The difference is prestige, not compensation (although skadden's bonuses are probably considerably higher than a v100 firm).
At my T14, well over the top half got offers to summer at V100 firms.
so i am a 1L and had some questions about biglaw firms. now you always hear pple talking about the top 10 firms like skadden, white & case, etc., but what about the firms ranked like 90-100 on vault. after digging around, i found those bottom firms pay 160,000 (or very close to it) as well. do these guys work the same hours as the guys at skadden?
also, how easy (or hard) would it be for a student at a t5 or t14 school to get into one of these bottom firms that still pay160k. would a student around the median at a top school have trouble getting in there, or are these the firms that pple refer to as backups?