Biglaw, Money, Skaddenfreude

Skaddenfreude: Wachtell Lipton Urban Legend, and Morning Open Thread

100 dollar bill Above the Law Above the Law law firm salary legal blog legal tabloid Above the Law.JPGThe rumor that Wachtell Lipton has raised starting salaries to $200,000 for first-years is not true.
From a source at our former home (where we kept a pair of Ritz-Carlton hotel slippers under our desk, for walking around on late nights and weekends):

Not only is the $200K rumor false, but we just got our monthly paychecks, and they’re still at the old rates. So if we do raise, it won’t be effective until March 1.

That settles it. You’ll have to wait until December — or at least the summer or fall, if WLRK does midyear bonuses again — to start feeling envy towards your classmates who went there.
This is the morning open thread. Please add your compensation comments here. If you can verify any of the memos that have been recently posted in the comments, please email us (from either a work account or a non-work account bearing your real name).
If you’re afraid of getting in trouble, make your message cryptic (e.g., completely blank, except for a subject line reading “Yes” or “Confirmed”). We will figure out what you’re talking about. Thanks.
P.S. On the subject of gargantuan bonuses, can someone tell us a little more about Susman Godfrey and their compensation scheme? Why don’t we hear about them as much as Wachtell, considering how well they pay their associates?

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