Seems like for how much work it takes to be Big Law partner, comp isn't that gre
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Date: August 19th, 2018 10:41 AM Author: khaki parlor
at.
All those years toiling away through being an associate with soul crushing hours and work to have a remote chance at obtaining something which is slightly less soul crushing for like 800k a year? What's the point? Would not even be close to making you actually rich and it isn't enough to be truly appreciably better in any way than someone's life who makes 1/2 that.
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36642999) |
Date: August 19th, 2018 10:45 AM Author: mustard base
PPP is 2-6 million at major firms
You probably hit those averages in your early 40s after a several years as a junior partner
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643020) |
Date: August 19th, 2018 11:04 AM Author: bat-shit-crazy vigorous crotch
The point is that toiling away has low returns as you point out even if you make partner. It's not worth the time trade. The more devastating issue is ithe remote possibility of making partner as a grinder. Guess what? Grinders don't bring new money to the partnership, and grinders are fungible.
TCR biglaw strategy, if that's what you're going to do, is to originate and ape BD. Your expertise in any practice area hits a HUGE plateau around year 5 or 6 and there isn't another major jump until you put in another 10,000 hours and become a nation or industry-wide MFE. While this step is in your control, unlike ascent to partnership, the time return profile is similar. So fuck it. If you're a business originator you are spending your time (1) socializing and entertaining , (2) representing friends, (3) delegating substantive work. Oh and you're not fungible, and you actually add profits to the partnership that are attached to your name. You can take the book with you if you don't like the deal at your current firm. You're levels removed from the soul crushing day to day of biglaw, will be infinitely more successful in the short and long-term, and you'll have more time outside of work.
Why don't people do this
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643086) |
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Date: August 19th, 2018 11:09 AM Author: khaki parlor
Very good poa Colt tp
"Guess what? Grinders don't bring new money to the partnership, and grinders are fungible."
Yikes. One more time for the cheap seats in the back.
Problem is, as you point out, is BizDev and being good at that. A "rainmaker" as it were, but how many autistic people who just want to grind on the hamster wheel would even be good at this?
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643097) |
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Date: August 19th, 2018 1:38 PM Author: unholy twinkling uncleanness skinny woman
As a follow up, it takes years of article writing, conference attending and industry socializing (with people you don’t want to socialize with) and other nonbillable efforts firms considee BD before you MIGHT bring in a client that throws you 200k in billables per year, just barely justifying a firm’s decision to allow you non-equity partnership that can be taken away at any time.
And in that partnership race, you’re likely already up against someone whose relative or best friend’s dad or someone is already a GC or something.
Long story short, if you are a mid-level, ask yourself - is there someone ALREADY in my family or social circle who is in a position to send business to a big law firm (regardless of whether thats me at the moment)? If not, BD is going to be tortuous and will likely amount to nothing even after years of effort.
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643799) |
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Date: August 19th, 2018 2:24 PM Author: Exciting personal credit line
"as a follow up"
stop poasting like a biglawyer you faggot
does anyone actually get business from writing articles? like does an inhouse counsel read one and reach out and go "oh hey interesting article, we wanna hire you!"?
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643992) |
Date: August 19th, 2018 11:11 AM Author: fragrant den
When I was a summer, one of the rainmaker partners told us that “being a iglaw partner is one of the hardest ways to make money”
He was making like 3-4m so we all just secretly rolled our eyes, but I do get his point now
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643112) |
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Date: August 19th, 2018 11:22 AM Author: khaki parlor
Right, I mean, 3-4 million is a very healthy income, don't get me wrong. It's actually fantastic and puts you 10x above the threshold of being in the '1 percent' (380K).
BUT-
It's a question of what it requires to get there and how teeny tiny slim of a chance it is that it will ever even happen. Running a small business, real estate, investing, seems to be so many more ways to generate comparable earnings with less sacrifice. Even the medical profession where salaries are high and work is very stressful but much more rewarding.
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36643150) |
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Date: August 19th, 2018 11:09 PM Author: khaki parlor
t
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(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36646433) |
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Date: August 19th, 2018 11:11 PM Author: khaki parlor
Your billables -okay
your take home - far from that
Your billables are simply what your pimp sells you for
(http://www.autoadmit.com/thread.php?thread_id=4055355&forum_id=2#36646439) |
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