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re: Law Firm Cravath Raising Starting Salaries to $180,000
Posted on 6/6/16 at 8:19 pm to RedRifle
Posted on 6/6/16 at 8:19 pm to RedRifle
quote:
New York law firm Cravath, Swaine & Moore LLP is raising base salaries for its junior-most lawyers by 12.5%, its first increase in nearly a decade and a move likely to trigger a wave of similar hikes throughout the legal industry.
As of July 1, new first-year lawyers at the firm will now get $180,000, up from its longtime standard of $160,000 for law-school graduates, according to a Cravath memo reviewed by The Wall Street Journal. The increase lifts pay from there: ..
I have no idea on this, but what kind of class rank/bar score?? would you need to get a position like this? Graduating from LSU, or say a Ivy League school?
1
Posted on 6/6/16 at 8:20 pm to SlowFlowPro
quote:
even a $5k/mo apartment
$5k a month will get you a very nice/good size apartment in NYC.
my brother lives there and pays close to $3k for something completely livable in the east village.
you can probably add at least $1-2k a month to that budget you set. $50k a year just to have fun with is plenty anywhere.
Posted on 6/6/16 at 8:21 pm to RedRifle
So about 60k in Baton Rouge money and hours.
Posted on 6/6/16 at 8:21 pm to Kingpenm3
Top 10 percent of the top 10 schools, almost exclusively.
Posted on 6/6/16 at 8:25 pm to Teddy Ruxpin
quote:
If you max your 401k you will be under 10k for sure, closer to 9k
Which is still plenty. If you can't live comfortably on 9K a month, then it's a "you" problem and you should start to reevaluate things a bit. My cousin makes less than 180K in NY and he lives a great life.
Posted on 6/6/16 at 8:26 pm to Keys Open Doors
Yep. At a firm like Cravath, you MIGHT have a shot graduating in the top 1-3 people from a 50-100 ranked law school (better if you are in the office's market).
Posted on 6/6/16 at 8:27 pm to EA6B
quote:bullshite. 3k is high end for a 1 bedroom. You can get a decent studio for 2000
Average rent is $2K more than you put in your budget.
Posted on 6/6/16 at 8:30 pm to Joseph Bockrath
I think you guys will have a much better idea on this than me, but I heard that some of the youngest NOLA big law partners were making about 200K per year (think Jones Walker, Phelps Dunbar, Kean Miller type places).
Posted on 6/6/16 at 8:30 pm to 632627
Some people in the south are completely unrealistic about the cost of living in NYC.
Posted on 6/6/16 at 8:34 pm to 632627
5k a month will get you anything in BR. And not just rent.
Posted on 6/6/16 at 8:34 pm to RedRifle
180k won't get you a parking spot in NYC
Posted on 6/6/16 at 8:38 pm to Mo Jeaux
Will the increase trickle down to smaller firms across the country?
Posted on 6/6/16 at 8:48 pm to Keys Open Doors
quote:
I think you guys will have a much better idea on this than me, but I heard that some of the youngest NOLA big law partners were making about 200K per year (think Jones Walker, Phelps Dunbar, Kean Miller type places).
Thats about right.
Posted on 6/6/16 at 8:54 pm to RedRifle
A friend of mine was an associate there maybe 7 years ago. Such a baller place
He went to Columbia. He worked way too many hours for what he billed, total slave labor
He went to Columbia. He worked way too many hours for what he billed, total slave labor
This post was edited on 6/6/16 at 8:56 pm
Posted on 6/6/16 at 8:57 pm to TheOcean
quote:
Will the increase trickle down to smaller firms across the country?
It seems like the smaller firms are constantly going up 5K every few years or so whereas the Big Law jump up 20K every 10 years.
Posted on 6/6/16 at 9:02 pm to UpToPar
The latest gimmick I've heard about is buttfricking the Jr. Partners to get back some of that starting salary. I know one guy who made partner and had his income drop. He was quite pissed, but obviously its still a step towards the ultimate goal.
In-house is treating me real well in comparison.
In-house is treating me real well in comparison.
Posted on 6/6/16 at 9:04 pm to RedRifle
quote:
new first-year lawyers at the firm will now get $180,000,
Cool. Hope they enjoy things like sleeping in their office and working at 10:30pm on Christmas Eve.
This post was edited on 6/6/16 at 9:05 pm
Posted on 6/6/16 at 9:09 pm to CorporateTiger
quote:
The latest gimmick I've heard about is buttfricking the Jr. Partners to get back some of that starting salary. I know one guy who made partner and had his income drop. He was quite pissed, but obviously its still a step towards the ultimate goal.
In-house is treating me real well in comparison.
It happens, especially in downturns. In-house is a sweet gig depending on where you land.
Posted on 6/6/16 at 9:10 pm to UGATiger26
I'm an attorney, this is nothing new. Norton Rose, Susman Godfrey, Bickel & Brower, Williams & Connolly etc. have all been starting at $180k for a few years now wi9ith $50k bonuses.
And these are Texas firms...
And these are Texas firms...
This post was edited on 6/6/16 at 9:11 pm
Posted on 6/6/16 at 9:11 pm to Jim Smith
quote:
I'm an attorney, this is nothing new. Norton Rose, Susman Godfrey, Bickel & Brower, Williams & Connolly etc. have all been starting at $180k for a few years now wi9ith $50k bonuses.
They are still the exception rather than the norm. $180K will be the norm soon enough.
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