Why do people want to go to Vault top 10 firms so much?

[h2xblive]

This might be a really stupid question but how come the salaries have gone down so much in the last couple of years...about 100k at the top it seems?

Haven't they gone up?  There was a recent article about the average (or median) NYC BigLaw salary going up to $160,000 with other major cities raising their numbers to keep up...or something along those lines.

[Princessa1]

This might be a really stupid question but how come the salaries have gone down so much in the last couple of years...about 100k at the top it seems?

Haven't they gone up?  There was a recent article about the average (or median) NYC BigLaw salary going up to $160,000 with other major cities raising their numbers to keep up...or something along those lines.

Sorry I didn't explain...I was going by the link
http://www.lawfirmdiscussion.com/compensation/newyork07salary.php

Maybe I misunderstood...are salaries for earlier classes based on raises?

[Princessa1]

This might be a really stupid question but how come the salaries have gone down so much in the last couple of years...about 100k at the top it seems?

Haven't they gone up?  There was a recent article about the average (or median) NYC BigLaw salary going up to $160,000 with other major cities raising their numbers to keep up...or something along those lines.

Sorry I didn't explain...I was going by the link
http://www.lawfirmdiscussion.com/compensation/newyork07salary.php

Maybe I misunderstood...are salaries for earlier classes based on raises?

Yes.  It shows "Class of ..."  You might interpret the column headings as First Year, Second Year, Third Year, and so on. 

ok now it all makes sense! thank you for clarifying!

[h2xblive]

Now, on the original question:

I'm not sure if V10 is any better than, say, V50.  But you know what prestige means to some people.   

Well at least those that will only work for a V10 and not a V20 are in it for more than just the money. 

[hereshopin]

By better exit options you mean V10 have better clients who might be able to give you a better job when you leave?

Also if you do well at a V10, but not quite well enough to make partner, you can lateral into a partner job at a V25 or V50. Or so I'm told.

[LittleRussianPrincess, Esq.]

I'm curious why is there so much fuss about those firms, when there are a lot of other firms that pay pretty much the same (give or take 10 K). What's the big deal about those firms? Do they have some great bonuses i'm not aware of?

mostly because they know nothing of what is demanded of an associate at one of thsese firms. the bonuses are indeed AMAZING, but it's probably not worth it to any sane person who wants a social life, a family and a healthy heart.

[themanwithnoname]

Lifestyle firms are a myth. Even 200 fewer billables in a year is a 4 hour a week difference - not really that much. The bonuses are the same in every firm but Wachtell so thats not why people go. The term V10 is kind of an arbitrary one. A top firm looks good on a resume, probably has interesting work, those are reasons to go there. But V10 isn't really the big deal. Some firms outside of the V10 are amazing at one thing, (paul weiss, Quinn Emmanuel) and are worth going to above a V10 if you prefer it.

[Denny Crane]

Lifestyle firms are a myth. Even 200 fewer billables in a year is a 4 hour a week difference - not really that much. The bonuses are the same in every firm but Wachtell so thats not why people go. The term V10 is kind of an arbitrary one. A top firm looks good on a resume, probably has interesting work, those are reasons to go there. But V10 isn't really the big deal. Some firms outside of the V10 are amazing at one thing, (paul weiss, Quinn Emmanuel) and are worth going to above a V10 if you prefer it.

I'm all about Quinn Emanuel if I ever do biglaw.

[themanwithnoname]

They are a very cool firm... although I wonder if they are going to be anything like what they are now in five years.

[Denny Crane]

They are a very cool firm... although I wonder if they are going to be anything like what they are now in five years.

So long as the founding partners are still running the place, I assume it will remain much as it is now in terms of its unique culture.  Also, simply through self-selection, I'm sure its culture will be maintained even after the departure of its founding partners.