Proskauer Rose to $190K?
We received a very interesting offer letter for the 2009 summer class sent out by Proskauer Rose:
Our compensation level for next summer has not yet been set, but it will be no less than $3,077 per week - the salary that we paid to those summer associates who were with us in New York this past summer.
This is most likely just a clumsily worded invitation to summer with the firm. This may well be their standard form letter for offers that they’ve used since 2007 and haven’t bothered to update.
But consider two other possibilities:
1) Isn’t Proskauer, like everyone else, looking to cut back on expenses where possible? Why would they lock themselves into $3,077 unless they thought that they could make cuts somewhere else along the way? What other factors could possibly come into play to push summer compensation higher than it was last year? Unless …
2) Does Proskauer seriously think they might be able to raise salaries next year? Are they trying to signal to the market that they could be in a position to raise salaries if need be?
Proskauer has already set a price floor, but hasn’t set a price ceiling. Why would they do that? If they are just using standard language from the past, they really should consider updating their offer letters and stop messing with people’s emotions.
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Comments
TTT
bang!
stupid post. I've received multiple offers with similar wordings of "not less than" $3,077/wk. They are simply indicating that they expect to match market salary, whatever market salary is; and that 'market salary' will not be going down. Doesn't really suggest going to 190,000.
I don't understand this post. Saying that compensation to summer associates will be no less than last year in no way implies that starting salaries are going to 190K. Maybe you shouldn't post about every single thought that enters into your head, no matter how brillian you think it might be....
Who ever set a price ceiling in an offer letter? The fact that "Proskauer...hasn't set a price ceiling" is probably not very meaningful.
bang!
WTF, please bring back Lat. Every offer letter says that. It means they will match market.
Where is Lat? Post = GAY
I don't understand this post. That works out to $160K starting salary for first years.
I don't understand this post. That works out to $160K starting salary for first years.
I don't understand this post. That works out to $160K starting salary for first years.
This is stupid, offer letters are commonly worded this way.
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
ABOVE THE LAW TO TTT?
Are you kidding with this? How else would you write an offer letter?
Sidley's offer letter has the exact same promise. Not news Elie. How about covering the Wall Street angle more? Or at least making me laugh.
ATL has officially jumped the shark.
I am offended by your suggestion that someone would raise in this market.
Worst post ever.
Seriously, it's Above the Law that's "playing people's emotions." Offer letters are commonly worded this way. Even this is unusual wording, setting a salary floor in no way suggests any tendency to raise.
This is just ridiculous. There is no justification for the topic line.
ATL has been an incredible site, and it will continue to be, if you purge such posts.
Proskauer always has clumsily worded mailings to law students, most like authored by the recruiting lady, Diane something.
This post sucks. ATTTL
Proskauer always has clumsily worded mailings to law students, most likely authored by the recruiting lady, Diane something.
This is stupid, every firm offer letter says the same thing. Boo this man!
Heck of a job, MysTTTal!
agree that this post is a nonstarter. Come on ATL. How about a post on the effects of an aig collapse on law firms? Why are you posting this crap when there are so many things going on right now that are actual news and have severe consequences for attorneys.
That's standard offer language.
Proskauer always has clumsily worded mailings to law students, most likely authored by the recruiting lady, Diane something.
Every offer letter I've received (for a Summer spot and permanent) used the same phrasing. They're merely promising that despite the horrid economic climate for firms, they won't screw you later by lowering the salary.
Of course, there's also no chance that they'll raise it, either.
(Posted in: Not News; Not interesting; Failure to understand law firm basics)
OH YEAH!!!!!! I CAN'T WAIT FOR MY BIG RAISE NEXT YEAR!!!!!!!!!!!!!
agree that this post is a nonstarter. Come on ATL. How about a post on the effects of an aig collapse on law firms? Why are you posting this crap when there are so many things going on right now that are actual news and have severe consequences for attorneys.
I wasn't sure Elie could top the last post for worst ever. I was wrong.
Gallion
Proskauer always has clumsily worded mailings to law students, most likely authored by the recruiting lady, Diane something.
This is a terrible post. It is hard to follow, but once you get down to it you realize that it says nothing.
END THE EXPERIMENT.
I am a 2L summering at a V14 firm this fall. Here is the text of my offer letter:
"Our compensation level for next summer has not yet been set, but it will be no less than $3,700 per week - a significant increase over the salary that we paid to those summer associates who were with us in New York this past summer."
!!!
This post sounds like the kind of discussion that the night students at GULC would find fascinating.
$190k to Yalies only. Everyone else can fight for the 2 SA positions at TTT firms who take anyone, like Jones Day.
Stupid post ... every offer letter I've seen or heard about has this same language. Way to get people with Proskauer offers excited over (most likely) nothing!
This is pretty cruel.
idiotic post clearly designed to get visitors. why don't you just post porn?
@35: No, they likely don't know what an offer letter is and would just be confused.
Stupid post ... every offer letter I've seen or heard about has this same language. Way to get people with Proskauer offers excited over (most likely) nothing!
This is so exciting. I just checked, and my firm has not announed any ceiling to next year's salaries!!! There is clearly only one possible thing that could be taken from this - my firm is going to raise salaries across the board for all associates!!! It's go to be, right? The fact that a firm promises, in a down economy, to pay at least the same as the year before but neglects to include any ceiling, can ONLY mean raises are on the way. Brilliant sleuthing Elie.
In all fairness to Elie it isn't like there are other things going on in the world right now that matters to the legal profession
Proskauer is a TTT. They SHOULD raise to 190 just to get people to work for them!
In other news, at least two teams will go to the World Series this year . . . stay tuned!
Dumb post. How is this post-worthy? I'm not going to check ATL as often anymore. This stuff is a waste of my time. What other sites can you guys recommend that cover this stuff with a bit more intelligence?
This experiment is like letting the Trump tv show winner run the whole company, not just some shadow job that doesn't matter. This is a big mistake.
Sadly, it's only in response 35 and 40 that we see some of the original ATL that we're expecting - douche bag commentators.
Stupid post ... every offer letter I've seen or heard about has this same language. Way to get people with Proskauer offers excited over (most likely) nothing!
Stupid post ... every offer letter I've seen or heard about has this same language. Way to get people with Proskauer offers excited over (most likely) nothing!
Worst. Post. Ever.
Elie is a moron
My Bingham letter has the exact same wording. This has no relevance.
Worst attempt at 190 rumors ever. Worst post ever. Elie is the worst ever. Ever ever ever.
A raise in the next year isn't that implausible. The bump to $160k was partially an attempt by the elite firms to distinguish themselves from the tier 2 firms, but too many T2 firms matched for it to be effective. A raise in a down economy would be harder for the T2 firms to keep up with. It might hurt the elites, but could hurt their competitors more and finally make a clean division.
A better move though would be to just publish (and widely advertise) 2nd-8th year salaries, where there already is a big difference in pay between T1 and T2.
That being said, I agree with the majority of comments. This letter means less than the Bama victory over Western Kentucky.
Beyond Dumb. Wow. So Dumb. Are You Serious??
This post is so shitty that I'm officially boycotting ATL for a week!
I think we've found the smoking gun
56, dont you mean shiTTTy?
Agree with 3 and 4. Elie are you on drugs? Or just can't find anything good to post....
Apparently Elie has never seen a BigLaw offer letter before.
Fire Elie!!!!
57, I stand corrected. It should have been shiTTTy.
Yours,
56
come on guys, don't be so harsh. clearly Elie has never RECEIVED an offer letter... that's why he's writing a blog instead of doing substantive legal work.
Guys in my law school class used to misinterpret clumsily-worded offer letters all the time. It was not a large issue. It was of marginal importance.
Guys on my legal blog team used to misreprsent the importance of clumsily-worded offer letters all the time. It was frustrating as hell.
57, I stand corrected. It should have been shiTTTy.
Yours,
56
I don't get why dozens of you comment only to say "this post was worthless, I'm not reading it." It kind of reminds me of the person who posts "FIRST" or "These Pretzels are making me Firsty" or whatever other stupid stuff, when they are in fact, demonstrably not first.
Jeebus, 57 -- You Suck
Sincerely,
UVA1L
This post is really a shit. I seriously doubt if Elie ever receives an offer letter. bottom 10% of HYS?
This is the worst post I have ever read on ATL.
I'm a Proskauer associate. When I saw the title of the post, I thought, simultaneously: (1) Hell yeah! (2) How come I have to read ATL to hear this?
Upon reading the post: Anticipation. Confusion. Anger. In that order.
Elie, seriously... what were you thinking? I honestly want to know. Post a follow-up explanation / apology.
I used to read the blog for actual information (usually around bonus season), and light-hearted gossip about law firms. Elie has replaced Lat's innate sense of what works for light-hearted gossip with his own pontificating and observations from his sheltered life. And with this post, apparently he has replaced Lat's information with mis-information.
Lat: Practically, this guy has to go. You won't see traffic decrease right away. Right now I read ATL just to see what Elie will screw up next. But that won't continue. Eventually I will get so disgusted I'll check in only around bonus season. I don't think I'm alone.
OK, here's a response that says more than how stupid this poster is.
Associate salaries will stay the same or go down. I'm betting way down. Has anybody noticed that the financial world is melting down? Beyond the obvious implications, the economy will tank because of tighter credit which will affect all clients, well beyond financial clients in NY. Everybody in the country (except Bush, Cheney, Halliburton, Rumsfeld, McCain, Palin et al. are about to take a haymaker to the jaw).
PR 1st years to 190.
Curent PR Associates, like 70, to 125.
This is not a story. The pending mass layoffs everywhere should be the story.
OK, here's a response that says more than how stupid this poster is.
Associate salaries will stay the same or go down. I'm betting way down. Has anybody noticed that the financial world is melting down? Beyond the obvious implications, the economy will tank because of tighter credit which will affect all clients, well beyond financial clients in NY. Everybody in the country (except Bush, Cheney, Halliburton, Rumsfeld, McCain, Palin et al.) is about to take a haymaker to the jaw).
"Right now I read ATL just to see what Elie will screw up next. But that won't continue. Eventually I will get so disgusted I'll check in only around bonus season. I don't think I'm alone."
Big Ditto.
70 = Billy Merck
That said, 70's gripes are all on point.
Apparently Elie has never before seen an offer letter.
This does not surprise me.
71 dumps his cargo at the first sight of an Imperial star cruiser.
This post is terrible.
Elie, I have reserved judgment on your performance thus far, and I have been more than willing to recognize your good posts. I fear, however, that your good posts are the exception and that this "story" (or whatever you want to call this post), is better reflective of your actual capabilities and efforts, which is, unfortunately, below the quality that ATL has provided in the past. I am still open to reconsidering your abilities in future offerings on ATL, but, honestly, right now I would rather those future offerings be Lat's.
Slow news day? Most firms use this language.
this post is dun tarded.
this board's highlight is the not too subtle han solo trolling.....
I'd rather just have a voluntary call for people who want cushy severance packages...
The only thing I can imagine is that Proskauer doesn't pay NY rates to summers outside of NY. Only that way does this post make any sense. But even if that were true, it's not stated. Terrible post regardless.
The only thing I can imagine is that Proskauer doesn't pay NY rates to summers outside of NY. Only that way does this post make any sense. But even if that were true, it's not stated. Terrible post regardless.
i had to read the comments to even understand what Elie was trying to say.
"Proskauer has already set a price floor, but hasn't set a price ceiling. Why would they do that?"
wow. maybe Lat should put a 2L on the blog. at least they've seen an offer letter.
I think Elie just posts whatever random thought pops into his head. Why does he suck so much? Elie, you fail, at life. Elie = TTT
I think Elie just posts whatever random thought pops into his head. Why does he suck so much? Elie, you fail, at life. Elie = TTT
That's what my SA letter said last year and was similar in form to my full time offer. Worthless post.
GULC blows goats for quarters.
Yeah, the only **possible** news here is that PR has paid summers outside of NYC less than their NYC summers.
Elie -- terrible post. Back to the drawing board.
Elie, don't listen to all these negative posts about you. They are obviously all posted by the same two or three people. I was HLS law review, and I feel that your writing is just fine.
stupid stupid stupid annoying frustrating
a better thread would have been a discussion as to whether people seriously think associate salaries will take a hit, or if bonuses will be nixed in exchange for job security. i could imagine an e-mail like that coming from management.
sophist > elie mystal. stop making suck.
sophist > elie mystal. stop making suck.
I am going to take my Proskauer offer because of this. I can't believe Proskauer is the first to 190, but ATL said so.
90=elie
First!
Salaries will not be decreased. It is extremely rare for a firm of any kind to decrease salaries. Cutting pay results in very poor morale and lower motivation from employees. The better option (for employers) is layoffs. Layoffs hurt morale, but not as badly as salary cuts, and can have the effect of getting the remaining employees to work harder.
If pay cuts do come, it won't be to the base salary. Instead you'll see smaller bonuses, delays in raises, and fewer partnership promotions.
It's official: ABL has jumped the shark. The biggest financial news of the year with probably a dozen law firms involved and ABL is dealing with this BS? Come on - if you think Pros. is going to lead the charge to 190k in this environment - you are crazy!
Proskauer will be downsizing a significant number of employees in the immediate future.
Proskauer is a sinking ship - big layoffs coming for sure.
97 made me choke on my soda. I love you, 97.
I have received several offer letters thus far, all of which contained similar language to the letter quoted above. Upon reading those letters, it never once occurred to me to interpret the letters as indicating that the offering firms were considering a salary bump to 175 or 190, especially when one considers these letters within the context of our current economy.
Elie - I know it's a slow news day for ATL, but this was such a ridiculous stretch that the only reason I am going to return to this site this week is to look for an apology from you.
I'm going to go out on a limb and suggest that basic logical reasoning skills were not employed in the writing of this post. The failure of a law firm to name a price ceiling for SA salaries does not in any way signal an imminent raise.
Epic fail.
Another bad post, Elie.
I'm getting increasingly disappointed.
a lot of my offer letters say that, in the exact same words including CRAVATH
cadwalader sean's going to be swimming with dead presidents!!!
this post is incredible. above the law has jumped the shark.
Ha! Elie trolled all you bitches!
What kind of bullshit post is this? Has there ever been such a pathetic story? This post and this website is garbage. Elie's one bacon cheeseburger away from a heartattack.
I have to assume he understood the email just fine and did this to get a rise out of people, drive up page views, etc. Way to get trolled, readers. (Especially the PR associates who actually got all worked up thinking there was some news here).
That said, the author has a communication problem. There's a sly way to do a post like this, and then there's this.
Oh, and FIRSTx3.
- 111
with inflation the way it is, it better go to 190k
You guys are as pathetic as this site. This site and the people who chose to comment on it are pretty TTT themselves. LOL, get a life.
Oh #106, CRAVATH?? Really? Wow! I'm glad you put it in caps or I might have gotten confused and thought you meant cravath & douche, the TTT firm in DesMoines