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Its insane how little NYC lawyers are paid
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Date: July 18th, 2018 11:14 AM Author: yapping orchestra pit Biglaw associates work 60+ hr weeks for peanuts. Midlaw and shits even worse. All these ratfuck equity partners hoarding their “earnings” while demanding associates put deals before everything else.there rally does need to be an associates union. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36451526) |
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Date: July 18th, 2018 1:10 PM Author: Mewling forum associates'* (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452381) |
Date: July 18th, 2018 11:15 AM Author: out-of-control dashing giraffe deer antler (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36451532) |
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Date: July 18th, 2018 11:16 AM Author: milky hominid first years in BFE satellite offices loling at "service partners" in NYC (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36451538) |
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Date: July 18th, 2018 11:16 AM Author: Magical space factory reset button these 'partners' often do almost zero actual work too ljl (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36451542) |
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Date: July 18th, 2018 11:20 AM Author: transparent gaming laptop rigor Like 65% of lawyers work at firms of 10 or fewer lawyers. The single biggest cohort is solos. If youre an associate for life youre doing it wrong, bro. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36451584) |
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Date: July 18th, 2018 12:50 PM Author: Splenetic primrose persian (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452236) |
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Date: July 18th, 2018 12:51 PM Author: coiffed station famous landscape painting Ljl wagecuck lawyers don't deserve a penny more. They are nth degree leaches who create nothing of value (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452242) |
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Date: July 18th, 2018 12:52 PM Author: boyish frozen rigpig locus risk averse, debt burdened associates are too terrified to unionize. it's rather pathetic, really. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452246) |
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Date: July 18th, 2018 1:13 PM Author: Aquamarine Principal's Office the union would literally splinter during its first meeting because of a dispute over where to put the apostrophe in the name (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452401) |
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Date: July 18th, 2018 2:06 PM Author: boyish frozen rigpig locus true. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452791) |
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Date: July 18th, 2018 5:12 PM Author: Chocolate spectacular menage hunting ground Also, different groups would try to set up different unions based on prestige, and they would easily be played against each other. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454416) |
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Date: July 18th, 2018 1:13 PM Author: provocative greedy brunch I was in discussions with a MFH law firm in law school and they wanted to start me at 55k. I politely declined a formal interview. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452393) |
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Date: July 18th, 2018 1:20 PM Author: Heady Slap-happy Immigrant Meetinghouse The average 30-year old NYC BIGLAW associate is going to clear $275k or do this year. That’s probably 99th percentile for 30 year olds.
Anyone taking a lawyer job for less than $100k is retarded, though. I’d rather sell used cars.
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Date: July 18th, 2018 1:36 PM Author: awkward soul-stirring garrison In terms of capturing the profits they generate for the firm, biglaw associates do worse than dollar general sales clerks. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452543) |
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Date: July 18th, 2018 1:51 PM Author: yapping orchestra pit Fucking this. “PPP at record high!” they should all be holocausted. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452646) |
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Date: July 18th, 2018 5:43 PM Author: alcoholic stubborn abode friendly grandma Some counterpoints to this--a lot of these firms where PPP is "record high" are also experiencing record high margin spreads (reflecting the fact that the profit engine may not be uniformly firing across all practice groups but rather is relying on one or a handful of particular groups, especially on the transactional side). They also have increasingly disloyal partnership cohorts, which is not new news but is an accelerating phenomenon--PPP drops $.25m in a year and suddenly everyone is talking to Major Lindsey because fuck you pay me. So read those PPP figures with a good grain of salt and understand that, within firm executive committees, there may be less confidence than you're seeing projected externally, because there's a sense that everything could potentially come tumbling down at a relatively quick pace if there's a blown year or sectoral compression in an area that the firm is relying on to keep juicing profitability. Add that, rightly or wrongly, people are also starting to wonder when the next natural economic contraction is going to start given the length of expansion and especially with all the trade war talk. So attendant to all this there's a sense that having some conservatism in compensation continues to be important because things could change quickly and dramatically. Also, in fairness to these firms, they have been pushing salary increases and bonus increases in the last few years. All-in comp. has gone up for the same level of seniority (e.g., "third year" or "sixth year") I think three times in five years now. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454663) |
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Date: July 18th, 2018 2:12 PM Author: Jet cracking gas station cr (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452855) |
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Date: July 18th, 2018 4:28 PM Author: Heady Slap-happy Immigrant Meetinghouse As a function of capturing the value of their own profitability, sure. Greedy boomer partner would murder an associate for a $20 bump in PPP. And law itself is god awful. But maybe 1% (if that) of 30 year olds make $275k, so as a function of raw income, it’s high. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454017) |
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Date: July 18th, 2018 5:14 PM Author: Chocolate spectacular menage hunting ground Now adjust for COL, taxes, student loan payments, opportunity cost of three years of law school, hours worked, level of stress, effect on health, etc. Judging by your argument, I assume you're a Boomer? (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454430) |
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Date: July 18th, 2018 5:14 PM Author: multi-colored learning disabled institution generalized bond (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454433) |
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Date: July 18th, 2018 5:34 PM Author: alcoholic stubborn abode friendly grandma To put some stronger details on his point, the average 30-year old in biglaw in a major market like NY is actually going to clear either ~320k (as a fourth year; if they took a year off after undergrad) or ~370k (as a fifth year; if they went straight through)--those figures roll in the recent scale increase and special summer bonus that occurred last month + assume that this year's end-of-year bonus scale will be unchanged from '17. So make some assumptions about the distribution and call it ~350k on average.
This is a never-ending debate that we're retreading here. From the perspective of "equitable" profit sharing, given where profits are now (and given the near-zero chance of the average associate securing equity these days), those comp figures are likely inappropriately low. On the other hand, from the perspective of a wet-behind-the-ears 30-year-old poli sci major from Cornell (double undergrad and law degree, baby, go Touchdown!) being able to pull mid-300s five years out from law school, the comp figures appear decent (the scale increases and bonus increases that have taken place over the last few years strengtened this position--it was looking much more pathetic c. 2015 before the first round of raises kicked off the following year); and yes, that's even taking into account the good points you raise about opp cost and COL and stress. |
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Date: July 18th, 2018 5:41 PM Author: bright concupiscible ceo twinkling uncleanness The money isn’t worth spending the remainder of your youth reading an indenture and “making comments” (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454651) |
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Date: July 18th, 2018 5:43 PM Author: boyish frozen rigpig locus so true (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454664) |
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Date: July 18th, 2018 5:45 PM Author: alcoholic stubborn abode friendly grandma totally fair viewpoint; im just setting out the financial aspect (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454684) |
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Date: July 18th, 2018 6:04 PM Author: Splenetic primrose persian That 350k is a lot less sexy when broken down hourly. Also some firms are no bonusing unless 1900 or more and forget about 1800 in midlaw, those firms have all moved to 1900 at least. And all this despite the fact that technology has made the practice faster and more efficient than ever. (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454800) |
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Date: July 18th, 2018 2:13 PM Author: Purple kitty good goyim (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452864) |
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Date: July 18th, 2018 5:14 PM Author: multi-colored learning disabled institution generalized bond (http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454431) |