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Author Topic: 1st Yr Assc Pay - How to get beyond this number?  (Read 5147 times)

Kirk Lazarus

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #30 on: November 14, 2007, 02:18:52 PM »
both of my older siblings work at bulge bracket ibanks in nyc and still have non-work friends, go to the gym, and manage to go out 2 nights a week.

i still have a hard time thinking biglaw would prevent one from doing those same things.

big law can't be worse than ibanking can it?

biglaw is popcorn compared to ibanking. Ibankers generally make more money than biglaw lawyers though...I know a few ibankers and unless they are lying, their bonuses are sweeeeeet!
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ilsox7

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #31 on: November 14, 2007, 02:24:11 PM »
I'll go ahead and confirm what you said is true. I spoke with a bunch of lawyers on callbacks at different firms and generally they said sometimes they have nothing to do. They all said that when 5:30 rolls around, they go home though as their is no face time requirement. They also say that generally the hours are manageable (10-7 or Cool, but then you'll have 3-4 weeks of brutal hours where you're just at your office basically 24/7. It is cyclical.

Yea, that's pretty much what I am getting at.  It is cyclical and, as a junior associate, it can be very unpredictable. 

As for the I-Banking, the folks I know that are in NYC work 100 hours a week pretty much every week.  The guys who do it in Chicago have more of a life, but still work most weekends. 

Anyways, the point I am making is that, for 200K a year, the law firm owns you.  If you get an e-mail Saturday morning on our Blackberry, you better respond immediately.  If you had plans and are needed at the firm, those plans will be cancelled.  So yes, there are times when you can go out with friends, go to the gym, enjoy life, etc.  But you really do not know when those times will be interrupted and for how long.  And if you go too long without having a hellish few months,  you're screwed b/c it means the firm either has no new work coming in or your work isn't valued.

Are there big time advantages to going to a big firm?  Of course.  Do some people love it (my boss did it for 15 years)?  Yes.  But those of you trying to rationalize and break down an "average week" are kidding yourselves.  You will have weeks and months where you'll work non-stop.  You'll have some down time, but even then, you are owned by the firm.  If you think otherwise, you're in for a rude awakening.

iLukeisamazing

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #32 on: November 14, 2007, 02:25:47 PM »
both of my older siblings work at bulge bracket ibanks in nyc and still have non-work friends, go to the gym, and manage to go out 2 nights a week.

i still have a hard time thinking biglaw would prevent one from doing those same things.

big law can't be worse than ibanking can it?

biglaw is popcorn compared to ibanking. Ibankers generally make more money than biglaw lawyers though...I know a few ibankers and unless they are lying, their bonuses are sweeeeeet!

True. A good buddy of mine works as an I-banker, he's actually the Sr. VP of an I-bank firm... and he makes a killing, an absolute killing! And this I-bank isn't even that big, like they don't have a ton of large clients or anything.

ilsox7

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #33 on: November 14, 2007, 06:37:29 PM »
i can only speak to morgan stanley and ubs...

the older brothers both made out great.

they'll have to support me later in life....


My friend at UBS in Chicago seems to really like it.  The hours can be rough at times, but he isn't hurting for cash.  And he maintains a decent enough social life.  My friend in NYC was at JP and left after a year b/c it was so awful interms of hours.  But the 100% bonus is nice!

baytostay

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #34 on: November 15, 2007, 05:16:06 AM »
To the person who asked how many hours a year you have to bill to make partner at a V100 firm in 5 years: LOL. BigLaw is not really that meritocratic. It is extremely hierarchical. If you are a fifth year litigator who has even been second or third chair in a trial, consider yourself lucky. No one is going to make you partner. Almost ALL V100 firms have 8-10 year partner tracks. These cannot be sped up for a special few or the other associates would revolt. They made someone partner at the V20 firm I was at this summer in 7 years a while back and learned they would never do it again for that reason. Bill 2300-2700 EVERY year for 9 years (depending on the geographic market and financial market you're in) and maybe you'll make partner. At which point your billables stay the same and you have to spend more nonbillable hours on client development and serving on all of the firm committees the senior partners can't be bothered with.

alternapiggy

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #35 on: November 15, 2007, 08:33:13 AM »
how to make it to partner in five years:

1. become extremely influential with rich and powerful people
2. bring in $50 million of business a year.
3. demand to be made a partner or you and your business will go elsewhere.

pretty simple really.

JeNeSaisLaw

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #36 on: November 15, 2007, 01:18:38 PM »
What exactly  is buying in?
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Vanderbilt Class of 2011

Kirk Lazarus

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #37 on: November 15, 2007, 04:46:32 PM »
Most firms will make you partner after four years if you're a Supreme Court clerk.
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Freak

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #38 on: November 15, 2007, 05:25:34 PM »
Of course if you've my deal there's no buy-in - just a 7 year wait...
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ilsox7

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Re: 1st Yr Assc Pay - How to get beyond this number?
« Reply #39 on: November 15, 2007, 05:49:43 PM »
Of course if you've my deal there's no buy-in - just a 7 year wait...

That's only if you're a non-equity partner.