion on litigation in 2015, according to its earnings report.
BofA has used firms including Skadden, Arps, Slate, Meagher & Flom LLP; Paul, Weiss, Rifkind, Wharton & Garrison LLP and Cleary Gottlieb Steen & Hamilton LLP for big litigation matters in the past. Paul Weiss declined to comment. Representatives for Skadden and Cleary didn’t immediately return calls for comment.
Cravath didn’t immediately respond to a request for comment.
The push-and-pull over pay and rates has for decades been a source of tension between corporate legal departments and the law firms they hire.
Historically, law firms charged their clients in only one way: by the hour. While many in-house lawyers grumbled about the arrangements, saying they encouraged inefficiency and led to eye-popping bills, they mostly paid them.
But within the last decade or so, companies have pushed back. They now routinely demand “flat-fee” arrangements for a single piece of work, like a lawsuit or a transaction. And many have stopped paying for photocopies and legal research, items that were once rubber-stamped.
In-house lawyers have also ramped up resistance to paying for the most junior lawyers, often saying they won’t pay for first- and second-year lawyers even if they are staffed on assignments. Such lawyers, the thinking goes, are too often billed out at hundreds an hour to perform relatively menial tasks, like reviewing documents.
Not all in-house lawyers are railing against the raises.
Edward Ryan, the global general counsel for Marriott International Inc., said he believes “law firms are responsible for their own cost structure” and that what ultimately matters is “the value of what we pay for.” That said, he questioned if clients will “take their business elsewhere” if law firms try to pass off the costs directly.
Before Cravath raising its salaries, associate pay industrywide hadn’t budged in nearly a decade, a time during which law school tuition has skyrocketed, leaving many graduates with upward of $100,000 in debt.
Many associates had complained to law-firm leaders that in recent years their pay scale had failed to keep up with cost-of-living increases.
It isn’t entirely surprising that dozens of firms have followed Cravath’s lead and matched the new salary structure in recent days. Large law firms view keeping pace with market leaders like Cravath as part of staying competitive in recruiting and retaining their younger lawyers, even if their profits are lower and they operate in smaller markets.
Write to Sara Randazzo at sara.randazzo@wsj.com |
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Date: June 16th, 2016 2:52 AM Author: Heady Bronze Nowag Regret "The chief litigation officer for a Fortune 100 company said $180,000 for a first-year isn’t justified, pointing by way of comparison to a lawyer in the company’s litigation department with 20 years of experience who doesn’t make that much money."
Then hire and manage more in-house lawyers, genius. |
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Date: June 16th, 2016 2:55 AM Author: Diverse trump supporter cr.
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Date: June 16th, 2016 10:15 AM Author: vivacious address "180,000 for a first year? That's insane. Listen, I've got this guy who's been in our legal department 30 years and isn't even at 6 figures yet."
*Buzzes secretary*
"Pam...get the gimp." |
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Date: June 16th, 2016 10:17 AM Author: bistre hairraiser becky state (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717243) |
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Date: June 16th, 2016 10:19 AM Author: Indecent dashing theater stage twinkling uncleanness "The Gimp's on vacation." "Well, I guess you're gonna have to bring him back in pocket."
*Surf music* |
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Date: June 4th, 2018 3:54 PM Author: low-t masturbator temple (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36182389) |
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Date: June 16th, 2016 10:23 AM Author: Concupiscible Native Brutal just brutal (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717282) |
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Date: June 16th, 2016 12:03 PM Author: Wine school cafeteria looool (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718110) |
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Date: June 16th, 2016 4:41 PM Author: Heady Bronze Nowag Regret (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720630) |
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Date: June 16th, 2016 8:03 PM Author: green library lol (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722521) |
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Date: June 16th, 2016 10:28 AM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717314) |
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Date: June 16th, 2016 10:30 AM Author: Indecent dashing theater stage twinkling uncleanness Lol litigators youre done here (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717327) |
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Date: June 16th, 2016 10:16 AM Author: Sooty Old Irish Cottage Dilemma Before Cravath raising its salaries, associate pay industrywide hadn’t budged in nearly a decade, a time during which law school tuition has skyrocketed, leaving many graduates with upward of $100,000 in debt. 1st years are paid that much bc no 1 would pay $300k to go to law school otherwise. the whole scheme props up law & genderqueer theory research & the like in the academy shitty article never mentions this and only mentions LS debt at the end |
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Date: June 16th, 2016 2:57 AM Author: lascivious fishy chapel partner Good lord. Gas this kike (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716254) |
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Date: June 16th, 2016 3:58 AM Author: laughsome sandwich useless brakes (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30716398) |
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Date: June 16th, 2016 10:07 AM Author: buff windowlicker TITCR (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717187) |
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Date: June 16th, 2016 10:15 AM Author: bistre hairraiser becky state This was my first response when I heard this salary increase. No way will F500s stomach increased bills as a result. The prevailing opinion is that fees are already too high and that first years are just inexperienced grunt labor. Junior in-house people commonly aren't paid $180k + bonus, and these are typically people with several years of experience plus when clients are paying they're paying 3x that. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717224) |
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Date: June 16th, 2016 10:16 AM Author: Sooty Old Irish Cottage Dilemma 1st years are paid that much bc no 1 would pay $300k to go to law school otherwise. the whole scheme props up law & genderqueer theory research & the like in the academy (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717242) |
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Date: June 16th, 2016 10:18 AM Author: cream site 90% of law students never step foot in biglaw. people will still pay for ls, as retarded as it may be (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717253) |
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Date: June 16th, 2016 10:19 AM Author: bistre hairraiser becky state I totally agree. Problem is that no individual company gives a shit about this. There's a massive oversupply of lawyers so if half of law schools folded tomorrow it would generate exactly 0 concern. If you think anyone reviewing law firm selection and bills will say "oh, well, law school *is* really expensive these days" then you're kidding yourself.
Also, let's be clear - law firms aren't doing this because they looked at the finances of students. They did this because they thought they could break out and create a more prestigious tier of firms. It is marketing. Trouble is that many clients are at the point where they don't want to pay for this prestige/marketing. |
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Date: June 16th, 2016 10:55 AM Author: Sooty Old Irish Cottage Dilemma Bottom half of LS's are irrelevant here (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717509) |
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Date: June 16th, 2016 10:57 AM Author: bistre hairraiser becky state If half the T14s closed we wouldn't care either. No one in-house is worried about the continuing supply of lawyers. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717531) |
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Date: June 16th, 2016 11:24 AM Author: Diverse trump supporter it's marketing, yet F500 clients choose the most prestigious firms because that's how they cover their ass to management. in-house lawyers benefit from biglaw firms' "marketing" (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717732) |
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Date: June 16th, 2016 10:17 AM Author: cream site yup.
companies arent going to eat this increase themselves, and eventually boomer partners are going to flip about their ppp not increasing as much as theyd like. gonna end with more people getting lathamed |
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Date: June 16th, 2016 10:22 AM Author: bistre hairraiser becky state People Lathamed + even MOAR billable hours expectations. More convos will go like this:
Partner: "Listen David, I notice you weren't that productive last week."
David: "Well, I did bill 60 hours and I had my brother's wedding to attend. Remember we talked about that?"
Partner: "Yeah, but weddings take how long? 4 hours? 6 hours? You billed 0 the entire weekend..." |
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Date: June 16th, 2016 6:24 PM Author: hilarious razzmatazz kitty (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721740) |
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Date: June 16th, 2016 10:21 AM Author: appetizing pea-brained area (guy mad he now makes less than a 1st year) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717270) |
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Date: June 16th, 2016 10:23 AM Author: bistre hairraiser becky state I still make more but my lead is becoming pretty small. All depends on what will happen with bonuses. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717279) |
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Date: June 16th, 2016 10:24 AM Author: vibrant transparent wagecucks In house bros dont GAF about how firms split up the pie internally (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717287) |
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Date: June 16th, 2016 10:25 AM Author: bistre hairraiser becky state No, but we care about fee increases. If fees stay reasonably similar then we don't gaf. But we all know this isn't what firms are thinking. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717295) |
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Date: June 16th, 2016 10:57 AM Author: Big-titted hospital roommate Fees increase every year regardless of what law firms pay their associates. Jfc you're either dumb or have no idea what you're talking about or, likely, both. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717529) |
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Date: June 16th, 2016 10:59 AM Author: bistre hairraiser becky state Have 3 biglawyers working for me right now, chief. And you're dumb if you think what law firms pay their associates and fees increasing are independent. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717545) |
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Date: June 16th, 2016 11:00 AM Author: Diverse trump supporter >>working for me
you seem like you're on a power trip. you're the typical rat-faced small-dicked low-ranking boomer bootlicker in-house counsel who makes biglaw miserable. |
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Date: June 16th, 2016 11:03 AM Author: bistre hairraiser becky state Actually, I'm super nice to them and am awesome to work for. I keep deadlines reasonable, am not stingy with the bills, actually take time to train people, etc. But a lot of people ITT need a reality check when it comes to salaries. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717564) |
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Date: June 16th, 2016 11:09 AM Author: Diverse trump supporter you keep deadlines reasonable? above, you justified the artificial deadline bullshit where some 3rd yr is scrambling to do a draft of a brief in 3 days bc some asshole boomers are gonna sit on it for a week. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717610) |
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Date: June 16th, 2016 11:13 AM Author: bistre hairraiser becky state I wasn't so much justifying something like a 3 day timeline for a brief, but rather justifying that it needs to go through 4-5 levels of review (2-3 at the firm, probably 2 in-house - all of which takes time). (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717634) |
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Date: June 16th, 2016 11:15 AM Author: Diverse trump supporter (useless in-house lawyer making worthless edits to justify his job)
ROFL, all of that review is entirely unnecessary and just makes shit worse and wastes time. a run of the mill brief does not need 4-5 levels of review. |
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Date: June 16th, 2016 11:18 AM Author: bistre hairraiser becky state I don't review briefs because I'm not a shittigator. But I'm just explaining how shit works. If there's work product and it hits my desk, I'm expected to ensure the quality is sufficient. If it isn't then I have to answer for it. That means I have to review it.
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Date: June 16th, 2016 11:23 AM Author: Diverse trump supporter what you don't comprehend is that every single douchebag at every stage of the review process in biglaw thinks like that and fears for their job and provides some useless CYA edits on some artificial deadline schedule -- all because some rat-faced in-house GC like this BofA faggot is going to make them "answer for it" if there's a missed comma somewhere. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717718) |
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Date: June 16th, 2016 12:21 PM Author: bistre hairraiser becky state No shit. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718340) |
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Date: June 16th, 2016 11:21 AM Author: Heady Bronze Nowag Regret Which lower tier firms will you be switching to? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717706) |
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Date: June 16th, 2016 11:05 AM Author: appetizing pea-brained area (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717580) |
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Date: June 16th, 2016 11:04 AM Author: Big-titted hospital roommate Explain to me like I am 5 how the stagnant law firm associate salaries related to hourly billing rates that increased every year.
Keep in mind that while you may see the rates of associates working for you as a client, and those rates are likely grandfathered in for the duration of a particular case, I can see the rates of different associates across clients and cases AND THEY FUCKING GO UP EVERY YEAR. |
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Date: June 16th, 2016 11:10 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717612) |
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Date: June 16th, 2016 11:10 AM Author: bistre hairraiser becky state Because partners expect PPP to increase every year. I don't see that expectation being suspended because of salary increases. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717613) |
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Date: June 16th, 2016 11:13 AM Author: Diverse trump supporter and PPP can increase ONLY via lower salaries relative to billing rates? lol at this retard shit. PPP can increase by generating more work. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717639) |
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Date: June 16th, 2016 11:15 AM Author: Big-titted hospital roommate (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717655) |
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Date: June 16th, 2016 11:16 AM Author: bistre hairraiser becky state Key word "can". But if you think these firms are banking on a BOOM in their respective departments as the economic outlook continues to worsen then you're kidding yourself. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717656) |
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Date: June 16th, 2016 11:17 AM Author: Diverse trump supporter the point is that you don't comprehend a firm's internal inputs are irrelevant. if you don't like the billing rates, renegotiate them or go to a different firm. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717673) |
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Date: June 16th, 2016 11:24 AM Author: bistre hairraiser becky state They're not irrelevant. PPP is everything to these partners. I guarantee you that no one did this expecting to not make it up elsewhere.
And of course we do that. This article is just this GC firing a warning shot across the bows of these firms. It is him essentially publicly negotiating. |
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Date: June 16th, 2016 11:25 AM Author: Diverse trump supporter and he's a fucking douchebag for publicly negotiating. it's not even his money. it's the shareholders'. the point is that he's a loser and has a small penis. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717744) |
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Date: June 16th, 2016 11:32 AM Author: Big-titted hospital roommate (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717807) |
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Date: June 16th, 2016 12:39 PM Author: bistre hairraiser becky state So what's the downside for him for publicly negotiating like this? The rage of a few biglaw associates that will still do what they're told with a shiteating grin? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718541) |
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Date: June 16th, 2016 1:01 PM Author: Diverse trump supporter that he's in the WSJ looking like a complete fucking faggot. if you cant see that's a downside, you're beyond help. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718746) |
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Date: June 16th, 2016 1:05 PM Author: bistre hairraiser becky state You realize that to the BoD, CEO and major shareholders he looks like he's working hard to keep costs down, right? And that none of those groups feel even a tiny bit of sympathy for first year associates? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718789) |
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Date: June 16th, 2016 1:09 PM Author: Diverse trump supporter in other words, he feels like a small-dicked faggot when he's in a room with real men and needs to "prove" himself by being a faggot and saying retarded shit to the WSJ? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718829) |
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Date: June 16th, 2016 1:11 PM Author: bistre hairraiser becky state Why you mad at this successful bro? He's just doing his job well. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718855) |
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Date: June 16th, 2016 1:12 PM Author: Diverse trump supporter he can do his job well whether or not he gives faggot quotes to the WSJ. the point is that he's literally angry. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718873) |
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Date: June 16th, 2016 4:08 PM Author: bistre hairraiser becky state No, this helps give the appearance he is doing his job to the people he cares about. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720331) |
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Date: June 16th, 2016 11:15 AM Author: Big-titted hospital roommate Ok. Will PPP increase if law firms increase salaries so that they can hire more lawyers and do more work? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717652) |
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Date: June 16th, 2016 12:37 PM Author: bistre hairraiser becky state What? They aren't rejecting work because they can't hire enough lawyers because salaries aren't high enough. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718523) |
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Date: June 16th, 2016 1:02 PM Author: Diverse trump supporter actually, plenty of busy departments ARE rejecting work bc they're swamped. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718753) |
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Date: June 16th, 2016 1:06 PM Author: bistre hairraiser becky state Yeah man, they can't possibly hire enough first years at $160k. Who are you kidding? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718802) |
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Date: June 16th, 2016 1:10 PM Author: Diverse trump supporter you need first years and mid-levels both to do the work. and it takes time to hire good people and develop a solid department. you cant just go on the lateral market and hire a bunch of random mid-levels who are good. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718847) |
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Date: June 16th, 2016 1:14 PM Author: bistre hairraiser becky state And you wouldn't see a lack of first years @ $160k. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718882) |
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Date: June 16th, 2016 1:05 PM Author: Big-titted hospital roommate Even if this were true (see DBG's poast above), if they are not rejecting work and piling it on associates, those associates are hating life and leaving, leaving partners with no worker bees to make money for them. Some firms are absolutely getting crushed right now. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718788) |
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Date: June 16th, 2016 1:07 PM Author: bistre hairraiser becky state And none of that is because of a lack of first years or first years not being paid enough. I make no comment on whether it was justified for more senior associates. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718809) |
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Date: June 16th, 2016 1:09 PM Author: Big-titted hospital roommate First years are part of the chain. You cannot take first years out and expect the best talent at the mid- and senior levels. Do you really not grasp this concept? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718831) |
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Date: June 16th, 2016 1:10 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718839) |
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Date: June 16th, 2016 1:12 PM Author: bistre hairraiser becky state You're not "taking them out", you're just not overpaying them. There are a huge number of law students to hire first years from that would kill for the $160k number. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718871) |
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Date: June 16th, 2016 1:13 PM Author: Diverse trump supporter god you're dense. just stop. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718876) |
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Date: June 16th, 2016 1:14 PM Author: bistre hairraiser becky state Can't stop, won't stop. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718887) |
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Date: June 16th, 2016 6:15 PM Author: geriatric beta idea he suggested circlehead Pro tip hotshot: never fucking ever say "working for me" unless your the fucking founder or CEO or GC of the fucking company. You fucking got that geek? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721670) |
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Date: June 16th, 2016 6:20 PM Author: nubile mischievous degenerate harsh but fair (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721703) |
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Date: June 16th, 2016 6:28 PM Author: hilarious razzmatazz kitty Egregious GC trolling.
(But seriously, guy he was replying to, this is a very important life lesson for you to learn. You need to not be such a dickweed; you could get gangraped and beaten to death by smirking youths on the subway tomorrow and what would you have to show for it? Would the big lawyers who "work for you" mourn your loss?) |
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Date: June 16th, 2016 10:23 PM Author: bistre hairraiser becky state Ok, explain to me why that was me being a dickweed. This relationship isn't the sort where I'd expect to be mourned if I died. My hair salon wouldn't care either. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723724) |
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Date: June 17th, 2016 12:48 PM Author: hilarious razzmatazz kitty I dunno man, obviously everyone's pissed off ITT. I'm not even in BL anymore (I do mostly plaintiff-side class actions) and it kinda pisses me off.
You're a GC faggot, not an actual alpha businessman (the type that can't be replaced without significant, tangible downside to the company as a whole) or inventor, or even an alpha trial lawyer. Act accordingly. |
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Date: June 16th, 2016 6:29 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721785) |
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Date: June 16th, 2016 9:45 PM Author: amethyst unholy halford (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723429) |
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Date: June 16th, 2016 10:22 PM Author: bistre hairraiser becky state lol @ getting butthurt over this. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723703) |
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Date: June 17th, 2016 11:55 AM Author: geriatric beta idea he suggested circlehead You came across as a major dick. Just own it and move on . Nobody's butthurt over it but your statement was so brazenly douchey that you needed to get obliterated over it. Again, take your smack, own it, and move on. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726741) |
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Date: June 17th, 2016 11:57 AM Author: bistre hairraiser becky state :(
Ok, fair enough. Wasn't my intention to be a big swinging dick ITT. |
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Date: June 17th, 2016 12:29 PM Author: geriatric beta idea he suggested circlehead Fair. (extends arms outward, moves in to hug it out...) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30727003) |
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Date: June 16th, 2016 10:59 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717546) |
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Date: June 16th, 2016 6:16 PM Author: soggy lavender marketing idea I have no idea what I'm talking about (not a LOLyer) but 180K for someone with zero experience seems absurd. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721679) |
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Date: June 16th, 2016 6:29 PM Author: Diverse trump supporter pro athletes get millions in rookie contracts. what's the difference. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721788) |
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Date: June 16th, 2016 10:19 PM Author: bistre hairraiser becky state LMAO, are you shitting me with this? You think you're like a pro athlete because you went to a decent law school and can review documents? JFC DBG... (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723682) |
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Date: June 16th, 2016 10:27 PM Author: Irradiated sinister den clown (guy sent to the D league after 8 months) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723745) |
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Date: June 16th, 2016 6:17 PM Author: soggy lavender marketing idea idea what I'm talking about (not a LOLyer) but 180K for someone with zero experience seems absurd. And at the end of the day BoA (and others) is footing the bill. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721686) |
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Date: June 16th, 2016 9:47 PM Author: bistre hairraiser becky state Ty. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723442) |
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Date: June 16th, 2016 11:24 AM Author: stubborn fat ankles Lmao at "we" (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717730) |
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Date: June 16th, 2016 11:37 AM Author: vibrant transparent wagecucks seriously. in house bro here and i couldn't care less (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717863) |
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Date: June 16th, 2016 11:38 AM Author: Diverse trump supporter cr. people like TMF is why biglaw is unsufferable. if you're lucky, you get an in-house bro who realizes it's all pointless. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717872) |
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Date: June 16th, 2016 11:40 AM Author: vibrant transparent wagecucks he's also the species of lowly inhouse faggot who gets off on being an IMPORTANT CLIENT (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717890) |
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Date: June 16th, 2016 11:51 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717977) |
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Date: June 16th, 2016 12:45 PM Author: stubborn fat ankles Truly hilarious and pathetic when wage slaves act like they have skin in the game when they're just doing their master's bidding (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718584) |
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Date: June 16th, 2016 12:46 PM Author: Flesh blathering knife (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718593) |
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Date: June 17th, 2016 11:58 AM Author: bistre hairraiser becky state Wtf, no. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726770) |
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Date: June 16th, 2016 11:37 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717868) |
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Date: June 16th, 2016 1:09 PM Author: Exhilarant Station Giraffe Fees increase every year. They call it "inflation." It's not like fees will go up 10% v. 5% next year due to the salary raise. Frankly, you should be happy about biglaw raises because it ultimately influences in-house salaries. In house that recruits primarily from biglaw won't attract candidates if they're stuck paying $125k to a third year biglaw associate. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718830) |
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Date: June 16th, 2016 1:10 PM Author: bistre hairraiser becky state You don't think they could increase 7% vs 4%? Why would you think that?
And again, I don't mind mid-level/senior salaries going up because they actually know something. Junior salaries increasing is ridiculous. |
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Date: June 16th, 2016 1:23 PM Author: Exhilarant Station Giraffe Clients expect a normal increase each year but not an abnormally high one so they won't run the risk of really pissing the clients off. Associate pay raises are not absorbed by clients. There are a thousand other ways to absorb such costs (cut bonuses, cut summer class headcount, raise billable hours before bonuses, steath layoff deadweight at senior associate and in non equity partner ranks). You act like somehow these pay raises materially cut into PPP. They absolutely don't. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718970) |
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Date: June 16th, 2016 1:24 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718978) |
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Date: June 16th, 2016 4:51 PM Author: bistre hairraiser becky state "(cut bonuses, cut summer class headcount, raise billable hours before bonuses, steath layoff deadweight at senior associate and in non equity partner ranks)"
Yes, they'll cut bonuses. Summer class headcount is more of a factor of expected need for first years. Yes, they will probably raise billable hours but people have natural/physical limits for this. They lay off deadweight anyway if they aren't profitable.
You still end up with a delta. And it isn't going to be absorbed by the partners. |
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Date: June 16th, 2016 6:19 PM Author: soggy lavender marketing idea Cr. My industry overpays at entry level as well (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721696) |
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Date: June 16th, 2016 1:12 PM Author: Diverse trump supporter cr. this faggot is too dense to see any of this. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718865) |
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Date: June 16th, 2016 10:26 AM Author: cream site yeah but a lot of them take umbrage at being charged 450 an hour for someone they know has no idea what they are doing. these complaints are becoming more common (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717300) |
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Date: June 16th, 2016 10:29 AM Author: bistre hairraiser becky state Right. When I get a junior associate on something I schedule time to train them because I don't expect that they know anything at all. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717324) |
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Date: June 16th, 2016 11:02 AM Author: Diverse trump supporter he must think you're a major douche. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717559) |
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Date: June 16th, 2016 1:04 PM Author: bistre hairraiser becky state No one could possibly think this. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718773) |
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Date: June 16th, 2016 11:01 AM Author: Diverse trump supporter "no idea what they are doing" is flame. it's just a way for clients to talk down the bill. the work is monkeywork and a 1st yr can do it. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717556) |
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Date: June 16th, 2016 11:03 AM Author: cream site no, it definitely is true. if its monkeywork, give it to a paralegal. if its substantive, the first year needs to learn how it is actually done. no one actually knows from the start. in reality, first years charge for rearranging commas or doing secretarial tasks while flipping through xo on another screen (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717566) |
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Date: June 16th, 2016 11:11 AM Author: Diverse trump supporter it's monkeywork for someone with a 120 iq, which is the typical T14 grad in biglaw.
it doesnt take long to learn how to do most shit in biglaw. |
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Date: June 16th, 2016 11:21 AM Author: cream site i dunno how it is in litigation, but on deals, half the fight is knowing the process and 'whats market' which you can only really learn through experience. sure, you can pick it up, but it doesnt happen that quickly, and most first years ive dealt with (including myself) were really just handling discrete menial tasks while they were expected to observe and learn whats going on. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717705) |
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Date: June 16th, 2016 11:14 AM Author: bistre hairraiser becky state Right. They maintain closing checklists, do DD/doc review (badly, since they often have no idea what they're looking for), do basic research that is going to be reality checked anyway by someone that actually knows something. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717644) |
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Date: June 16th, 2016 10:15 AM Author: Cracking Pocket Flask Parlor This faggot is just doing his partner bros a solid. PPP are at all time highs, he's helping them keep it that way. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717233) |
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Date: June 16th, 2016 10:32 AM Author: bistre hairraiser becky state Do you think for a second partners did this expecting to take a hit to PPP? Of course not, so who do you think they expect to pay for this? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717343) |
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Date: June 16th, 2016 10:34 AM Author: Cracking Pocket Flask Parlor *whoosh* (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717365) |
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Date: June 16th, 2016 10:35 AM Author: bistre hairraiser becky state Not really. Partners aren't doing this out of kindness. They're doing this because they think they can get away with raising fees by a significant sum. It isn't nuts to expect that GCs of major clients are going to balk at this. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717370) |
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Date: June 16th, 2016 10:43 AM Author: Cracking Pocket Flask Parlor *whoosh* (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717423) |
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Date: June 16th, 2016 10:44 AM Author: bistre hairraiser becky state no u (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717434) |
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Date: June 16th, 2016 10:59 AM Author: Big-titted hospital roommate No, Cravath did it to attract and retain talent. HOURLY FEES INCREASE EVERY YEAR REGARDLESS OF WHAT FIRMS PAY THEIR ASSOCIATES. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717543) |
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Date: June 16th, 2016 11:04 AM Author: bistre hairraiser becky state So then you're saying this will come out of PPP? I don't believe it.
"to attract and retain talent"
Those are actually meaningless buzzwords. Unless others were paying more, they were paying top of the market. Other firms are matching anyway, so how did this help? |
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Date: June 16th, 2016 11:09 AM Author: Big-titted hospital roommate You've been on xo for a while, so it should not come as a surprise to you that top law school graduates do not choose firms based on compensation alone, and a firm's prestige and status as a compensation leader plays a much bigger role than the salary alone because - as you mentioned - the salary is pretty much the same across the board.
Law firms want to attract the best students because this is one of their tools when soliciting business - hey, client, go with us and not that other law firm because our lawyers are smarter and will outsmart your opponent. This is also how Cravath, e.g., will justify higher billing rates than DLA Piper.
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Date: June 16th, 2016 11:12 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717631) |
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Date: June 16th, 2016 6:24 PM Author: soggy lavender marketing idea I agree in theory but the difference between my top employees and worst employees are not their IQs, it's the rest of the package. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721738) |
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Date: June 16th, 2016 10:26 PM Author: bistre hairraiser becky state This goes to my point. They didn't need to increase salaries to attract and retain talent, particularly at the first year level. They attract and retain 1st year talent because of the prestige. So this ultimately does nothing to address that. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723739) |
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Date: June 16th, 2016 11:02 AM Author: Diverse trump supporter they've ALREADY raised fees by a significant sum, retard. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717563) |
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Date: June 16th, 2016 11:07 AM Author: appetizing pea-brained area (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717593) |
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Date: June 16th, 2016 11:07 AM Author: bistre hairraiser becky state Which went to PPP. So are they fine with taking a hit to PPP (which, they NEVER are) or are they planning to raise fees much more to compensate? If the former then I'm great with that, seriously, if the latter then they're going to get push back. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717595) |
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Date: June 16th, 2016 11:09 AM Author: appetizing pea-brained area lol @ a jr in house guy making 120k base 'pushing back'
your overlords might push back. you will do wahtever they tell you to do |
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Date: June 16th, 2016 11:24 AM Author: Multi-colored senate This. TMF you're way too self important for a midlevel in a 100 man in-house legal dept (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717725) |
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Date: June 16th, 2016 11:35 AM Author: Diverse trump supporter ROFL this thread makes a whole lot more sense now that i know this is TMF. he literally aspires to be the rat-faced BofA loser in the article, but never will be bc he has shit TTT credentials. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717842) |
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Date: June 16th, 2016 12:44 PM Author: bistre hairraiser becky state Look, are we not all rat faced men in this wonderful profession?
But yeah, no way do I get as high as that rat faced man. |
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Date: June 16th, 2016 11:26 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717751) |
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Date: June 16th, 2016 10:21 AM Author: vibrant transparent wagecucks Just a faggot posturing for his senior management kike overlords as if only THEIR work product is worth market rates (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717267) |
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Date: June 16th, 2016 10:22 AM Author: Indecent dashing theater stage twinkling uncleanness It's ANOTHA SHOAH MARTY (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717272) |
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Date: June 16th, 2016 10:32 AM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717345) |
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Date: June 16th, 2016 10:31 AM Author: Vigorous crackhouse boiling water Anyone who would work for those evil B of A fuckers can take his opinion and shove it up his own fucking ass. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717341) |
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Date: June 16th, 2016 10:41 AM Author: bistre hairraiser becky state Protip: pretty much every major law firm works for B of A. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717414) |
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Date: June 16th, 2016 10:50 AM Author: Vigorous crackhouse boiling water Oh, I know. Countrywide for the win. My former partner bought an Italian villa off that shit. But I would NEVER have worked for B of A, and they offered me jobs at least twice when I was handling appellate cases for them. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717475) |
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Date: June 16th, 2016 10:55 AM Author: bistre hairraiser becky state And if you don't work for them then you negotiate with them. I have an active negotiation with them right now (which, this thread reminds of - I need to review their latest redline). (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717513) |
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Date: June 16th, 2016 10:56 AM Author: Vigorous crackhouse boiling water That's true. Those fuckers are everywhere. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717522) |
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Date: June 16th, 2016 11:36 AM Author: vibrant transparent wagecucks they are notorious across the street for being jews about bills. citi too (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717853) |
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Date: June 16th, 2016 11:41 AM Author: cream site this appears to be a global phenomenon (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717894) |
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Date: June 16th, 2016 10:33 AM Author: Vigorous crackhouse boiling water Someone should find out what this fucker makes and blast it all over the Interwebs. Probably north of $2 million. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717356) |
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Date: June 16th, 2016 10:35 AM Author: cream site well he was making 2.6 mill at ford before jumping to BAML, so thats a good bet
http://executives.findthecompany.com/l/41872/David-G-Leitch |
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Date: June 16th, 2016 10:36 AM Author: bistre hairraiser becky state GC of a major bank makes serious money? Shocking! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717380) |
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Date: June 16th, 2016 10:50 AM Author: Vigorous crackhouse boiling water The point is, some fucking loud mouthed asshole firing off memos about raising salaries from 160 to 180 should really keep his fat mouth shut if he is making $4,000,000+ a year. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717470) |
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Date: June 16th, 2016 10:53 AM Author: bistre hairraiser becky state Why? He is paid that money to keep costs down on legal fees. This is a move to raise legal fees. Of course he objects. Many other GCs are objecting without saying it to the press. Others are conveying that they will not accept any additional fees.
The surprise on this bort is lulzy. |
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Date: June 16th, 2016 10:55 AM Author: Vigorous crackhouse boiling water (guy who worked at Latham and shopped at Barney's) (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717515) |
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Date: June 16th, 2016 11:06 AM Author: Diverse trump supporter the point is that he's the only one saying it to the press bc he's an angry rat-faced man (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717582) |
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Date: June 16th, 2016 11:06 AM Author: Vigorous crackhouse boiling water A super wealthy one at that. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717585) |
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Date: June 16th, 2016 11:09 AM Author: bistre hairraiser becky state I don't think he's that angry, he just likes to see his name in the WSJ. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717609) |
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Date: June 16th, 2016 11:17 AM Author: Big-titted hospital roommate kind of how you don't have anything meaningful to add to the discussion but like seeing your name in the subthreads. got it. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717674) |
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Date: June 16th, 2016 11:19 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717690) |
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Date: June 16th, 2016 11:26 AM Author: Multi-colored senate He likes acting like the boards resident GC despite being some low ranking lawyer. Midlevels like this are why biglaw is miserable (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717755) |
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Date: June 16th, 2016 11:28 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717777) |
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Date: June 16th, 2016 12:19 PM Author: bistre hairraiser becky state Yeah, kinda... (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718311) |
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Date: June 16th, 2016 11:20 AM Author: Diverse trump supporter so he's an insecure attentionwhoring small-dicked rat-faced man who isn't angry? grrreat! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717698) |
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Date: June 16th, 2016 11:02 AM Author: appetizing pea-brained area poasters making shitinhouse wages RAILING against biglaw salary increases. why? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717558) |
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Date: June 16th, 2016 11:20 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717701) |
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Date: June 16th, 2016 11:17 AM Author: Brindle filthpig BoA can't really say shit about NYC salaries.
They kind of have a point that $180k is ridiculous in fucking CharloTTTe |
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Date: June 16th, 2016 11:18 AM Author: Magenta floppy mother Imagine some hick walking into a BofA branch office, DEMANDING to see the manager, and then gesturing over to the window tellers: "I heard you gave them faggots a raise. Do that again and I'm-a takin' my checkin' to Wells Fargo." (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717683) |
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Date: June 16th, 2016 11:20 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717703) |
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Date: June 16th, 2016 11:22 AM Author: Big-titted hospital roommate (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717714) |
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Date: June 16th, 2016 11:25 AM Author: boyish pink range yeah, that's really the issue here. Is there any other industry where (a) clients would complain about a raise to employees and (b) it would be a news story? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717743) |
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Date: June 16th, 2016 11:29 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717786) |
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Date: June 16th, 2016 11:39 AM Author: vibrant transparent wagecucks (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717883) |
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Date: June 16th, 2016 7:57 PM Author: green library lol (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722478) |
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Date: June 16th, 2016 11:26 AM Author: seedy cordovan main people B of A bro runs a fucking $1.2 billion COST CENTER that doesn't produce a dime of revenue. Other execs who actually run divisions that make money probably constantly clown this bro about why he keeps pissing away $1.2 billion. Not to mention he's a fuckin lawyer while the other execs are all bankers. He knows he's the tiniest dick in any room he's in at B of A, so he has to show that he's trying not to waste so much of the bankers' money. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717756) |
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Date: June 16th, 2016 11:29 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717784) |
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Date: June 16th, 2016 11:31 AM Author: cream site lol this is true (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717798) |
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Date: June 16th, 2016 7:23 PM Author: vibrant transparent wagecucks http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717267
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Date: June 16th, 2016 11:40 AM Author: jet-lagged alcoholic fortuitous meteor ceo So, to recap: Boomer GC expects efficient, top-quality work from the senior firm lawyers he hires, relies on those senior lawyers for his business, but refuses to contribute at all to train the next generation that he will need.
Classic Boomerism. |
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Date: June 16th, 2016 11:44 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717915) |
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Date: June 16th, 2016 12:55 PM Author: territorial home travel guidebook also: TMF got GAPED and sexually HUMILIATED, dick n balls stiletto CRUSHED, cock CAGED and put into a HUMBLER, by a tag team of DBG and pumette ITT. must've been a peak experience (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718679) |
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Date: June 16th, 2016 12:59 PM Author: bistre hairraiser becky state Oh look, another MAF biglawyer. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718721) |
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Date: June 16th, 2016 1:01 PM Author: Big-titted hospital roommate ljl (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718743) |
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Date: June 16th, 2016 1:03 PM Author: bistre hairraiser becky state You guys are seriously hilarious. Yeah, me agreeing with a GC of a major bank who is repeating what numerous GCs have stated before which is that 1st years aren't worth a massive salary or fees when they don't know how to do anything and that even large clients are cost conscious is totally nuts. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718764) |
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Date: June 16th, 2016 1:14 PM Author: Diverse trump supporter the sad part is that you have no independent thought, and think you're cool by literally parroting what some rat-faced angry asshole said to the WSJ. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718890) |
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Date: June 16th, 2016 4:49 PM Author: bistre hairraiser becky state Well, I'm a frugal rat-faced man myself. I just don't think he is as angry as you think. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720713) |
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Date: June 16th, 2016 1:11 PM Author: territorial home travel guidebook i don't even know what a law is, but even i could follow pumette and DBG's line of reasoning quite clearly ITT, and could see that you're wrong (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718861) |
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Date: June 16th, 2016 4:49 PM Author: bistre hairraiser becky state Their reasoning is pretty simple, it amounts to "I WANT MORE MONEY!!!!" (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720709) |
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Date: June 16th, 2016 1:03 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718757) |
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Date: June 16th, 2016 11:49 AM Author: Pale high-end dingle berry potus BofA will pay whatever firms ask. Who are they going to go to instead? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717963) |
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Date: June 16th, 2016 11:50 AM Author: Big-titted hospital roommate Axthiom!!! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717969) |
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Date: June 16th, 2016 11:52 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30717982) |
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Date: June 16th, 2016 12:42 PM Author: Stirring Poppy Theatre Quadroon (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718567) |
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Date: June 16th, 2016 12:44 PM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30718580) |
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Date: June 16th, 2016 5:37 PM Author: Purple Free-loading Plaza Mood (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721253) |
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Date: June 17th, 2016 5:23 PM Author: Indecent dashing theater stage twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30729305) |
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Date: June 4th, 2018 4:45 PM Author: Autistic Field (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36182676) |
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Date: June 16th, 2016 1:40 PM Author: Buck-toothed Henna Public Bath ITT: crybabies.
This guy is only complaining about increased salaries insofar as they will result in higher costs on his end. He has a responsibility to the shareholders to hold down legal costs. As GC, that's one of his biggest jobs, of not his biggest. This is how business works, kiddos. Each stakeholder tries to increase his economic surplus, by working with other stakeholders or by taking from other stakeholders as the situation may warrant. If you don't like it, as one of my MBA professors once said, go be a church secretary. |
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Date: June 16th, 2016 1:45 PM Author: bistre hairraiser becky state Thank you, finally someone who gets it. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30719120) |
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Date: June 16th, 2016 3:54 PM Author: Diverse trump supporter "He has a responsibility to the shareholders to hold down legal costs," the bootlicker lisped
breh, do you think any F500 management guy really gives a fuck about his responsibility to shareholders? they're all about keeping their jobs and entrenching themselves for as long as possible and generating short term returns at the expent of long-term shareholder value.
and even if he's correct, making some rat-faced comment to the WSJ isnt going to change anything and just makes him look like an asshole -- which he obviously is and obviously doesnt care. |
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Date: June 16th, 2016 4:05 PM Author: bistre hairraiser becky state Yes, senior management takes their job to generate shareholder returns seriously. At the very least, they want to appear like they're very committed to this, which this article helps achieve.
The only people who think this made him look like an asshole are biglaw associates. Seriously. |
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Date: June 16th, 2016 4:10 PM Author: Diverse trump supporter the only people reading this article are biglaw associates. seriously.
the BoD isnt reading the WSJ to give this guy a pay raise based on his comments to the WSJ. |
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Date: June 16th, 2016 4:12 PM Author: bistre hairraiser becky state You don't think the BoD and senior management at BOA are reading WSJ articles about their own bank? Are you kidding me? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720358) |
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Date: June 16th, 2016 4:15 PM Author: Diverse trump supporter im sure they read every word of this article and are following with great interest whether proskauer or reed smith have matched 180K (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720386) |
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Date: June 16th, 2016 4:16 PM Author: bistre hairraiser becky state No, but they skimmed it and got the gist of "our GC is trying to save us money" and are pleased. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720393) |
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Date: June 16th, 2016 4:16 PM Author: Sooty Old Irish Cottage Dilemma they absolutely did not (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720397) |
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Date: June 16th, 2016 4:18 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720420) |
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Date: June 16th, 2016 4:47 PM Author: bistre hairraiser becky state They MIGHT have! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720691) |
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Date: June 16th, 2016 4:19 PM Author: Diverse trump supporter yeah F500 CEOs whose companies are quotes in dozens of WSJ articles every day skimmed an article about biglaw pay that happened to have a quote from their GC (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720426) |
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Date: June 16th, 2016 4:47 PM Author: bistre hairraiser becky state The chance of this happening was a major motivator in the GC making that comment. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720701) |
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Date: June 16th, 2016 4:16 PM Author: Sooty Old Irish Cottage Dilemma its not about their shit bank (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720396) |
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Date: June 16th, 2016 4:21 PM Author: Big-titted hospital roommate (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720444) |
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Date: June 16th, 2016 4:22 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720459) |
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Date: June 16th, 2016 4:46 PM Author: bistre hairraiser becky state EVERYTHING IS ULTIMATELY ABOUT THEIR SHIT BANK (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720689) |
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Date: June 16th, 2016 4:40 PM Author: Buck-toothed Henna Public Bath Yes, I think he takes his responsibility seriously, as the carrying out of his responsibility is what keeps the huge paychecks rolling in. Yes, I think his comments, both those made publicly and those made privately, will have an effect on promoting his position.
Your tunnel vision is hilarious. You are well-known on here for your frugality, which I respect. Now try to shift your perspective a little bit. This guy's statement is like when you didn't pay the street vendor in Guatemala or wherever. This guy is frugal too. Only with amounts of money bigger than you can imagine. |
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Date: June 16th, 2016 4:41 PM Author: Diverse trump supporter tl;dr: this guy and i are both assholish pricks.
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Date: June 16th, 2016 4:46 PM Author: bistre hairraiser becky state Exactly. Which goes back to my prior statement about all of us being rat-faced men in this sinking "profession" (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720686) |
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Date: June 16th, 2016 4:48 PM Author: bistre hairraiser becky state (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720706) |
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Date: June 16th, 2016 4:18 PM Author: disgusting cerebral persian tl;dr
hehe |
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Date: June 16th, 2016 4:26 PM Author: Trip Pervert Stead didn't this shitbird's bank use taxpayer money to fund fucking bonuses and salary increases back in the recession? He can eat shit. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720491) |
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Date: June 16th, 2016 4:29 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720521) |
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Date: June 16th, 2016 5:15 PM Author: bistre hairraiser becky state Oh for Christ's sake, give it a rest already. If you were him you would be crafting a legal department from biglaw layoffs working on a contract basis for $35/hr just so that you could justify asking for an extra 4% raise. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30720973) |
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Date: June 16th, 2016 5:17 PM Author: jet-lagged alcoholic fortuitous meteor ceo And the reason he hasn't already done that is what, you incapable-of-logical-inference half-pint Slav? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721001) |
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Date: June 16th, 2016 5:21 PM Author: bistre hairraiser becky state Well mostly because he is a law firm associate and isn't GC of anything. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721049) |
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Date: June 16th, 2016 5:26 PM Author: jet-lagged alcoholic fortuitous meteor ceo "he" clearly refers to the GC in that poast. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721111) |
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Date: June 16th, 2016 5:28 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721150) |
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Date: June 16th, 2016 5:55 PM Author: bistre hairraiser becky state Well "he" isn't as cheap as DBG. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721452) |
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Date: June 16th, 2016 6:01 PM Author: Heady Bronze Nowag Regret "And the reason he hasn't already done that is what"
Big Reason: Assembling teams of smart specialists admitted to and knowledgeable of every jurisdiction in the country isn't cheap or easy.
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Date: June 16th, 2016 6:04 PM Author: jet-lagged alcoholic fortuitous meteor ceo that's actually a subreason. the Big Reason is using Cravath is more cost-effective and/or delivers a better outcome.
now, tilapia-eater, VAT MAKES THIS TRUE? |
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Date: June 16th, 2016 6:30 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721801) |
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Date: June 16th, 2016 9:43 PM Author: narrow-minded sanctuary mental disorder holy shit. tmf? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723407) |
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Date: June 16th, 2016 9:54 PM Author: bistre hairraiser becky state 1) I don't eat talapia
2) Pretty much no large banks/companies exclusively use top firms. They use a mix of law firms of various sizes/levels/prices and legal outsourcing type companies. My point was really that DBG is the cheapest of the cheap, trying to give another cheap guy shit for saying something extremely basic. |
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Date: June 17th, 2016 12:09 PM Author: jet-lagged alcoholic fortuitous meteor ceo you are once again proving yourself to be among the bottom quartile, if not bottom tenth, of poasters in intelligence and reading comprehension.
now, ignore your urge to go off on mostly irrelevant tangents and answer the question: what makes biglaw firms worth it for their clients? |
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Date: June 16th, 2016 6:10 PM Author: geriatric beta idea he suggested circlehead Snarks at 180k for first year attorney.. Pays 400k to some zit faced kid to be an excel monkey. Fucking shrewd. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721626) |
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Date: June 16th, 2016 6:12 PM Author: Spectacular Awkward Rehab New Version Global Capitalism dropping a thank you card in the mail addressed to David Leitch (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30721645) |
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Date: June 16th, 2016 7:18 PM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722182) |
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Date: June 16th, 2016 8:03 PM Author: bat shit crazy cuckold (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722529) |
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Date: June 16th, 2016 7:01 PM Author: violent spruce wrinkle heaven lmao @ how bootlicking martinets like TMF who are literally THE problem with white collar jobs ALWAYS have the insane belief that they are "super nice and awesome to work for." (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722049) |
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Date: June 16th, 2016 7:04 PM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30722065) |
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Date: June 16th, 2016 9:44 PM Author: bistre hairraiser becky state I'm not a martinet at all! No idea why you guys are painting me to be some slave driving asshole. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723420) |
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Date: June 17th, 2016 11:56 AM Author: violent spruce wrinkle heaven no offense brother but you objectively are a proudly low-empathy dude with thoughts and opinions far outside human norms. I believe that you sincerely believe you are a reasonable guy and good to work with but remember that all your subjective experiences of times you cut a guy some slack are being measured against your internal standards which again, are those of a crazy asshole. love you tho brother (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726747) |
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Date: June 17th, 2016 12:01 PM Author: bistre hairraiser becky state People here are making some bad assumptions though based on trying to make me out to be a particular sort of rat faced man. While I'm certainly *a* rat faced man, I'm not *the* rat faced man you guys are imagining. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726802) |
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Date: June 16th, 2016 9:48 PM Author: amethyst unholy halford (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723445) |
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Date: June 16th, 2016 9:41 PM Author: citrine stage In-house bro here. Glad to see Biglaw bros get the bump, and not sure if that will translate into higher rates for mega companies like BoA or mine. There are a handful of firms where our annual bills are into the $70-100 million or so range, and we're able to negotiate better rates than the firm's smaller clients. There are some firms that we have 2013 rates locked in with them for the next few years.
The legal fees have become a huge issue over the past few years, and legal is definitely cutting down the number of firms we use. Historically, the department-head attorney could decide which firms to use for its department (e.g., lit, etc). Some attorneys had like 30 firms and others only had a handful. We've definitely seen a trend to narrow that list down as much as possible so that we can concentrate the work with fewer firms to negotiate better rates. By way of example, we had a country counsel for a small Euro country had like 20 law firms, and with no real reason other than giving his buddies a taste.
I can't put or take someone off the list, but I can certainly shift work to one firm over another. Ultimately, I'm sending it to the firm that is more responsive and knows our business. Sometimes we'll go to a firm only to find their advice to nearly useless because they've failed to understand our business or regulatory or internal restrictions. A good portion of my work is getting the outside counsel to educate me on the law or perhaps give us an idea on what our competitors are doing, and it's up to me and my colleagues to make it apply to our business taking into account regulatory and operational limitations. |
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Date: June 16th, 2016 9:51 PM Author: Fighting tanning salon sound barrier , he lisped (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723467) |
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Date: June 16th, 2016 10:00 PM Author: Swashbuckling erotic philosopher-king voyeur Why does this thread have 300+ poasts?
Does/did everyone here work at Cravath? |
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Date: June 16th, 2016 10:03 PM Author: bistre hairraiser becky state Impressive, right? (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30723567) |
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Date: June 16th, 2016 11:27 PM Author: Misunderstood Comical Hairy Legs Coldplay Fan Boy if first years are really overpaid, sounds like a great arbitrage opportunity for BoA. I wonder if they have anyone at that company that understands market structures well enough to exploit such an obvious market inefficiency! (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30724308) |
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Date: June 17th, 2016 11:33 AM Author: Diverse trump supporter (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726567) |
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Date: June 17th, 2016 12:33 PM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30727026) |
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Date: June 17th, 2016 11:35 AM Author: galvanic box office Wasn't around for this thread yesterday but DBG and pumette did solid work, 180 read. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30726579) |
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Date: June 17th, 2016 12:48 PM Author: Topaz stimulating hall (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30727116) |
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Date: June 17th, 2016 1:06 PM Author: Diverse trump supporter tyty (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30727225) |
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Date: June 17th, 2016 5:21 PM Author: Misunderstood Comical Hairy Legs Coldplay Fan cr (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30729288) |
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Date: June 17th, 2016 5:22 PM Author: Indecent dashing theater stage twinkling uncleanness (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#30729298) |
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Date: February 21st, 2017 9:11 PM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#32672885) |
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Date: February 21st, 2017 9:32 PM Author: Swashbuckling erotic philosopher-king voyeur (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#32673021) |
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Date: February 21st, 2017 9:40 PM Author: iridescent fragrant set nibblets It would be better for law schools to teach their students how to practice law, but that would make too much sense. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#32673085) |
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Date: February 21st, 2017 9:41 PM Author: Multi-colored senate Fuck boomers (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#32673101) |
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Date: February 21st, 2017 9:46 PM Author: hateful white water buffalo idiot god this thread makes me want to cum all over XO, I love you all (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#32673128) |
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Date: December 16th, 2017 3:05 AM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#34933108) |
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Date: June 4th, 2018 2:18 PM Author: Fighting tanning salon sound barrier (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36181838) |
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Date: June 4th, 2018 4:37 PM Author: hilarious razzmatazz kitty TY for bumping this. Lol at all the earnest, buckwild RAGE itt.
If this were a physical, IRL forum rather than a World Wide Web chatboard, TMF would've been beaten down like the black dude from the skateboarding fight scene in the movie Kids. |
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Date: June 4th, 2018 4:37 PM Author: Autistic Field (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36182619) |
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Date: June 4th, 2018 5:26 PM Author: Bright Bonkers Principal's Office This is one of only a couple threads where I find myself agreeing with TMF. If biglaw clients don't want to pay established rates for first years, they can find firms that won't make them pay established rates for first years, and biglaw firms want to continue with the same approach to training first years, it is up to the biglaw partners to eat the loss. (http://www.autoadmit.com/thread.php?thread_id=3256507&forum_id=2#36183028) |