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Author Topic: NYC Biglaw Raises to $160k  (Read 1479 times)

Burning Sands

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NYC Biglaw Raises to $160k
« on: January 23, 2007, 10:12:16 AM »
http://www.abovethelaw.com/2007/01/breaking_simpson_thacher_ups_t.php



Breaking: Simpson Thacher Raises Associate Base Salaries!!!

Simpson Thacher & Bartlett has raised associate base salaries across the board, by $15,000 for every class. You heard it here first, people -- less than ten minutes after the memorandum was sent.

MSM sources: PLEASE CREDIT ABOVE THE LAW. Thank you.

This Simpson Thacher memo was emailed to us by multiple sources. So we do not doubt its authenticity. It was sent out today by email, at 4:28 PM, by STB executive committee chairman Philip T. (Pete) Ruegger III, to all associates and non-senior counsel at the firm.

We are seeking additional comment from STB representatives -- namely, Pete Ruegger, who sent the memo, and Susan Bussy, who handles media inquiries. We will let you know if and when we hear back from them.

Without further ado, the memo:

SIMPSON THACHER & BARTLETT LLP

MEMORANDUM TO ALL ASSOCIATES AND COUNSEL

The Firm has been very busy and we expect the high level of activity to continue. We are proud of the results we are helping our clients achieve.

We believe we have the finest legal team of any global law firm. In appreciation of your efforts, we are pleased to increase associate base salaries as follows, effective January 1, 2007:

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

Class of 1998 - $290,000

We are also raising the base salary for the members of the Class of 2007, who will arrive in the fall, to $160,000.

Counsel and classes senior to 1998 will be addressed on an individual basis.

Again, on behalf of the Firm, thank you for your commitment and hard work.

January 22, 2007

Pete Ruegger

*************************
Other firms will surely follow suit and match this base salary increase. As the various firms match, please note their moves in the comments. THANKS!!!
Burning Sands

TDJD84

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Re: NYC Biglaw Raises to $160k
« Reply #1 on: January 23, 2007, 10:22:53 AM »
The Chicago market needs to raise the associate base salary into the 145-150k range, and all will be well!

Burning Sands

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Re: NYC Biglaw Raises to $160k
« Reply #2 on: January 23, 2007, 10:46:17 AM »
What's crazy to me is that the NY market just got to $145k one year ago, now its already trying to jump up to $160k?  That's wild.
Burning Sands

east

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Re: NYC Biglaw Raises to $160k
« Reply #3 on: January 23, 2007, 11:07:51 AM »
I hope the firm I will be a summering at matches as well! 

If it doesn't then at the very least they should buy us another meal hehe.

usr

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Re: NYC Biglaw Raises to $160k
« Reply #4 on: August 04, 2007, 05:39:42 PM »
hahaha

T. Durden

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Re: NYC Biglaw Raises to $160k
« Reply #5 on: August 04, 2007, 07:15:41 PM »
apparently nyc firms are apparently getting ready for a bump up to 190 - 195k. sounds like a tremendous amount of money to pay 1st years .. i'll believe it when i see it.

brownsfan05

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Re: NYC Biglaw Raises to $160k
« Reply #6 on: August 04, 2007, 08:24:17 PM »
I'd rather take $135K at Jones Day in Cleveland (if I had a prayer to get in).  I don't think that extra 20K covers the cost of living differences.  What do you all think?

middlelanguage

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Re: NYC Biglaw Raises to $160k
« Reply #7 on: August 04, 2007, 08:42:04 PM »
I'd rather take $135K at Jones Day in Cleveland (if I had a prayer to get in).  I don't think that extra 20K covers the cost of living differences.  What do you all think?

Bonuses in NYC are much larger than in Cleveland. Also, I'm not convinced that this is *a lot* of money in comparison to what I-Bankers are doing, especially considering they are typically younger and have a smaller skill set.

Ad oculos

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Re: NYC Biglaw Raises to $160k
« Reply #8 on: August 25, 2007, 04:33:41 PM »
Quote
I'd rather take $135K at Jones Day in Cleveland (if I had a prayer to get in).  I don't think that extra 20K covers the cost of living differences.  What do you all think?

It depends.  A huge chunk of that will disappear with taxes, housing costs, and loan payments.  How much is left over?  How much will you be investing?  Your investments won't scale with COL; they'll be the same when you retire regardless of where you are when you put the money in.  The leftover amount is the only amount that matters re COL.  You can run the numbers for yourself to get a better feel.