Skaddenfreude: Dewey Ballantine and Fried Frank, Confirmed
Consider the rumors about Dewey Ballantine and Fried Frank joining in the associate pay raise fun to be confirmed. We've been in touch with multiple sources at both shops.
We're working on getting a copy of the DB memo. Here is the text of the Fried Frank announcement (which reportedly went out by email at 2:11 PM today):
FRIED FRANK
To: All DC and New York Associates and Special Counsel
cc: All Partners
From: Valerie Jacob, Justin Spendlove
We are pleased to announce an increase to the associate base salary scale as follows:
Class Year Adjusted Base Salary
2006 $160,000
2005 $170,000
2004 $185,000
2003 $210,000
2002 $230,000
2001 $250,000
2000 $265,000
1999 $280,000
1998 $290,000
This increase is retroactive to January 1, 2007, and will be reflected in the February 9, 2007 payroll. Bonuses for 2007 will be determined at year-end, as usual.
Base salaries and bonuses for Special Counsel will be determined on an individual basis in the Spring, as usual.
The Firm's continued success depends upon the support and contribution of all our associates. We are very appreciative of the efforts and hard work of all our attorneys during this fiscal year and we look forward to continued success next year.
******************************
As several of you noted in the comments, news of a pay raise sounds even sweeter when it comes from a man named "Justin Spendlove."
Earlier: Previous announcements of law firm associate salary increases (scroll down through "Skaddenfreude" archives)
(196) Comments
Let's move the party over here from the Quinn Emmanuel thread.
Looks like now the pressure's on in DC. Cleary, FFHSJ, Willkie, Shearman... Associates at the DC natives are going to be restless.
Looks like now the pressure's on in DC. Cleary, FFHSJ, Willkie, Shearman... Associates at the DC natives are going to be restless.
What about Weil, Cravath, Davis Polk, etc?
My friend told me that people are the Big 3 California firms are also extremely anxious...
Where is Dechert???
So many firms have been quiet....what about Kasowitz and Boies. Now that Quinn has matched, don't they have to?
I mentioned this earlier, but has anyone heard that Greenberg Traurig matched yesterday? I was actually by one of their associates last night, but found it surprising that they would match so quickly. At this point either it's not true, or they aren't getting the press they deserve.
"Anybody? Anybody? ... Bueller?"
What about Debevoise?
I can 100% confirm Greenberg raised in NY but not elsewhere.
Weil needs to match asap.
Nothing from Proskauer yet.
Associates at the big 3 aren't nervous, they're pissed. After getting screwed on salary and bonuses this year, they're about ready to revolt.
Greenbreg, eh? Their Vault #65. That will throw the cat among the second tier pigeons...
Skadden matched.
relax, everyone. it's pretty much inevitable that Weil, etc, will match shortly...they can't possibly sit at $145 and let all these other firms pay $160....it's only a matter of time (and by time, i mean a few days)
skadden proof? what cities?
please match weil. we love you.
Anon 3:35 PM - Can you please post or send Lat something to get their name on the front page?
Less prestigious firms need to be on notice that this wind is blowing their way!
Post Greenberg! We should have news on Weil either late today (i.e., after 4 PM) or tomorrow.
Weil needs to match asap.
Sidley?
Associates at the big 3 aren't nervous, they're pissed. After getting screwed on salary and bonuses this year, they're about ready to revolt.
please match weil. we love you.
any news on Orrick?
relax, everyone. it's pretty much inevitable that Weil, etc, will match shortly...they can't possibly sit at $145 and let all these other firms pay $160....it's only a matter of time (and by time, i mean a few days)
Skadden did match. it's official.
Are Greenberg's mid-level raises in line with the other firms? (2003 - $210K?) ...but I bet they still screw you on bonuses..
Nothing from Proskauer yet. There's a shock.
We should all sit around, hold hands, sing a little ditty and hope our firms match. Let's synchronize our positive psychic energies people.
The Weil folks are flipping out. It's kinda funny to watch.
Let's go Kaye Scholer!!!!
I think Skadden associates got individual letters - no email memo to post.
Dechert won't match.
Does Dechert even pay NY market now, in the Philly office? I know they might be close at the lower years, but what about mid level and senior associates?
Also, the Big 3 Cali firms will absolutely match in NY. And the NY offices of those firms never screw the assocaites on salary and bonus. They usually receive an above NY market bonus and always get NY market salary.
Did SKADDEN match in all domestic offices???!??!?!?!?!!
Skadden did match. it's official.
The Weil folks are flipping out. It's kinda funny to watch.
dc is getting antsy. any word of what's going on at wilmer, covington, akin, arnold & porter?
What about Eff Yub Iglaw, PLC? Any news? They need to match.
Anybody know if Ropes in NYC or elsewhere is matching?
Let's go Kaye Scholer!!!!
No buzz yet in the City of Big Shoulders?
What makes everyone so convinced that the LA Big 3 are going to match?? They didn't last year.
No buzz yet in the City of Big Shoulders?
WGM = We Gotta Match
NY should be top! This is bullshit. With $160k, you can probably get a 500 sq. ft. studio in friggin' LES. Same pay in DC, a nice McMansion in Bethesda!
yes, skadden matched everywhere (all domestic offices)
NY should be top! This is bullshit. With $160k, you can probably get a 500 sq. ft. studio in friggin' LES. Same pay in DC = a nice McMansion in Bethesda!
Someone at Skadden shoul scan and post a redacted memo.
"Justin Spendlove is the perfect name for someone to send out an e-mail like this
DID SKADDEN MATCH IN ALL OFFICES?
the Big 3 did match last year in their NY offices.
Weil I am waiting for other firms to match, I figured I would ask - Will Chadbourne and Parker match?
Holland + Knight? obviously not going to raise in Florida, but DC/NY?
yes, skadden matched everywhere (all domestic offices)
DC is getting angry
We're all like Cartman when he learned that he had to wait 3 weeks for a Wii. Let's go Kaye Scholer! I want my Wii!!!!
The Big 3 did match last year in their NY offices.
Someone at Skadden should pdf a redacted memo and post it
Dechert won't match.
Does Dechert even pay NY market now, in the Philly office? I know they might be close at the lower years, but what about mid level and senior associates?
Also, the Big 3 Cali firms will absolutely match in NY. And the NY offices of those firms never screw the assocaites on salary and bonus. They usually receive an above NY market bonus and always get NY market salary.
akin goes where a&p, wilmer, hogan, covington go... but they ain't going first...
Do you think it would be great for morale/recruiting if the big LA firms paid their third year associates the same salary as third years in NY (and that's not even accounting for the bigger bonuses)? $135,000/$145,000 was tolerable, but $135000/145000/160000 is a huge difference.
I can see a firm like Cadwalader not paying their Charlotte office $160,000 because the cost of living is so low. But for those of you who have never been to California, it's not exactly cheap. You may get more than you get in NYC, but for a nice place, it's still very expensive.
any news on Foley & Lardner?
We're all like Cartman when he learned that he had to wait 3 weeks for a Wii. Let's go Kaye Scholer! I want my Wii!!!!
Cost of living in DC is not that different from NY. Lord knows we have to go away almost every chance we get to have any sort of fun social life at all. Also, we work just as much as associates in NY.
Akin goes when the other dc's go... not a second earlier....
F- DC: you obviously have never, or known anyone that has, lived in DC. Real estate has skyrocketed the past 10 years. And if NYC is so friggin expensive, move. The COL bulsihlt is weak. You live/work in NYC because of the prestige. If otherwise, you'd be sending your resume to every NY-based firm's DC office as we speak.
Anonymous at 3:51: which 3 firms are you talking about? I apologize if I missed an earlier thread on this topic... I ask because Orrick routinely screws its associates on bonus. In fact, it takes something like 2400 hours to make the same as market bonus in New York!
This is ridiculous, did GT, Skadden, and Dewey actually match? Post a memo w/ time stamp to prove it or else it's just heresay.
Server problems persist (and they're outside our jurisdiction -- we're just lowly editorial types). So we are stepping away from the computer for a while, in the hope that things will have improved by the time we get back. Please continue to talk amongst yourselves.
FYI, we have not received any new memos or other proof of pay raises. We're hearing the Skadden rumors too, but we're waiting for a memo or other definitive documentation. We'll keep you posted.
We're all like Cartman waiting for the Wii to go on sale. C'mon Kaye Scholer. I want my Wii!!!
Condo prices and rents in desirable parts of DC are just as bad, you greedy NYC bastards. Share the love!
SF is getting angry, too... midlevels were screwed by the $5,000 raise last year. If the big SF/LA players don't step up, I guarantee resumes will start flying to NY branch offices (and probably NYC itself).
If my firm would just match already I could possibly get something other than clicking the refresh button on my email done today. This is misery. I know it will happen but WHEN?
I went to school in DC, and you are crazy if you think the cost of living is as high as NYC. Don't get me wrong, a penny in your pocket is one less for those F***ing partners, sop i hope you get it. But let's call a spade a spade...
Anyone know who all has raised for summers?
This is ridiculous, did GT, Skadden, and Dewey actually match? Post a memo w/ time stamp to prove it or else it's just heresay.
3:33
GT has no committees, all decisions are extremely fast. They don't waste time getting things done. Thinking of GT as second tier isn't accurate - the Vault Rankings are coming up, but coming up too slow, still not reflective of where GT belongs now - by any standard you care to use.
SF is getting angry, too... midlevels were screwed by the $5,000 raise last year. If the big SF/LA players don't step up, I guarantee resumes will start flying to NY branch offices (and probably NYC itself).
We're all like Cartman waiting for the Wii to go on sale. C'mon Kaye Scholer. I want my Wii!!!
did a BigLaw lawyer really just spell hearsay "heresay"?
Brobeck Phleger and Coudert just matched.
Anyone know who all has raised for summers?
It's true. I am angry.
Can any Vault 100 firm let their starting salaries remain 15k below "market" by the time the next hiring cycle rolls around, or is it pretty solid that (at least in NYC) all V100 firms will match?
Any word on Jones Day?
Is it true Weil matched???
Those of us in CA are sick of hearing DC people cry about the COL. Look up your DC managing partner's home address on your firm website, then use Zillow.com to check property values and home quality. Do the same for the managing partner in your CA office. I'd bet that for a similar price, Maryland McMansion is far nicer than the CA partner's house (or the CA partner's house is comparable in quality, but 30% more expensive). And now, you think should be paid more because you have to go out of town to have a social life...? puhleeez
for what it's worth, skadden did match, but as someone pointed out up thread, they sent out individualized emails to each respective class rather than a firm wide memo.
How much did billing rates go up in NY?
Any word on Jones Day?
OMM matched the NY rises in NY only. 10K rises elsewhere
what ranking is more accurate for BigLaw, Vault 100 or AmLaw 100?
SF is getting angry, too... midlevels were screwed by the $5,000 raise last year. If the big SF/LA players don't step up, I guarantee resumes will start flying to NY branch offices (and probably NYC itself).
O'Melveny just released bonuses by voicemail, so there's no memo. But NYC associates/counsel get the big raise (starting at $160K), DC and CA will start at $145 and go up incrementally.
for what it's worth, skadden did match, but as pointed out above, the firm sent out individual emails to each class rather than a firm wide email.
The above post about Coudert matching is bogus. As many of this site's readers likely know, Coudert imploded in late summer/early fall 2005 and no longer exists (apart from its bankruptcy estate).
exactly. The DC folks have no ground for complaint next to LA or SF. Period
Anonymous at 4:08 PM: why are you getting so worked up? Is it because your firm hasn't matched? The Dewey memo was sent at 1:24 PM from the "Management Committee." The title was "Associate Base Compensation" and it was addressed to "All U.S. and U.K. Associates." The pay scale mirrors the original Simpson scale, except that the list stops at class of 1999 (at 280K) and says that all classes more senior and counsel will be decided on an individual basis.
I don't have the computer skills to copy this memo-- it is non-forwardable, non-copyable, non-printable. I'm sure David is working on getting it somehow.
I have friends at Skadden who say the memos were sent to them by class year.
I know nothing about GT.
OMM and Weil matched. Confirmed through friends.
Weil confirmed - SV office source.
We need memos w/ time stamps for following b/c these AREN'T confirmed until then...
GT
Skadden
Dewey
Weil
I think someone from the Greenberg Traurig PR machine (think 1984 - "double speak" on steroids) is posting the GT propoganda...I think it might be Carol Allen or her minions.
I'm not sure who the joker is who posted the info about Brobeck and Coudert, but neither firm exists any more.
"for what it's worth, skadden did match, but as someone pointed out up thread, they sent out individualized emails to each respective class rather than a firm wide memo."
REALLY? ny & wash or worldwide?
DC - you have no sense of humor.
I think someone from the Greenberg Traurig PR machine (think 1984 - "double speak" on steroids) is posting the GT propoganda...I think it might be Carol Allen or her minions. ...But he/she is right...GT isn't 2nd tier...it 3rd tier at best and more realistically 4th or 5th tier.
Weil confirmed - SV office source.
"for what it's worth, skadden did match, but as someone pointed out up thread, they sent out individualized emails to each respective class rather than a firm wide memo."
REALLY? ny & wash or worldwide?
Sadlak & Dean raised to $170 base for first years.
Neither Brobeck nor Coudert exist anymore. I wish this board were moderated at times like this...
Weil matched - confirmed through my boys there
Sadlak & Dean raised to $170 base for first years.
Coudert's NY office got swallowed by Baker & McKenzie's NY office.
Coudert? Brobeck? Gone??? Really? (lol)
Shea & Gould matched!! Mudge Rose can't be too far behind now!
Coudert? Brobeck? Gone??? Really? (lol)
skadden raise includes other offices, not just new york
Any info on Clifford Chance?
Screw Skadden and their personal memos, although I would like to see one and am secretly jealous I didn't get one.
can anyone confirm weil matched? I want to see the memo? Lat???
OMM matched in NY offices only. Other offices bumped up to current NY rates before bump up.
weil matched. confirmed by quite a few of the associates.
I am not the GT PR machine - I can't confirm the raises as I am not in NY and have no firsthand knowledge. However - I was giving my first hand knowledge of why the firm responds so quickly, and why it isn't surprising to me as an insider that they did (assuming they did).
The, the firm is run by the CEO and two regional managing Shareolders. Hence fast decisions on EVERYTHING. Offices are run almost absolutely by managing Shareholders in those offices.
Ok, I sound like the PR machine again, so in fairness, I can also name downsides to the non-committee model -- it just so happens fast decisions are one of the upsides.
As for the ranking comments I made, yes I admit I sound PR machine-ish, and I know it is vogue to hate one's firm - but frankly, I like my firm, so I'm not embarassed by that, although I will admit it is fair to say my opinion about the ranking being too low could be colored by my affection.
So OMM definitely did not raise LA to $160,000? Depressing.
nothing for CC
I love how folks are coming here in an attempt to get information about firms they work for (like everyone at the office got word but them).
I'm so angry! Shea & Gould does not exist anymore! Why isn't this board moderated! Whaaaaaa!!!
With OMM's paltry raise, I think it's conceding that it is not a major player.
"skadden raise includes other offices, not just new york"
really??!! no memo on my desk as yet.
"Any info on Clifford Chance?"
*smirk*
OMM matched in NY offices only. Other offices bumped up to current NY rates before bump up.
Is S&D the first to raise???
Just heard that Eff Yub Iglaw PLC is not going to be matching associate salaries. Damn. But apparently they're guaranteeing better work hours. Anyone confirm this?
When are they raising DA salaries?
Lat..... Where are you?
not GT PR machine,
The content and style of your denial suggests otherwise--you have the firm talking points down. You could be the next Tony Snow...but for GT.
David - Can we have a new post? There are too many comments here to get any useful info.
Is S&D the first to raise???
Lat..... Where are you?
GT guy, it's not that we don't believe you, but it would put a lot of us at ease i feel to see an actual memo. granted, it's a pain in the A to post, i'll give you that. just work on it and we'll all be jealous. what time did shearman's go out? thought they were hurting...
"really??!! no memo on my desk as yet."
believe what you want. i'm looking at the skadden email (which again, is not firmwide but is sent to associates in each class) and it includes names of associates in chicago, houston and l.a. offices. but whatever.
"skadden raise includes other offices, not just new york"
really??!! no memo on my desk as yet.
"Any info on Clifford Chance?"
*smirk*
David - Can we have a new post? There are too many comments here to get any useful info.
Weil matched. Memo circulating later. News broke at 4:05, during meeting.
Are the GT raises retroactive to Jan. 1?
Is Jack Welch single-handedly supporting this website?
Lat we need another breakdown, too much rumor and innuendo out there. I did think Coudert/Brobeck was funny though, lighten up folks.
Is Jack Welch single-handedly supporting this website?
Anything on Clifford Chance?