Skaddenfreude: A Photo Essay
From ATL reader Darrin Brown:
As always, your breaking comp announcements are always appreciated. In response to these recent developments, I whipped up a couple of “lolcats” style graphics in my office this morning. Please feel free to use or enjoy as you see fit.
No animals were harmed, and no clients were billed, during the making of these graphics. Enjoy!
(Our default rule at ATL is anonymity for tipsters. We asked Mr. Brown if we could credit him by name for these pics, and he agreed.)
Lolcat [Wikipedia]
Earlier: Prior ATL coverage of associate pay raises (scroll down)
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A&P, Wilmer, Hogan, DS and the rest cannot keep up anymore in DC. When you factor in bonuses, they pay far below Orrick and OMM (and the NYC firms). Would you cross the street for $45k?
I think that DC lawyers/law students should go ahead and put the local shops in the government/public interest category. They can hang on for a while with names everyone has heard of but I think that this winter's raises were an inflection point- they won't be able to get/keep talent from other firms. Plus they'll still be sweatshops and so they'll lose people to government and clients.
You can work at Cleary, Skadden, Orrick or Dewey and get just about any practice group you want, get paid more, have the same low chance of making partner. The local shops are going to become a permanent second tier.
I think it's possible that both the creator and poster of these photos are both on drugs. Nevertheless, I laughed uncontrollably at the second one. Perhaps they both deserve to have their pay razed?
I can has a tan? Yes you can. *sprays chubby albino with fake bake*
5:24 is right. This is definitely a big problem for the D.C.-based firms, which already bitch about paying associates too much.
Remember the rant of James Sandman of Arnold & Porter?
http://www.abovethelaw.com/2007/03/skaddenfreude_weekend_open_thr_1.php
Why work for a "homegrown" D.C. firm, when you can work in the branch office of an East Coast or West Coast firm for more money?
Does anyone know if the DC firms like Arnold & Porter or Hogan will raise?
I don't know why they would now if they didn't already, but it seems like they should raise their DC and West Coast salaries or else face serious recruiting problems.
Where's my raise LA????
That was a good one, 5:36. I was mad about having to pay $125, pissed about having to pay $135, and I'm still outraged that someone is MAKING me pay my worthless underlings $145. There's no f-ing way I'm paying some guy $160 for a starting salary- what would be left for me?
Here's a thought: Try taking one for the team, and by "team" I mean me. Think about it- I'm Arnold & f-ing Porter! You should be paying me to let you work here, not the other way around, like one of those unpaid State Dept internships. Think of it like being a Hill staffer- you're not supposed to do it for the money.
Sometimes I just don't get you young people- sure, as a BigLaw partner I have to watch the bottom line to make sure I clear $1mil+ - but I can't understand how someone who has so little money could care about it that much?
You'll be hearing from me again.
Yeah, DC firms blow. Can anyone say Skadden to $190 in NYC? It's gotta' be worth AT LEAST $30K to have to deal with New York practice. If I can go surf and work 50 hour weeks on the left coast for the same money? Later dude...
Why do associates feel so entitled? A few really good ones could probably upwardly switch careers. But the vast numbers (who have time to read and gripe on spaces like this) have no other options. By not taking a risk earlier in life to get into banking and taking the safe route of law school and corporate law, they've squandered their chances at a big payday. Or really anything beyond what will keep them from joining an i-bank to do compliance work.
I think Zippocat would be more appropriate for you fools who labor at Biglaw.
www.encyclopediadramatica.com/index.php/Zippocat
Hey can anyone tell me what strategic consulting firms pay for those starting with jd? I can't find any information about McKinsey or BCG. I have heard that they pay less than law firms and have crappier bonus but I would be curious?
Also, how much does a starting i-banker at one of the big banks make in base salary and what is the bonus range?
Any info would be appreciated.
Seriously, whoever you are, 7:18, I pray for you.
Any opinions on whether Chicago is content being out the running with California, DC, NY, and maybe even Texas? Think the Midwest market can make a bump?
Wow, I never thought I would see a link to ED on ATL.
Small world.
I link to ED all the time.
At this point I'd think that a Chicago match is only a matter of time....
MOFO announced tonight that it was going up to $160 for first years and pretty much tracking the Orrick, etc. raises for all other class years for all offices. Pretty cool, but the catch - MOFO eliminated the "contribution bonus" payable upon hitting 1950. More or less took the 1950 bonus, which almost everyone earns, plus a few grand more and spread that over a 12 month period. NY lawyers still get bonuses like all other NY attorneys.
PAY SCALE:
1 - $160 (2006)
2 - $170 (2005)
3 - $185 (2004)
4 - $210 (2003)
5 - $230 (2002)
6 - $250 (2001)
7 - $265 (2000)
8 - $280 (1999)
Don't have the official memo handy. Maybe someone else can post it.
Only it's not a few grand more, at least not until next year.
Important to note, MoFo is firmwide. Meaning Denver is $160, while Chicago sits at $145. I wonder if anyone in Chicago likes to ski?
It's all about philadelphia, folks.
Orrick still pays bonuses at 1950 (as do the NY firms).
DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU DESU