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Message to Junior/Mid-level transactional associates: check-out
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Date: September 20th, 2014 10:57 AM Author: misanthropic temple The lateral market is literally on fire. My own firm has lost 50% of its juniors and literally can't find people to replace them. Some associates have caught on and started refusing work left and right and leaving at 6:00 PM daily. The firm cannot do shit because there is literally no way to replace these people.
If you fall into this category and are not taking advantage, you are a total chump. The firm still is making gigantic profits at 1200 hours billed from you. Its amazing to me that people are still billing 2500 and not exercising their leverage. |
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Date: September 20th, 2014 2:50 PM Author: Impertinent Crotch Would they hire litigation associates who want to switch to corporate? (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362932) |
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Date: September 20th, 2014 4:59 PM Author: misanthropic temple No, but very flexible for taking Corp associate focusing on Y area and having him or her switch to x area. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363592) |
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Date: September 20th, 2014 5:01 PM Author: brass school cafeteria They break even at 1200 in collections. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363599) |
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Date: September 20th, 2014 5:23 PM Author: Citrine Nibblets Depends on your billing rate and salary, but I'd guess most big firms billing out mid-levels at $450 an hour and still paying shit bonuses are making decent money even at 1200. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363702) |
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Date: September 20th, 2014 5:30 PM Author: brass school cafeteria but dat PPP (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363746) |
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Date: September 20th, 2014 5:58 PM Author: orchid lay depressive I was billed out at 450 as a first year. Mid-levels are at around $700 in NYC (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363884) |
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Date: September 20th, 2014 6:02 PM Author: brass school cafeteria Collections is the relevant metric. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363905) |
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Date: September 20th, 2014 6:11 PM Author: Citrine Nibblets Yeah but you said they break even at 1200 hours in collections.
1200 x 450 = 540,000
Figure 250 in total comp plus another 90 overhead, the firm is still banking 200K.
Now if you are looking at 1200 hours billed (as opposed to collected), then the firm may be breaking even since lots of time is cut for various reasons. |
Date: September 20th, 2014 10:58 AM Author: domesticated cruise ship This flame is posted every other week. Why? (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362120) |
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Date: September 20th, 2014 10:59 AM Author: misanthropic temple Ive seen people do it for the past year, no repercussion or the "talk". Not flame. Even if you are near getting canned you can just go to another one of the opportunities that you get cold called about 10 times a week. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362125) |
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Date: September 20th, 2014 11:10 AM Author: Bull Headed Step-uncle's House dude, it isn't flame. I literally have a recruiter calling every day. It does require have a good resume, but if you do, there is a ton of demand. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362155) |
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Date: September 20th, 2014 5:03 PM Author: brass school cafeteria Has been my experience. They're even treating the litigators nice. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363607) |
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Date: September 20th, 2014 10:58 AM Author: lavender partner wait (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362123) |
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Date: September 20th, 2014 11:01 AM Author: Red stag film This is true. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362132) |
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Date: September 20th, 2014 11:04 AM Author: Razzmatazz spot water buffalo I have seen this as well (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362138) |
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Date: September 20th, 2014 11:05 AM Author: Floppy national corn cake New bigtex offices paying $100k signing bonuses while 2nd years toil away on Saturday nights why (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362140) |
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Date: September 20th, 2014 5:21 PM Author: medicated goyim house Dat firm loyalty, lol. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363692) |
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Date: September 20th, 2014 5:28 PM Author: brass school cafeteria texas is insane right now
experienced corp associates are getting paid more in actually comp than new york |
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Date: September 20th, 2014 11:06 AM Author: avocado talented associate multiple people at my firm have been billing 1200 hours and not getting fired. not flame (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362143) |
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Date: September 20th, 2014 11:08 AM Author: misanthropic temple Same here. Why would it be flame. The 2008-2012 associate classes were hired for a shit economy. So now u have a shit economy's worth of people at this level + natural attrition, except deal flow is fucking good. I work at a lower v100 and get constant calls from every level of firm V10 on down. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362147) |
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Date: September 20th, 2014 11:06 AM Author: laughsome magenta main people casino I did not get BIGLAW out of law school, but one of my buddies did, and he recently just didn't show up to work on a random Thursday so he could watch his favorite MLB team play a day game
nothing happened to him |
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Date: September 20th, 2014 11:08 AM Author: Demanding Double Fault 180 (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362150) |
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Date: September 20th, 2014 5:18 PM Author: brass school cafeteria lol (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363673) |
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Date: September 20th, 2014 11:09 AM Author: Bull Headed Step-uncle's House This is certainly true, but I wouldn't get too comfortable. Things aren't going to be like this forever. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362154) |
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Date: September 20th, 2014 11:12 AM Author: misanthropic temple The void from these class years will never be fixed. The hiring done was based on demand from a once in a hundred year economic calamity. Even a great slow down will not create as low of demand. Plus, been doing this for 2 years, got 2 more max, so who gives a shit. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362159) |
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Date: September 20th, 2014 11:19 AM Author: Bull Headed Step-uncle's House if you only plan to work for like two more years, have fun (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362169) |
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Date: September 20th, 2014 12:11 PM Author: contagious masturbator you know when else the market was on fire? 2006-2007 (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362326) |
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Date: September 20th, 2014 12:17 PM Author: Pontificating clear office Finance? M&A or what? (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362338) |
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Date: September 20th, 2014 2:20 PM Author: histrionic reading party mexican Both. Any kind of corporate transactional. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362761) |
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Date: September 20th, 2014 2:44 PM Author: jet-lagged dark tank Most juniors and mid levels seem well aware of this and it's fucking infuriating trying to find staffing for my deals. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26362895) |
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Date: September 20th, 2014 5:00 PM Author: misanthropic temple What ends up happening is 20% of associates do not realize this or are beta and do double the work LJL. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363596) |
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Date: September 20th, 2014 5:21 PM Author: Citrine Nibblets I find the more important I become to the firm, the less hard I work. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363691) |
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Date: September 20th, 2014 5:22 PM Author: Beta Shrine Dragon This is true. However, around this point, you also learn that it will never, ever, get "better."
In other words, you realize you will have to suffer your entire adult life in the job, although you will be highly compensated. |
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Date: September 20th, 2014 5:29 PM Author: brass school cafeteria BigLaw's fatal flaw is that it pays cash. So you always grow into your new income. If you just banked 1/3 of it you could retire at 50. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363738) |
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Date: September 20th, 2014 5:32 PM Author: Well-lubricated parlour lol wut (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363752) |
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Date: September 20th, 2014 5:37 PM Author: brass school cafeteria Law gives you cash money, so you spend it. Corporate america gives you cash + stock so you save a solid chunk. This is why dudes at corporations retire at 60 and dudes at law firms work until they die from heart attacks. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363772) |
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Date: September 20th, 2014 5:40 PM Author: Exciting bearded space you are fucking retarded. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363783) |
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Date: September 20th, 2014 5:44 PM Author: brass school cafeteria Explain why. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363800) |
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Date: September 20th, 2014 6:13 PM Author: Bull Headed Step-uncle's House this is very true. The best way to live is with a small salary and big bonuses and equity grants. My parent's friends who did this are living much larger at 65 than my parents. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363959) |
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Date: September 20th, 2014 5:46 PM Author: Beta Shrine Dragon Think of the person you would be at 50. You would have no social relationships outside of work. Your children wouldn't know you. You would likely be divorced. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363812) |
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Date: September 20th, 2014 5:55 PM Author: brass school cafeteria ? Not sure what you're saying.
BigLaw partners are those people at age 50 but they spent all their money so they have to keep working. If you lived on 1/3 of your post-tax income from age 25-50 you could retire at 50 and learn who your kids were and what your wife was like. But they don't do that. They throw money at their problems and in the end have no kids and wife. |
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Date: September 20th, 2014 6:14 PM Author: Beta Shrine Dragon Not sure if you're a law student. I hear this sort of thing from law students frequently.
The reason people don't "retire at 50" is twofold. First, because people realize that if they work 20+ years in BigLaw, they won't have time to maintain relationships or see their family.
If someone does stay in BigLaw until 50, they likely won't retire because their family will expect them to continue to provide lots of money, because that person will have conditioned their family to expect their money rather than their time and affection. |
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Date: September 21st, 2014 12:22 AM Author: Lascivious zippy organic girlfriend cuck (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26365609) |
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Date: September 20th, 2014 6:14 PM Author: Bull Headed Step-uncle's House let's not be too dramatic. I know plenty of Biglaw partners who see their family all the time. Might not be home at 5:30pm every day, but they surely are around a lot. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363968) |
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Date: September 20th, 2014 5:34 PM Author: hideous deranged home i don't understand why our summer classes are still like 50% of boom year sizes. fucking hire some juniors. (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363765) |
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Date: September 20th, 2014 5:38 PM Author: brass school cafeteria too risky (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363775) |
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Date: September 20th, 2014 5:39 PM Author: Citrine Nibblets Firms got burned and are still gunshy (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363782) |
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Date: September 21st, 2014 12:16 AM Author: cracking painfully honest stage Because your firm has 3x the number of staff attorneys as in 2007 (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26365573) |
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Date: September 20th, 2014 5:41 PM Author: lemon house-broken public bath possible for biglaw flameouts to get back in? (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363787) |
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Date: September 20th, 2014 5:43 PM Author: Citrine Nibblets Lol no (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363794) |
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Date: September 20th, 2014 5:44 PM Author: brass school cafeteria describe the flameout (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26363803) |
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Date: September 21st, 2014 12:37 AM Author: Opaque hospital what if i left big law in jan. i was mediocre, but i lasted there from 2009 to 2014. only firm. mostly general corp. so no real deal skills even though the firm is good (v10)
left for really crappy public interest that pays like nothing and is not 9-5 as advertised. |
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Date: September 21st, 2014 12:38 AM Author: Citrine Nibblets Lol, why'd you do that (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26365737) |
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Date: September 21st, 2014 12:40 AM Author: Opaque hospital thought life would be happier. it's just poorer. seriously, i might work a little less- but i still work 60 hours per week. which hey, is totally worth my 54k annual salary (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26365748) |
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Date: September 21st, 2014 1:04 AM Author: Opaque hospital bump (http://www.autoadmit.com/thread.php?thread_id=2679421&forum_id=2#26365875) |