Apologies for the delay — server problems. Trust us, they’re frustrating us ten times more than they’re frustrating you.
With thanks to the various tipsters who sent it to us (including “Goose”), here’s the memo from Milbank Tweed announcing pay raises for their associates:
MILBANK TWEED HADLEY & McCLOY LLP
From: Wagner, Christine
Sent: Tuesday, January 23, 2007 5:12 PM
To: #Asia Associates All; #DC Associates; #LA Associates; #NY Associates; #LN Associates
Subject: Sent On Behalf Of The Executive Committee
MEMORANDUM TO ASSOCIATES – CLASSES 2006-1999 AND SPECIALS
Re: 2007 Salaries
We are pleased to announce salary adjustments as listed below:
Class of 2006 – $160,000
Class of 2005 – $170,000
Class of 2004 – $185,000
Class of 2003 – $210,000
Class of 2002 – $230,000
Class of 2001 – $250,000
Class of 2000 – $265,000
Class of 1999 – $280,000
These increases are retroactive to January 1, 2007 and will be reflected in February 15 paychecks for those who are in good standing and with us on that date.
2007 salary increases for Specials will be determined on an individual basis this quarter as usual.
We appreciate all your contributions and look forward to another great year.
THE EXECUTIVE COMMITTEE
Milbank
Christine Wagner
Director of Legal Personnel
Earlier: Previous announcements of law firm associate salary increases (scroll down through “Skaddenfreude” archives)
Milbank Tweed
- Admin, Biglaw, Blogging, Bonuses, Cravath, Milbank Tweed, Money, Paul Weiss, Skadden Arps, Sullivan & Cromwell
Associate Bonus Watch: Wednesday Open Comment Thread
By David Lat
As you can see from the time of our first post of the day, we’ve been in front of our computer for about twelve hours. Our eyes hurt. And we’re hungry.
We need to stand up. Maybe we’ll be really daring and leave our apartment.
Hence this open comment thread. Some of the biggest Biglaws — Cravath, Sullivan & Cromwell, Paul Weiss — have already announced their bonuses. But if Skadden comes along and blows the top off the bonus market while we’re gone, please post it in the comments (along with a link to your source).
We’ll follow up when we return. Thanks.
P.S. We realize this is unlikely. First, Skadden will probably do what everybody else has done, and match the market bonuses (as set last week by Milbank). Second, based on the buzz over at Greedy NY, it seems that a Skadden announcement will probably come tomorrow.
Earlier: Prior ATL coverage of bonuses (scroll down)
- Admin, Announcements, Antonin Scalia, Biglaw, Bonuses, Contests, Harold Koh, Hotties, Linda Greenhouse, Milbank Tweed, Money, New York Times, NYU Law School, Reader Polls, Samuel Alito, Stephen Breyer, Week in Review, Yale Law School
ATL Week in Review: December 4 – 8
By David Lat
* The holiday season is here, and you know what that means: year-end bonuses for law firm associates. On Friday, Milbank Tweed made the first big bonus announcement. And this time it wasn’t fake.
* They talk a lot about “due process” over at Yale Law School. But questions have been raised concerning the process by which Linda Greenhouse, SCOTUS reporter for the New York Times, was selected over Justice Samuel Alito for the school’s prestigious Award of Merit.
* If Greenhouse benefited from preferential treatment from YLS Dean Harold Koh, it wouldn’t have been the first time.
* Justices Antonin Scalia and Stephen Breyer: not just geniuses, but also an inspired comedic duo.
* Speaking of great legal minds, Professor Noah Feldman is leaving NYU for Harvard Law School.
* And speaking of NYU Law School, if you haven’t already voted in the 3L hotties contest, there’s still some time left. Polls close tomorrow at 3PM (Eastern time).
* Finally, we have a new little sibling. Please extend a warm welcome to Supermogul: The View From the Top.
We’re away from the internet for a few hours — to attend a friend’s art opening, followed by drinks and dinner — and lo and behold, the first big bonus announcement comes in.
That’s what we get for stepping away from our computer on a Friday night. We had a feeling that today might be the day.
Anyway, thanks to everyone who brought the news to our attention. With apologies for the ridiculous and inexcusable delay — go ahead, rank on us, we deserve it — here’s the (real) Milbank Tweed bonus memo:
MEMORANDUM TO ASSOCIATES
In The Classes of 2006 – 1998
The Firm is very pleased to announce that we will again be paying special year-end bonuses this year to all associates in the classes of 2006 to 1998. Bonuses will be paid on or before January 16, 2007 to associates who are in good standing and actively employed with us on the date the bonuses are paid. Bonuses will be prorated to reflect 2006 start dates, part-time schedules and unpaid leaves of absence. Bonuses will range between $30,000 and $65,000 depending on class year as follows (and will be paid in local currency equivalents where appropriate at the then current exchange rate):
Class of 2006 – $30,000
Class of 2005 – $35,000
Class of 2004 – $40,000
Class of 2003 – $45,000
Class of 2002 – $50,000
Class of 2001 – $55,000
Class of 2000 – $60,000
Class of 1999 – $65,000
Class of 1998 – $65,000
The Firm sincerely thanks you for your many contributions and extends best wishes for a very happy and healthy holiday season.
THE EXECUTIVE COMMITTEE
The memorandum’s authenticity has been confirmed to us by multiple sources. Furthermore, Milbank chairman Mel Immergut even made on-the-record comments about the firm’s bonuses to the WSJ Law Blog.
So this is news you can take to the bank. Happy Holidays, Milbank Tweed associates!
Milbank’s Bonus…The Real Deal [Infirmation/Greedy NY]
Memorandum to Associates [AutoAdmit.com]
Get Ready to Celebrate — Bonus News Is In [WSJ Law Blog]
Earlier: Associate Bonus Watch: The Milbank Memo Is Fake
Associate Bonus Watch: The Milbank Memo Is REALLY Fake
Prior ATL coverage of bonuses (scroll down)
Still no news. The message boards are quiet (aside from complaints about the “trolls,” and admonitions not to “feed” them).
At this point in time, we’re guessing that no major bonus news will break this week. But we’re happy to be proven wrong. As soon as you hear something, please email us.
Last night, a fake Willkie Farr bonus memo was making the rounds (just like the fake Milbank Tweed bonus memo). We posted the memo quickly, in the interest of timeliness, but papered it up and down with disclaimers: unconfirmed, not verified, do not rely, etc. An hour or two later, after conferring with our Willkie sources, we came back and declared it to be fake.
Some folks were annoyed that we posted the fake memo to begin with. So we’d like to explain how we operate around here, by quoting from two reader comments. Comment 1:
ATL posts them immediately because these things are time-sensitive. No one should rely on this info before it gets confirmed, but the easiest way to confirm it is to get it out to a wide audience quickly and let it be debunked. I for one don’t care whether it’s initially accurate or not, I just appreciate the effort to shed light on one of the many mysterious aspects of big firm life — compensation.
And comment 2:
The blogosphere way of doing things is to publish stuff ASAP, then to correct or modify as the story develops. The mainstream media way of doing things is to hold a story – sometimes for a long time – until it’s all confirmed. It is not surprising that ATL takes the blogosphere approach.
Also, when ATL originally posted the memo, there were boldface, all-caps disclaimers all over the post. You’d have to be a moron to rely upon anything posted with all those caveats.
So this is how we’re going to operate around here. We’ll put up purported “bonus memos” ASAP, but with disclaimers, while we work on confirming and fact-checking them. But please don’t treat such memos as authentic until we append a confirmation (or remove the disclaimers).
Striking a balance between speed and accuracy is a constant struggle, in both the blogosphere and the mainstream media. This is our explanation of how we strike the balance; we hope you find it helpful. Thanks for reading.
Earlier: Prior ATL coverage of bonuses (scroll down)
It looks like we’ll have to wait until next week for any major associate bonus announcements. Nothing exciting has happened since the brouhaha over the supposed Milbank Tweed bonus memo, which turned out to be fake.
As soon as you hear anything, please let us know ASAP, by email (subject line: “Associate Bonus Watch”). As always, anonymity is guaranteed — unless you want to be fired from your Biglaw job so badly that you WANT public credit for leaking your firm’s bonus memo.
We need your tips because we don’t want to be entirely dependent upon the different message boards (Greedy Associates, Infirmation, AutoAdmit.com, etc.). While we do check them from time to time, we don’t do so as much as we should. Why? They annoy the crap out of us. You have to wade through so much juvenile junk to find anything that’s borderline interesting. And once you do find something, you can’t even be sure that it’s true (e.g., the Milbank memo).
So no big bonus announcements yet. But we have gathered a few tidbits from sources that we know and trust (as opposed to anonymous posters on message boards).
Check ‘em out, after the jump.
Continue reading “Associate Bonus Watch: All Quiet on the Eastern Front”
Yesterday we requested tips from you about associate bonuses: leaked bonus memos, juicy rumors, etc. Please send this information to us by email, to tips AT abovethelaw DOT com (subject line: “Associate Bonus Watch”).
Please send us tips that you believe in good faith to be true. Because if you send us stuff that’s fake, we’ll find that out when we do our fact-checking.
Take the supposed “bonus memo” of Milbank Tweed. It was purportedly sent out by Christine Wagner, Milbank’s director of legal personnel.
We contacted Ms. Wagner by email. Here’s her response:
From: Wagner, Christine
Sent: Wednesday, November 29, 2006 10:27 PM
To: David Lat
Subject: RE: Milbank “bonus memo”It is not authentic. No such memo has been issued.
Don’t f*** with us, fellas. This ain’t our first time at the rodeo.
Update: Looking for the REAL Milbank Tweed bonus memo, issued on Friday, December 8? To view it, click here.
Memorable Quotes from Mommie Dearest [IMDb]
Earlier: Associate Bonus Watch: The Milbank Memo Is Fake
Welcome to ATL Associate Bonus Watch
We tend to think that fact-checking is overrated. But sometimes it pays dividends.
This afternoon, a document purporting to be a Milbank Tweed bonus memo appeared on the oh-so-reliable message board of AutoAdmit.com, aka xoxohth. It sparked frenzied discussion at both AutoAdmit and Greedy Associates.
We checked with our sources at Milbank. The “bonus memo” is phony. But we give the prankster credit for decent execution.
Update: Looking for the REAL Milbank Tweed bonus memo, issued on Friday, December 8? To view it, click here.
In case you’d like to see the fake “bonus memo,” in all of its fraudulent glory, we reprint it for you after the jump.
Continue reading “Associate Bonus Watch: The Milbank Memo Is Fake”
- Alston & Bird, Biglaw, Dechert, Dewey Ballantine, King & Spalding, Law Professors, Milbank Tweed, Musical Chairs, Orrick Herrington & Sutcliffe, Tax Law, Winston & Strawn
Musical Chairs: 11.06.06
By David Lat
A few moves within the legal profession worth noting:
Legal Academia:
* Tax law professor Neil Buchanan, to GW, from Rutgers-Newark, effective January 2007. (Gavel Bang: TaxProf Blog.)
Lateral Law Firm Moves:
* Corporate lawyer Carey Schreiber, to Winston & Strawn, from Dewey Ballantine.
* Corporate lawyer Jeffrey Katz, to Dechert (as a partner), from Milbank Tweed (where he was a senior attorney).
New Partners:
* King & Spalding has named twelve new partners. Have a friend who was up this year? See if they made it by reviewing the firm’s press release.
Although they don’t involve moves, while we’re on the subject of law firm employment (and King & Spalding), here are two interesting items from the WSJ Law Blog:
1. Power Brothers Ascend to the Top of Hotlanta’s Legal Scene: Two brothers, Robert Hays and Richard Hays, will be heading Atlanta’s two largest law firms, King & Spalding and Alston & Bird.
This will take effect as of 2008, when Richard Hays takes over as Alston & Bird’s managing partner. Robert Hays is currently chair of King & Spalding. See also here.
2. Spurned Orrick Associate Sues Firm: “At the same time that it’s talking merger with Dewey Ballantine, west-coast powerhouse Orrick, Herrington & Sutcliffe is defending a suit by a former associate who claims the firm fraudulently promised to make him a partner.”
Buchanan to Leave Rutgers for GW [TaxProf Blog]
NY Partners Switching Firms [NYLawyer.com]
NY Associates Making Partner [NYLawyer.com]
King & Spalding Announces Twelve New Partners [King & Spalding]
- Allen & Overy, Biglaw, Clifford Chance, Holland & Knight, Latham & Watkins, Magic Circle, Milbank Tweed, Musical Chairs, O'Melveny & Myers, S.D.N.Y., Skadden Arps, U.S. Attorneys Offices, Willkie Farr
Musical Chairs: 10.31.06
By David Lat
Tons of moves to report today — and these are just the highlights:
New Partners:
* Latham & Watkins — which, as discussed yesterday, is very popular with Supreme Court clerks — has elected 26 new partners, in offices around the country. That’s enough lawyers to start a whole new law firm.
You can check out their names here. If you graduated from law school around 1998, you probably know some of them.
“Magic Circle” Hiring Spree:
The top British law firms — aka the “Magic Circle” firms — continue to cast spells over U.S. practitioners, who have been flocking to their American offices in droves.
* Louis Kimmelman, former co-chair of O’Melveny & Myers’s international arbitration practice, is heading to Allen & Overy’s rapidly growing New York office. Kimmelman regularly appears before the International Court of Arbitration of the International Chamber of Commerce, the American Arbitration Association, and other tribunals.
* Finance lawyers Zarrar Sehgal and Anthony Lopez III, to Clifford Chance (NY), from Milbank Tweed and Cahill Gordon, respectively.
Lateral Moves:
* Corporate and securities lawyer Michael Student, to Brown Rudnick, from Holland & Knight.
* Tax lawyer James Tander, corporate lawyer Patrick de Carbuccia, and real estate lawyer Michael Pollack, to Reed Smith (NY). They come from, respectively, Skadden Arps, Willkie Farr, and Withers Bergman of (New Haven, CT).
Government to Private Sector:
* Sharon McCarthy, a former deputy chief of the U.S. Attorney’s Office for the Southern District, to litigation and tax boutique Kostelanetz & Fink, as a partner.
Internal Promotions:
* Paul Tvetenstrand, a partner in the structured finance practice group, has been elected chairman and managing partner of Thacher Proffitt & Wood.
Latham & Watkins Elects 26 New Partners [Latham & Watkins]
NY Partners Switching Firms, NY Lawyers On the Move [NYLawyer.com]
More NY Partners Switching Firms [NYLawyer.com]
Firm Promotes 26 to Partnership [NYLawyer.com]
NY Practice Leader Switches Firms [NYLawyer.com]




