The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Partnership is flame (sort of)
Poast new message in this thread
Date: November 16th, 2018 9:57 AM Author: copper hot boistinker I don't want to hear from non-lawyers or shitlolyers.
Being a partner sucks ass. The concept sounded sweet before it happened: high pay, "respect," control over your work flow, etc.
But once that is achieved, there's literally nothing to look forward to anymore. A position on some BS committee? Managing partner? Lol, well I guess you don't have to bill as much.
-The abrupt change in responsibility and liability is brutal. -Trying to motivate your associates to do work and be available is brutal (new associates don't have the ITE mentality anymore). -Getting other teams to help out on your matters is brutal. -Manually reviewing and negotiating invoices is brutal. -I didn't realize how much people fought over engagement letters.
As an associate, you can just do good work and not give a crap whether your side wins, or whether a deal closes or not. You can just shut yourself off emotionally and be a good lawyer. But partner, you have to take everything personally. Biglaw associates, enjoy it as long as you can.
Almost makes me wish I had just done a "Of Counsel for life" arrangement. |
 |
Date: November 21st, 2018 11:50 PM Author: saffron halford juggernaut "I don't want to hear from non-lawyers or shitlolyers."
well 95% of the board is dismissed.
also, making "partner" is a pay cut in 90% of BIGLAW firms until you bring in business. HTH |
Date: November 16th, 2018 9:59 AM Author: Blue coiffed sanctuary goal in life not a partner but i think this is all widely acknowledged (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244201) |
|
Date: November 16th, 2018 10:00 AM Author: copper hot boistinker It's crazy how quickly you go from "if you don't make me partner I'm going to quit" to "holy shit what have I gotten myself into." (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244208) |
|
Date: November 16th, 2018 10:01 AM Author: Mildly autistic patrolman trailer park you don't get to determine who you "hear from" on this forum (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244212) |
|
Date: November 16th, 2018 11:25 AM Author: Aromatic bronze piazza (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244956) |
|
Date: November 16th, 2018 11:36 AM Author: gaped therapy place of business Lol (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245054) |
|
Date: November 16th, 2018 11:41 AM Author: Exhilarant Base Doctorate You can't even guarantee a lawyer will read your post. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245103) |
|
Date: November 16th, 2018 12:28 PM Author: violent pink mood (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245544) |
|
Date: November 16th, 2018 12:43 PM Author: vigorous flesh twinkling uncleanness gaming laptop as an aspiring shitlawyer i took particular exception to this
|
|
Date: November 16th, 2018 2:28 PM Author: Razzmatazz nursing home useless brakes (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246398) |
|
Date: November 16th, 2018 3:54 PM Author: Iridescent greedy university (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37247065) |
|
Date: November 16th, 2018 3:54 PM Author: Exciting set (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37247073) |
|
Date: November 16th, 2018 8:10 PM Author: Primrose Slimy Library (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37248604) |
|
Date: November 16th, 2018 9:58 PM Author: abusive gay stead (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37249231) |
|
Date: November 16th, 2018 10:35 PM Author: Cerebral water buffalo (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37249422) |
|
Date: November 16th, 2018 11:50 PM Author: Cordovan Bawdyhouse (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37249794) |
|
Date: November 17th, 2018 2:24 PM Author: disturbing vibrant theater stage national security agency YAS (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251979) |
|
Date: November 17th, 2018 5:00 PM Author: flushed electric furnace volcanic crater (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252955) |
|
Date: November 19th, 2018 1:15 AM Author: filthy mental disorder theatre this guy gets it (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261615) |
|
Date: November 19th, 2018 12:59 PM Author: Zombie-like Regret (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37263677) |
|
Date: November 30th, 2018 8:18 PM Author: Supple navy persian Lol (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37329597) |
|
Date: November 16th, 2018 10:03 AM Author: self-centered irradiated hell cuck The entire key to BigLaw is seeing a path for yourself to make 7 figs.
If you can't see that, being a senior associate, let alone a junior partner, isn't worth it.
Perhaps it's not worth it even at $2M per year, but it sure as shit isn't worth it as a partner making $550k for years on end. |
|
Date: November 16th, 2018 10:04 AM Author: Mildly autistic patrolman trailer park (rich boi) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244236) |
|
Date: November 16th, 2018 10:07 AM Author: self-centered irradiated hell cuck I'd rather make $300k in midlaw or a small firm hustling than $550k in perpetuity as some BigLaw Service Partner (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244269) |
|
Date: November 16th, 2018 10:13 AM Author: copper hot boistinker How would you make 300K in midlaw as a non partner (service)? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244310) |
|
Date: November 16th, 2018 10:06 AM Author: copper hot boistinker What's the point of 7 figs though? Early retirement?
I currently own 2 homes and a vacation property. I don't spend any money at all. I think I'm OK financially.
I'm still in my 30s, so I don't know what else I'd do at my age if I quit biglaw. Too old for FBI or something physically active. Maybe PhD and be a professor somewhere? But probably too old for that too. |
|
Date: November 16th, 2018 10:08 AM Author: self-centered irradiated hell cuck i'm not saying it is worth it, just that it's 100% not worth it at mid-6 figs. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244275) |
|
Date: November 16th, 2018 10:10 AM Author: copper hot boistinker Well that's where I'm at, and probably where I'll be 4ever b/c I could careless about marketing.
Taking tips on alternative careers. |
|
Date: November 17th, 2018 5:11 PM Author: Bat Shit Crazy Vivacious Community Account Shrine I call flame on you being a successful BIGLAWYER, you made a typo in this poast (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37253019) |
|
Date: November 16th, 2018 10:32 AM Author: spectacular blood rage What's your compensation right now? By how much will it grow? Do you think you can work for another 20 years? The answer will be an astonishing amount of money. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244469) |
|
Date: November 16th, 2018 10:35 AM Author: copper hot boistinker I'm going to have to run some numbers over the weekend I guess.
I'm around half a million right now plus incentives based on revenue generated / billable targets.
I don't want to do this shit (at least not at this level of intensity) for another 20 years. I'm on 200+ billables per month, plus probably 50 hours of admin shit / training / marketing BS. I have literally like zero time for BS when I'm in the office. |
|
Date: November 16th, 2018 10:03 AM Author: copper hot boistinker Sad life really.
2004/2005 - poasting on xoxohth asking for advice on which law school to go to, where to do SA, which firm and practice to go to.
2018 - wut happened? |
|
Date: November 16th, 2018 10:04 AM Author: plum mischievous locus cuckold Didn't you say you were going to jump ship to a midlaw firm owned by your uncle? Or was that someone else? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244241) |
|
Date: November 16th, 2018 10:07 AM Author: copper hot boistinker That was me like 3 years ago but yeah. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244265) |
|
Date: November 16th, 2018 10:06 AM Author: emerald arrogant faggotry Still here! (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244255) |
|
Date: November 16th, 2018 1:11 PM Author: Domesticated topaz heaven Wah wah. Your choice to stick around in biglaw dude. Plenty of people have good lives making the same as biglaw but in house. Should’ve jumped ship like 5 years ago if you wanted that. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245836) |
|
Date: November 16th, 2018 10:04 AM Author: Puce institution hunting ground cry me a river (as a solo who is gone with it as far as I want) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244238) |
|
Date: November 16th, 2018 10:05 AM Author: emerald arrogant faggotry My vote is next month. Figure it’s at least worth a shot although your depiction of it sounds pretty grim. If it happens, I’ll be *starting out* as more of a service partner tho I have a few clients of my own too. We’ll see. I can always quit! (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244249) |
|
Date: November 16th, 2018 10:08 AM Author: amethyst parlour roast beef you can, but somehow no one ever does (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244272) |
|
Date: November 19th, 2018 1:01 AM Author: well-lubricated kitchen internal respiration dem golden handcuffs (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261596) |
|
Date: November 16th, 2018 10:09 AM Author: copper hot boistinker I just made service partner. The weeks building up to it are pretty exciting, and the firm announcement is pretty cool, and you feel warm and fuzzy when everyone comes and congratulates you / people are very nice to you for literally a day.
And then reality kicks in. The first month has just been brutal AF.
Maybe my perspective will change over time. |
|
Date: November 16th, 2018 10:13 AM Author: emerald arrogant faggotry Ye sounds about right. But it seems more prudent than just quitting right.now (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244312) |
|
Date: November 16th, 2018 10:14 AM Author: copper hot boistinker No way you should quit before your vote. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244319) |
|
Date: November 16th, 2018 11:21 AM Author: histrionic buck-toothed market fwiw, i had that feeling for about 1 month. the low afterwards was pretty bad. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244928) |
|
Date: November 16th, 2018 11:23 AM Author: copper hot boistinker Yeah, it must be like what postnatal depression feels like with women who have kids. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244941) |
|
Date: November 16th, 2018 12:00 PM Author: contagious lavender crackhouse dragon Did they tell you if you're going to make it? Are you hustling for votes? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245279) |
|
Date: November 16th, 2018 12:23 PM Author: copper hot boistinker Edit - reply not directed to me.
Hustling for votes can be a good strategy if you work with the people on the committee. |
|
Date: November 16th, 2018 8:09 PM Author: emerald arrogant faggotry When you know you have the department support, which I do, that’s a big help but you still try to talk to people, slyly, about it. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37248602) |
|
Date: November 16th, 2018 10:05 AM Author: indecent corner i enjoy chink humblebrag threads (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244251) |
|
Date: November 16th, 2018 10:08 AM Author: copper hot boistinker How is this humblebragging? Going from HYP -> CCN -> V5 -> non-equity partner is nothing to be proud of or bragworthy. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244276) |
|
Date: November 16th, 2018 10:10 AM Author: indecent corner lol
I GO FROM PRESTIGILUS IVORY CORREGE AND RAW SCOOL TO PRESTIGILUS RAW FIRM AND PARTNER. I LISH I SRAY OF COUNSERRRRR, IS SO HARLD. |
|
Date: November 16th, 2018 10:12 AM Author: copper hot boistinker 120 effort. At least get the accent right. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244304) |
|
Date: November 16th, 2018 10:18 AM Author: indecent corner eat shit, chinaman (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244348) |
|
Date: November 16th, 2018 10:19 AM Author: copper hot boistinker Lol go fuck yourself. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244357) |
|
Date: November 16th, 2018 12:37 PM Author: Overrated Razzle Chad (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245628) |
|
Date: November 19th, 2018 1:14 AM Author: naked geriatric space haunted graveyard 180! (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261612) |
|
Date: November 16th, 2018 10:35 AM Author: spectacular blood rage Don't ruin the thread douchebag, get out of here (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244496) |
|
Date: November 16th, 2018 1:33 PM Author: Talented Masturbator are you the kind of azn whose friends are all azn and who only dates azn women and who hangs out in K town? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245988) |
|
Date: November 16th, 2018 10:16 AM Author: Aqua Boyish Home Famous Landscape Painting I don't know, man. It depends on your clients. If you have chill clients who pay their bills on time and keep a steady supply of work coming in, it's not that bad. Yeah, big law is a soul sucking profession. But we knew this going into it. And that's why we have such a high rate of substance abuse. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244328) |
|
Date: November 16th, 2018 10:19 AM Author: copper hot boistinker Non-equity loser here, so I do whatever work rainmakers give me.
They're always out the door at 6pm and since it's my ass on the line if anything goes wrong, I'm nervously checking and rechecking everything done by every level of associate and going to sleep at like 2am everyday.
And since I now have to deal with a lot of admin BS, which means I'm usually in the office early every morning.
Maybe it's the lack of sleep that's getting me depressed. |
|
Date: November 16th, 2018 10:24 AM Author: mauve gay wizard national Have you considered Mattress Firm both for your sleep and biz dev needs (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244401) |
|
Date: November 16th, 2018 10:25 AM Author: copper hot boistinker I shit you not I bought my mattress at Mattress Firm ljl. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244409) |
|
Date: November 16th, 2018 10:30 AM Author: cyan trump supporter Me too. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244450) |
|
Date: November 17th, 2018 12:12 PM Author: trip tank rigor (Boomer) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251276) |
|
Date: November 16th, 2018 12:25 PM Author: Exciting set (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245507) |
|
Date: November 16th, 2018 3:56 PM Author: Iridescent greedy university (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37247084) |
|
Date: November 17th, 2018 3:20 PM Author: Primrose Slimy Library (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252277) |
|
Date: November 16th, 2018 10:28 AM Author: cyan trump supporter Shitlaw Steve used to say Of Counsels had the best of both worlds but to be of counsel and make anything like partner money you have to have a really weird niche IME. Like I deal with one of counsel who does nothing but independent director compensation shit in the UK. They have weird board laws over there. Its such a tiny niche that if he ever loses it he will be cleaning toilets somewhere. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244427) |
|
Date: November 16th, 2018 10:32 AM Author: Scarlet appetizing party of the first part lodge I think everyone in biglaw know this. Everyone knows that big law partners are miserable, ruined families and divorce, deal with the devil, etc. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244472) |
|
Date: November 16th, 2018 10:33 AM Author: Aqua Boyish Home Famous Landscape Painting This hits a little close to home (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244479) |
|
Date: November 16th, 2018 10:36 AM Author: copper hot boistinker Hit me with some honest suggestions. I'm willing to consider all options at this point.
I'm late 30s, no skills other than law. What alternative careers could I explore? Too old for BigFed at this point.
It sucks b/c I passed on some really fucking good GC/AGC positions that pay a buttload (500Kish) because I was "this close" to partnership and I just wanted to get that "achievement." |
|
Date: November 16th, 2018 10:42 AM Author: sadistic titillating church giraffe looks like u're basically financially independent
u don't "need" an alternative career
u can do whatever the fuck u want
eventually u'll find something u really like to do |
|
Date: November 16th, 2018 10:43 AM Author: copper hot boistinker The thing that scares me about being unemployed is no health insurance. It's fine now, but I'll go broke paying for my medical bills in my 60s. Like if I get cancer in my 50s, that's easily a couple hundred G's down the drain.
Before law school I had a lot of interests and things I wanted to do. Too much time has passed now, there's just no way I could make a career in any of those things. I guess I could pick them back up as hobbies, but I still need a jerb. |
|
Date: November 16th, 2018 10:45 AM Author: spectacular blood rage Really? In the worst case, how much could the medical bills be? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244611) |
|
Date: November 16th, 2018 10:46 AM Author: copper hot boistinker Without insurance? All those MRIs, CT scans, etc. have got to be expensive. If I have to be hospitalized / surgery, that's going to be a fortune. It's like 1/3 to 1/2 of all people get cancer now, so it's a very likely scenario. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244627) |
|
Date: November 16th, 2018 10:48 AM Author: spectacular blood rage If you quit right now, there has to be a suitable insurance product for what you are worried about (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244639) |
|
Date: November 16th, 2018 10:49 AM Author: copper hot boistinker Don't ask me how I know this, but if I quit today, I could keep my same plan but I would have to pay out of pocket something like $20K / year.
If I don't keep that plan and get something new, I think it's around $30K / year for an entire family.
I don't want to "boom away" my savings on medical premiums and have nothing left for the kids or grandkids.
I'm also paying a buttload on property taxes (although I get some rental income to offset) and will probably have to pay out of the nose for kid's education costs, etc. I think I need another $3 million to feel comfortable retiring, although to be perfectly honest I could downsize, sell everything and live in some small house in ARE COUNTRY, send my kids to the local flagship and probably be fine. |
|
Date: November 16th, 2018 10:52 AM Author: sadistic titillating church giraffe that's not too bad -- ~750K in a defensive equity ETF like HDV will spin off enough dividends alone to fund that
that'd probably be overkill for most but as a biglaw partner it wouldn't take that long to stow away that amount if that's ur biggest concern |
|
Date: November 16th, 2018 10:56 AM Author: copper hot boistinker Yeah I've got a couple hundred K invested across a few funds and my rental which is bringing in close to $5,000 a month.
Maybe I'll just work for a year or two and call it quits and move to Delaware and work some chill F500 inhouse gig.
It's the non-subsidized insurance that really freaks me out tbh. If something goes wrong, there's literally no fallback outside of my savings, which is finite. Investments/property gives rent but those can plummet at any moment. |
|
Date: November 16th, 2018 11:02 AM Author: sadistic titillating church giraffe sounds like u have a pretty smooth path ahead -- might be worth looking into the volatility of SPY dividends if u're worried about fixed income (iirc they are less volatile even during huge market downturns than one would expect) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244778) |
|
Date: November 16th, 2018 11:05 AM Author: copper hot boistinker Thanks for the encouragement. I obviously can't talk about this shit at work so xoxo is all I got to discuss my problems. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244808) |
|
Date: November 16th, 2018 11:10 AM Author: soggy becky No family to support? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244850) |
|
Date: November 16th, 2018 11:11 AM Author: copper hot boistinker Pending. In my calculations I am counting a wife, 3 kids and possibly deadbeat relatives who need to be bailed-out. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244855) |
|
Date: November 16th, 2018 12:00 PM Author: rambunctious sapphire office You realize you can buy insurance, right? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245275) |
|
Date: November 16th, 2018 12:43 PM Author: copper hot boistinker The premiums for an unemployed-mo with a family of 4 will run you a million bucks over 30 years (and I plan to be alive for 50 more years).
Medical expenses increase as you get older, while my income would decrease over the same period of time. |
|
Date: November 19th, 2018 12:42 AM Author: idiotic hall codepig Isn't it the same either way? Don't partners pay their own premiums? That's just how much this costs now, and you wouldn't be insuring the kids for 30 more years. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261553) |
|
Date: November 16th, 2018 10:45 AM Author: sadistic titillating church giraffe realistically a guy that made biglaw partner is going to be able to make money in the future if he wants -- so it's not like u'll never make a dime ever again if u need to strengthen ur financial independence for medical expenses (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244613) |
|
Date: November 16th, 2018 11:32 AM Author: Scarlet appetizing party of the first part lodge Join the military. Free healthcare for life after you’re out. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245014) |
|
Date: November 16th, 2018 11:33 AM Author: copper hot boistinker Too old, I wish. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245028) |
|
Date: November 16th, 2018 11:36 AM Author: plum mischievous locus cuckold Weren't you in the military? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245062) |
|
Date: November 16th, 2018 11:37 AM Author: copper hot boistinker Yeah when I was young, thought about going back in, but too old. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245071) |
|
Date: November 16th, 2018 11:43 AM Author: Scarlet appetizing party of the first part lodge So don’t you qualify for free VA healthcare for life? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245128) |
|
Date: November 16th, 2018 11:44 AM Author: copper hot boistinker Nope, didn't serve long enough. Also, there's a huge difference between Active Duty healthcare (Tricare or whoever it is now) that is fucking awesome, and the garbage treatment at VA. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245148) |
|
Date: November 16th, 2018 11:48 AM Author: Green range What's your specialty? There IS a GC role open if you did Trusts & Estates work that pays 700~1M in mfh (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245176) |
|
Date: November 16th, 2018 11:50 AM Author: copper hot boistinker M&A is my main practice. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245191) |
|
Date: November 16th, 2018 11:58 AM Author: Green range Yeah that's a no go then.
There is also a HF in-house role but if you're a partner probalby too low of a title for you (and it's a hf that also has a lot of PE-style deals & even going into VC - not sure if M&A would still be applicable) |
|
Date: November 16th, 2018 12:10 PM Author: irate den Do you have anything that would consider a 5th year finance associate? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245365) |
|
Date: November 16th, 2018 12:34 PM Author: Green range are you familiar with ERISA/Investment Advisers Act & Investment COmpany Act? then yes (& hedge fund work preferred) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245602) |
|
Date: November 16th, 2018 2:18 PM Author: irate den I’ve heard of that stuff sure (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246326) |
|
Date: November 19th, 2018 2:31 AM Author: Hairraiser background story throwaway? what about IAA and ICA work from a reg/lit perspective? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261788) |
|
Date: November 19th, 2018 12:58 PM Author: Green range This is more of a fund formation sort of work so not sure if it 100% applies
throwaway is xoxolamarcus@gmail.com |
|
Date: November 19th, 2018 2:34 AM Author: deep laughsome forum hairy legs what about midlevel m&a associate? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261791) |
|
Date: November 16th, 2018 11:59 AM Author: rambunctious sapphire office Why are you too old for BigFed? Why don't you think any GC/AGC options will come around again? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245269) |
|
Date: November 16th, 2018 12:25 PM Author: copper hot boistinker They may, but GC roles are really tough unless you know the retiring GC or the management of the company. The one GC offer I got was because I was family friends with the CEO.
AGC is possible and I'll be looking. |
|
Date: November 16th, 2018 10:56 AM Author: histrionic buck-toothed market i am also a junior partner and have been doing this for a couple of years.
I experienced something similar but i had already been living that "this is my case" mentality for some time. (the matter i brought in is one of the busiest in the firm and is part of the reason they made me partner).
Also, the other associates in the group already treated me like a "partner" for some time.
Finally, when they made me partner, my pay only increased by a bullshit amount (i.e. 5k above senior associate scale). My bonus was about ~20k more but im not even cracking 500k.
So for me it wasn't so much a change in responsibility, or a change in how others see me, or even a change in pay. No - i have had to continue to bill ~2400 hours per year as well as spend ~500 hours on new business development. Oh and that new business development is now RESENTED by the other non-equity partners. They all either keep trying to claw away a piece of it or block me. Any camaraderie i had with the other non equity partners is now absolutely gone.
The only thing that keeps me going is the hope that at some point it slows down and that i can use the "name" of partner to get another job in a slower group somewhere. |
|
Date: November 16th, 2018 11:00 AM Author: copper hot boistinker Damn man. I haven't had to deal with politics yet, but that would drive me nuts. So basically, it doesn't get any better... (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244758) |
|
Date: November 16th, 2018 11:05 AM Author: histrionic buck-toothed market not in any way shape or form.
I have originated ~3M in business this year and on the way to 4+ next year. Im sitting at a 340k base salary. getting fatter. wife hating me more. don't recognize children.
want to kill self. |
|
Date: November 16th, 2018 11:07 AM Author: copper hot boistinker WTF how do you have 3M in business and you're a service partner making 340 base?
I may be completely wrong, but at my first firm (V5), which doesn't have non-equity, 3M was the threshold for making partner. 1st year partners there took home like 900K before quickly rising to around 1.5M by year 5 or so...
For your reference, I brought in like 100K this year, getting paid around 500K, but bill a shitload for a lot of clients who like me (but like my rainmakers more, ljl). |
|
Date: November 16th, 2018 11:14 AM Author: histrionic buck-toothed market its (primarily) funded plaintiff cases. The client contact is mine, but the fund contact is equity partner's. the origination technically goes to me but i cant really move with it and they know that.
I have other matters that are in the hopper and will also be funded (again where yet another partner is claiming the relationship with the fund).
if any of the cases actually "hit" i could be at 5-10M in origination.
too complicated to move. firm knows im stuck.
I have a very deep pipeline of these cases. |
|
Date: November 16th, 2018 11:16 AM Author: copper hot boistinker Damn bro.
I see no issue with wagecucks like myself getting shown the door or fucked by the firm, but hope you get what you deserve. |
|
Date: November 16th, 2018 11:24 AM Author: histrionic buck-toothed market i need to cash out somehow. this will literally kill me in the next few years. my health has not been great. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244948) |
|
Date: November 16th, 2018 11:26 AM Author: copper hot boistinker The only thing that got me this far was limiting drinking alcohol, giving up sugar, working out 3x a week and listening to lots of music :( (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244962) |
|
Date: November 16th, 2018 12:12 PM Author: histrionic buck-toothed market don't have time for that billing 3k hours/year.
need the alcohol. |
|
Date: November 16th, 2018 12:26 PM Author: copper hot boistinker Bro you need to quit within a year if you're doing 3K/year. That's just not survivable. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245526) |
|
Date: November 16th, 2018 1:08 PM Author: histrionic buck-toothed market yeah im talking worked. i don't bill the bus dev time. but yes i need to stop this. i am becoming physically ill. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245820) |
|
Date: November 16th, 2018 12:07 PM Author: contagious lavender crackhouse dragon You need to move to greener pastures if your making associate money with they origination and those hours. "It's complicated" isn't an excuse. Don't get yourself trapped forever. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245334) |
|
Date: November 16th, 2018 12:36 PM Author: self-centered irradiated hell cuck 100% agree (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245618) |
|
Date: November 17th, 2018 1:35 AM Author: Razzle-dazzle Poppy Private Investor Dopamine (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250074) |
|
Date: November 16th, 2018 10:57 AM Author: Seedy Electric Pozpig lol @ OP literally going throuhg xo 2005-2015 over a few years (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244731) |
|
Date: November 16th, 2018 11:03 AM Author: copper hot boistinker xo 2005 = S&C, CSM, STB, DPW FTW! xo 2008 = which firms aren't Lathaming associates? xo 2010 = which firms are hiring? xo 2014 = we're back baby! NYC to 170! xo 2018 = fuck biglaw
|
|
Date: November 16th, 2018 10:58 AM Author: Clear Nibblets i literally turned down three partnership offers over the past month because im much happier just being an employee (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244739) |
|
Date: November 16th, 2018 11:01 AM Author: copper hot boistinker How do you turn down three partnership offers? Law firms willing to bring you in as a partner? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244769) |
|
Date: November 16th, 2018 11:35 AM Author: Clear Nibblets current firm offered partnership and two other firms offered to bring me in as a partner. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245050) |
|
Date: November 16th, 2018 11:40 AM Author: copper hot boistinker Damn, and your current firm is cool with you sticking around as an associate? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245096) |
|
Date: November 16th, 2018 11:49 AM Author: Clear Nibblets ofn, i'm going to one of the other firms as an associate (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245183) |
|
Date: November 16th, 2018 11:13 AM Author: heady fanboi theater I don’t think there’s any way to win or be happy when you work in a business where your profitability is directly tied to the amount of time you spend working, rather than tied to the quality of your work or a product you produce. Add to that the the fact that you’re under constant pressure to ensure that work continues to come through the door to fill up your time and I think being a lawyer in private practice is one of the worst ways to spend your time on this earth imaginable. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244866) |
|
Date: November 16th, 2018 11:14 AM Author: copper hot boistinker I used to dream of being an astronaut, fighter pilot or commanding an army of soldiers into battle. Shit, I'd pay money to do any of those three. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244886) |
|
Date: November 16th, 2018 11:19 AM Author: heady fanboi theater You could dress up in army fatigues at your next kickoff meeting and sort of feel like a battle commander when divying up the associate’s assignments. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244912) |
|
Date: November 30th, 2018 7:55 PM Author: Smoky Senate Factory Reset Button (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37329513) |
|
Date: November 16th, 2018 11:17 AM Author: chartreuse passionate business firm You claimed to have left biglaw to take a small or midlaw position at a relatives firm. Then one month ago you said you would be up for partner in the next year.
So not only are you now not working at your relatives midlaw firm, you are back in biglaw at the same V5 you quit and have now been partner for long enough to make all these assessments.
FFLLLLLLLAAAAAAMMMMMMEEEEEE |
|
Date: November 16th, 2018 11:20 AM Author: copper hot boistinker Get your facts straight:
1) Yes, I left biglaw for my uncle's midlaw firm a few years ago. I didn't poast here for a couple of years afterwards and I moved firms after realizing how much midlaw sucks.
2) I am not at my same old V5 and I am not at a V5 at all. It's still biglaw (between 10-15 offices).
3) I never said I would be up for partner next year - I said by the end of this year. I got the word earlier this month.
4) Reread the OP. I thought partnership would be sweet, but this first month has just sucked and is nothing like I expected it to be. |
|
Date: November 16th, 2018 11:23 AM Author: chartreuse passionate business firm Sorry your flame has been exposed (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244940) |
|
Date: November 16th, 2018 11:24 AM Author: copper hot boistinker I am one of the most honest poasters on xoxo, even when it makes me look like an insufferable dbag, get out of here. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244947) |
|
Date: November 16th, 2018 11:26 AM Author: chartreuse passionate business firm Yea it just makes you “look” like one (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244966) |
|
Date: November 16th, 2018 11:29 AM Author: copper hot boistinker It's all a matter of perspective. I'm sure a lot of people think I'm a dbag, but I'm positive at least my mom thinks I'm just an asshole, not a douche. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244991) |
|
Date: November 16th, 2018 11:29 AM Author: chartreuse passionate business firm I’m just kidding I enjoy your posting and congrats on the breakfast (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245000) |
|
Date: November 16th, 2018 11:32 AM Author: copper hot boistinker Thanks. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245018) |
|
Date: November 16th, 2018 11:33 AM Author: plum mischievous locus cuckold why did you leave midlaw? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245024) |
|
Date: November 16th, 2018 11:35 AM Author: copper hot boistinker Having to deal with literal retards as colleagues, much more bureaucratic BS (like having to fill out forms and get permission to get a license for Adobe pro ljl) and really shit work. Having to do the shit work that no biglaw firm wants to do for F100 isn't enjoyable. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245041) |
|
Date: November 16th, 2018 11:17 AM Author: Exhilarant Base Doctorate They pay you a lot of money though, right? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244904) |
|
Date: November 16th, 2018 11:21 AM Author: copper hot boistinker Non-equity around 500K. A bit more than what a senior associate or "of counsel" is making, but with a shitload more admin work and stress. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244933) |
|
Date: November 16th, 2018 11:26 AM Author: histrionic buck-toothed market plus bonus or is that all in? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244960) |
|
Date: November 16th, 2018 11:27 AM Author: copper hot boistinker Bonus is discretionary - I haven't gotten a bonus check yet so who knows, but I've heard from other non-equities to not get my hopes up.
There is a built in component for revenue generated but I do no marketing so that's going to be essentially $0.
So probably 500k. |
|
Date: November 16th, 2018 11:29 AM Author: Aromatic bronze piazza So you have no originations? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37244989) |
|
Date: November 16th, 2018 11:31 AM Author: copper hot boistinker I had a couple of minor shit tossed to me from friends that ended up being like 100K worth of work.
I also helped some equity partners land some deals through beauty contests, and they were nice enough to put my name down on the origination form, but who knows how that will get calculated.
I mean I could go begging to my friends who work at banks or PE who can toss me some BS $15K 34 compliance filing or other nonsense on a whim but not interested in that - too much trouble begging people to work on it and I'm too busy to do the work myself. |
|
Date: November 16th, 2018 11:33 AM Author: Aromatic bronze piazza So you literally only exist solely due to the largess of the partners with actual business and you have the fucking balls to bitch? Wow. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245026) |
|
Date: November 16th, 2018 11:36 AM Author: copper hot boistinker I exist b/c I make the lives of the equity partners very easy. They get to rake in millions while doing little work, while I do all of the work for them.
The rainmaker will literally show up just to the kickoff meeting, and disappear for the entire transaction and won't even show up to the closing dinner. They'll literally spend all day golfing with the CEO (who he played soccer with in college or some BS like that) or going to sports games, while the working group is grinding away all day all week all month. It's lulzy. |
|
Date: November 16th, 2018 11:40 AM Author: Aromatic bronze piazza lol. it's cute that you think that you matter or aren't immediately replaceable. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245101) |
|
Date: November 16th, 2018 11:42 AM Author: copper hot boistinker I know I am immediately irreplacable. But what you're missing is that I would be replaced by someone like me, who would also be paid the same.
I don't see why you're having a hard time comprehending. It's basically like an owner of a McDonalds handing over day-to-day operations to a manager that they pay to do all the work for them. That's my function. And that function by definition sucks.
Don't think for a second the firm wouldn't cut my salary in half if they think they could get away with it. They can't, because they need to dangle the carrot of non-equity and 500K in front of the noses of associates so they grind away and do all the work at a quality-level necessary to retain existing clients and bring in new work. |
|
Date: November 16th, 2018 11:45 AM Author: Aromatic bronze piazza you are a worthless piece of human garbage. Never forget that.
You are in no way a "partner" with the people at your firm that generate business. They are your betters. |
|
Date: November 16th, 2018 11:46 AM Author: copper hot boistinker No, I provide a service to my partners in exchange for a salary, which is valued at my current compensation. Thanks. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245163) |
|
Date: November 16th, 2018 12:13 PM Author: Aromatic bronze piazza You don't provide shit. You ARE shit. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245402) |
|
Date: November 16th, 2018 12:23 PM Author: histrionic buck-toothed market is this supposed to be like SPH? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245490) |
|
Date: November 16th, 2018 11:52 PM Author: Charismatic Cheese-eating Site It's Boogie Down.
He's an 80 IQ Marxist.
I take it he's going with this harsh flame ITT to marshal support for his Marxist cause. Capitalism is so so terrible. |
|
Date: November 16th, 2018 12:25 PM Author: copper hot boistinker Thanks boss. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245521) |
|
Date: November 16th, 2018 11:42 AM Author: Scarlet appetizing party of the first part lodge Your efforts and hard work don’t matter AT ALL to the firm. Only generating business matters. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245121) |
|
Date: November 16th, 2018 11:44 AM Author: Aromatic bronze piazza (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245143) |
|
Date: November 16th, 2018 11:47 AM Author: copper hot boistinker This is why I asked only lawyers to poast.
If you do shit work, you'll lose the client. That's how my firm poaches clients from other firms - they fuck something up and shop around / do beauty contests. |
|
Date: November 16th, 2018 11:41 AM Author: Scarlet appetizing party of the first part lodge Tick tock! (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245107) |
|
Date: November 16th, 2018 11:37 AM Author: racy canary state flame. i make more than $500k as a non-partner (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245068) |
|
Date: November 16th, 2018 11:40 AM Author: Exhilarant Base Doctorate You must not work at Duane Morris. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245100) |
|
Date: November 16th, 2018 11:49 AM Author: copper hot boistinker LJL I think partners at places like Duane Morries, Dentons or DLA make like $300K. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245182) |
|
Date: November 16th, 2018 12:22 PM Author: indecent corner this is probably spot on - i am a first year partner at a v55-65 firm and make 320k base. duane morris newbie partners have to be in the 200s. dentons and DLA probably are right around where i am. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245484) |
|
Date: November 16th, 2018 11:58 AM Author: concupiscible bull headed sweet tailpipe step-uncle's house I'm of counsel at a biglaw firm non v10 and you make a lot more than me (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245258) |
|
Date: November 16th, 2018 12:24 PM Author: histrionic buck-toothed market but you manage cat (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245499) |
|
Date: November 16th, 2018 11:32 AM Author: Big sticky mad cow disease parlor It doesn't get any better. Once you get equity, you get thrust into dick measuring contests between rainmakers. That's terrible.
When firm is doing great, it's $$$$, but when firm is sucking, you just get your draw but have to pay taxes like you're making bank.
Passing on inhouse was a big mistake. |
|
Date: November 16th, 2018 11:40 AM Author: copper hot boistinker Yeah, I see that now. But I know I would have regretted going inhouse a year before I made partner...there would have been lots of "what ifs". (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245092) |
|
Date: November 16th, 2018 11:43 AM Author: Big sticky mad cow disease parlor Don't chew your cud twice. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245129) |
|
Date: November 16th, 2018 11:35 AM Author: fuchsia circlehead This is why you go in house dummy (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245040) |
|
Date: November 16th, 2018 11:56 AM Author: Seedy Electric Pozpig non equity pship is definitely flame
equity pship is more of the same shit, but at double the pay, so at least there's that
enjoy the rest of your life doing that and having some more money though (which you probably wont bother retiring early on) |
|
Date: November 16th, 2018 2:25 PM Author: Domesticated topaz heaven I dunno, outside v5-10, equity partner comp still shitty. at places like Winston and strawn often still make only like $500-600k. Not worth it. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246368) |
|
Date: November 16th, 2018 3:14 PM Author: Seedy Electric Pozpig most decent firms will pay equity partners 1M
winston is flame |
|
Date: November 16th, 2018 11:57 AM Author: contagious lavender crackhouse dragon Brother, I'm not saying I don't get your scholarship, but you're wrong for two very big reasons.
First, I would gladly trade getting thankless "pls handle" emails at 8 pm that require hours of research and doc review for reviewing invoices and engagement letters (!) at my leisure. Sure, you could get one wrong moved, but you would land somewhere easier than a fired associate or could chill on your stacked cash.
Second, sure, big law associates make nice money. I graduated college ITE, and I'm glad to get paid. But it's nothing like partners. That money is freedom for you. If you have mid seven figures banked, don't like law, and can't figure out something better to do, that's your problem, not something wrong with big law. Move to Santa Barbara and surf or move to Steamboat and work for ski patrol or do any of the many, many things your money allows you to do. Just don't come here looking for sympathy from associates working hard to make another man rich. |
|
Date: November 16th, 2018 12:21 PM Author: frum metal generalized bond elastic band Service partners work hard to make the same men rich. They just can’t call HR when they get screamed at by a client or another partner. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245475) |
|
Date: November 16th, 2018 12:32 PM Author: copper hot boistinker I'm just here to gripe since I can't complain to family, friends or the firm - fair play, probably sounds stupid to associates still grinding.
I will say this about engagement letters and invoices - this is not some leisurely exercise. Clients can be very demanding about engagement letters and will chase you, as will the managing partner.
Invoices are even worse. GCs will frequently demand long conference calls where you have to go line-by-line explaining items they disagree with, and then oftentimes they will request you create tables or excel files linking billed time to actual emails or work product. So you have to go through an invoice for every time entry from like 5 different lawyers over the course of 5 days that was spent doing some nonsense requested by the client like evaluating the strength of an indemnity provision for NY law vs. DE law, manually grouping all of those time charges together in a pro forma invoice and then justifying the time spent in that manner. And of course the GC is just looking for an excuse to get a 5-10% discount, and if you suggest giving that discount to the relationship partner he'll flip a shit asking why you can't manage the client and give you a long lecture about how discounts will be factored into his compensation and how you're fucking him.
You think putting in your time sucks? Try negotiating an invoice with angry GC. LJL |
|
Date: November 17th, 2018 1:51 AM Author: Razzle-dazzle Poppy Private Investor Dopamine As a bro that reviews outside counsel fees, I feel bad for you all. We have an entire dept set up to review and critique the bills. By the time the bill gets to me, it will have been discussed and revised a handful of times. Best suggestion is to build a personal relationship with the inhouse atty reviewing it. There is one firm I fucking hate that I won't do shit for, but the ither dudes are cool and I'll physically go to the billing dept and ask about the status and approve bills that may not conform to our billing std. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250096) |
|
Date: November 17th, 2018 2:12 PM Author: copper hot boistinker Every once in a while some compliance fuck from inhouse will apply for a job. We just laugh.
Hilarious how they think they could spend years making our lives shit and then come begging for a job. |
|
Date: November 17th, 2018 5:50 PM Author: Razzle-dazzle Poppy Private Investor Dopamine Some can be dicks. But just know they make shit pay and are just following someone else's direction. Our dudes are being driven by a slave driver to review everything in detail to cut down fees. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37253261) |
|
Date: November 16th, 2018 12:05 PM Author: rambunctious sapphire office As I have said before, solo practice is the way, the truth, and the life. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245314) |
|
Date: November 16th, 2018 12:10 PM Author: Puce institution hunting ground (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245371) |
|
Date: November 16th, 2018 12:15 PM Author: Slap-happy House You need to get a trusted senior to do your invoicing work. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245424) |
|
Date: November 16th, 2018 12:37 PM Author: copper hot boistinker Yeah I may try to go down that route, but there's a lot on the line. GCs will start off trying to get like a fucking 20% discount on fees, the equity partner demands 0% discount. So you have to somehow get the GC to settle on maybe a 5% discount, if any.
At the end of the day the GC doesn't give a fuck about the discount - he's just fucking with you to see how much he can get away with but you still have to dance to his fucking tune. |
|
Date: November 16th, 2018 12:50 PM Author: Floppy roommate Ljl at what this profession has become. I imagine before the internet, you would call the client periodically to tell him how the case was going, send him the bill, he pays it, the end. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245718) |
|
Date: November 16th, 2018 2:19 PM Author: Slap-happy House CR. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246336) |
|
Date: November 16th, 2018 12:20 PM Author: frum metal generalized bond elastic band How is your comp determined? Dependent on your personal billable or collections at all?
I much prefer being a service partner to a senior associate. I make a lot more money, I work from home whenever I want. Come in and leave whenever I want, and It’s a lot harder to get fired or laid off.
The additional admin stuff is a pain and it reduces your billable, but the independence is nice.
I would say my firm straddles the upper end of midlaw with 150 lawyers and 3 offices. |
|
Date: November 16th, 2018 12:25 PM Author: histrionic buck-toothed market copped dat BIG GROCERY (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245519) |
|
Date: November 16th, 2018 12:39 PM Author: copper hot boistinker Guaranteed base + bonus (at least part of which is tied to hours and other vague criteria like "performance", although there is a minimum guaranteed bonus) + revenue generated (which is also a black box since more than one partner can "claim" credit for generation).
The goal is to basically put a non-equity partner at around 500K all-in. |
|
Date: November 16th, 2018 1:39 PM Author: frum metal generalized bond elastic band revenue generated is not billables collected?
I guess my question is what is the difference in your comp if you bill 1900 hours versus 2400 hours?
How much do you work now for you $500K all in? |
|
Date: November 16th, 2018 11:43 PM Author: copper hot boistinker By revenue generated I mean origination credits.
My firm doesn't have an hourly requirement for base, but the hours are calculated in the bonus component.
To make 500K all in, I would have to have minimal origination credit and bill 2100 hours or so. |
|
Date: November 16th, 2018 2:27 PM Author: soggy becky Sounds chill (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246385) |
|
Date: November 16th, 2018 12:37 PM Author: Overrated Razzle Chad OP sounds like a bitchmade faggot (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245631) |
|
Date: November 16th, 2018 12:41 PM Author: copper hot boistinker Gobble gobble. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245656) |
|
Date: November 16th, 2018 1:20 PM Author: indecent corner i actually enjoy his content, but can't imagine being around someone like this for more than five minutes. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245888) |
|
Date: November 16th, 2018 3:50 PM Author: histrionic buck-toothed market guess ur not in biglaw (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37247046) |
|
Date: November 16th, 2018 3:55 PM Author: Exciting set (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37247077) |
|
Date: November 21st, 2018 11:47 PM Author: indecent corner i am, but at a v50-60 firm in DC and if there are people like that in my office, i don't know them. his outlook is not normal. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37281370) |
|
Date: November 16th, 2018 12:48 PM Author: Stirring antidepressant drug Congrats but isnt nonequity closer to a permanent associate than “partner”? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37245706) |
|
Date: November 16th, 2018 7:49 PM Author: Slap-happy House "full liability associate" (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37248503) |
|
Date: November 16th, 2018 1:42 PM Author: Light abnormal plaza how do write-offs for associate work affect your comp? that would stress me out to no end (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37246047) |
|
Date: November 16th, 2018 11:45 PM Author: copper hot boistinker It doesn't affect my comp directly, but it does directly affect the comp of my bosses, the rainmakers who staff me on their deals.
It would affect me indirectly b/c if I get the reputation as the service partner that overstaffs attorneys and works ineffeciently, they'll find someone else to execute their deals for them. |
|
Date: November 16th, 2018 7:54 PM Author: Nofapping diverse crotch idea he suggested if there's any doubt left about how awful OP is, just rereading his first post confirms everything.
who the fuck complains that associates don't walk around with terror believing their jobs could be gone in an instant? fucking cruel. |
|
Date: November 16th, 2018 8:12 PM Author: Primrose Slimy Library "people" like him should be in hard labor camps imo (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37248610) |
|
Date: November 16th, 2018 11:50 PM Author: copper hot boistinker Lol you're an overdramatic idiot. You somehow went from:
"Trying to motivate your associates to do work and be available is brutal (new associates don't have the ITE mentality anymore)" to "walking around in terror."
You obviously don't work in biglaw. Here's how it plays out IRL:
-You call a 2nd year associate staffed on your deal to reflect comments received from client at 9pm, who is asking for a revised draft by the morning. 2nd year associate does not pick up the phone. You send an email, there is no response after 2 hours. You end up doing it yourself. -You ask a 4th year associate if they are available to help out on something on the weekend. Sorry, they have plans. -A 3rd year associate hands you a POS draft at 5:30pm on Friday. You open up the file and it is completely wrong and filled with retarded typos, like wrong parties. You call 3rd year at 6:15pm to ask him to redo. He's out the door and has an important dinner appointment and won't be able to work on it until Saturday afternoon.
Basic shit like ownership and responsibility for your work is all I expect. But you, retard, seem to think "here's my shit it's off my hands you fix it Mr. Partner" is an acceptable attitude to have.
|
|
Date: November 17th, 2018 12:16 AM Author: soggy becky Fuck off faggot, you want to be a servile loser the rest of your life, go ahead. Normal people spend their three years in biglaw doing the bear minimum to not get fired, stack cash and GTFO (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37249873) |
|
Date: November 17th, 2018 9:57 AM Author: copper hot boistinker Lol it's SO normal to spend 3 years paying $200K plus housing plus opportunity cost to attend law school for 3 prime years of your life, only to abort your chosen career after 3 years at A FUCKING LOSS. You fucking idiot, there are no "normal" people in any level of biglaw. "Stacking cash" after 3 years in biglaw ljl at this moron. The only thing you're stacking in 3 years living in NYC are dead roaches and rats, bitch. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250702) |
|
Date: November 17th, 2018 12:17 AM Author: Nofapping diverse crotch idea he suggested Your overwrought, ridiculous reply only confirms the intuition that everyone has reading your posts:
you're a fuckwad, mentally warped by biglaw, and deserve to be put up against a wall and shot. |
|
Date: November 17th, 2018 9:58 AM Author: copper hot boistinker Deserving to get put up against a wall and shot for voluntarily choosing a career that...others also volunteer to do. LJL at you. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250710) |
|
Date: November 17th, 2018 1:24 AM Author: Mind-boggling philosopher-king newt This doesn't sound like biglaw. None of this stuff is acceptable for a first year, much less a fourth. Is this actually how things work at your firm? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250058) |
|
Date: November 17th, 2018 9:59 AM Author: copper hot boistinker Trouble cases yes. Most of the associates are solid, but there's always a few that just refuse to put in more than the bare minimum. Yelling / threatening doesn't work, so you just end up doing the work yourself. Biglaw has changed a lot in the last 10 years. As early as 2012, we had 1st years at my V5 leaving work "early" at 6pm to go drinking with summer associates while active deals were churning with immiment work product being due. Of course none of these 1st years are lawyers anymore. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250713) |
|
Date: November 17th, 2018 2:22 PM Author: Mind-boggling philosopher-king newt ok, but it's fucking weird to have a 4th year "trouble case" and in any case it sounds like your problem is with a small number of bad associates, not assocs generally (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251970) |
|
Date: November 17th, 2018 2:30 PM Author: copper hot boistinker Dude every firm has associates who have given up and are just cruising until they get told to leave. You don't notice it as much as an associate, because staffing is usually just one or two associates a senior associate and a partner or two, and you're not really checking to see if people above you are doing their jobs.
You really notice it as a partner when shit is not getting done, or being really half-assed, and you have to fix it. |
|
Date: November 17th, 2018 5:07 PM Author: Mind-boggling philosopher-king newt i got my ass kicked severely as a 1st year for doing stuff 1/10 as bad as this. idk maybe my firm was unusual. are these ppl content to miss hours and get denied bonuses? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252999) |
|
Date: November 17th, 2018 5:12 PM Author: histrionic buck-toothed market yes they are. they get paid too much and have too much job security / mobility. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37253026) |
|
Date: November 18th, 2018 12:48 AM Author: copper hot boistinker Don't get me wrong, 90% of junior associates work really hard. The problem with V5 is that bonuses are not hours dependent and you'll get the same exact comp billing 1200 hours as some guy doing 2500 hours.
At some point a junior associate just decides that he's going inhouse or lateraling or quitting law altogether, and at least at a V5 firm, we don't fire you until the end of the year (and we'll still give 1-3 month severance). So you have these lame duck associates who decide to chill for several months or up to a year, getting paid before moving on. |
|
Date: November 19th, 2018 1:06 AM Author: Mind-boggling philosopher-king newt blows my mind that these jackasses are getting v5. i felt lucky af to get v10 ITE
that said, i thought you weren't at v5 any longer? |
|
Date: November 19th, 2018 5:37 AM Author: copper hot boistinker I’m not at a V5 anymore. I am just saying, if there were shitheads at a V5, imagine how many more shitheads there are at a V50, especially from HYS rejects who think they’re too good for the firm. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261985) |
|
Date: November 19th, 2018 1:50 PM Author: Mind-boggling philosopher-king newt It's not that my class had 0 shitheads, but they were all gone by year 2. Different world. Didn't stop partners from being domineering, giving 8 pm Friday phone calls, etc., which makes me think there's a sort of conservation of misery effect. I mean, maybe being a shithead is rational. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37264023) |
|
Date: November 19th, 2018 12:27 AM Author: Dashing red temple really tough guy i am a senior associate (up for partner next year) at a firm where the culture encourages associates to say no to work requests, so i have to be nice to every single person, even if their work is garbage.
if someone's work is bad in a fixable way and they seem like they are interested in improving, i'll tell them nicely, but if someone just fucks off without notice or just generally does a terrible job on everything, i have zero incentive to do much about it. I could yell at them but that will just make me seem like an asshole. I could give them a really nasty review but that has a risk of blowback (maybe her mentor is some important partner). If someone sucks I just try to avoid working with them and give candid feedback if asked explicitly, and I think it's pretty clear other associates and junior partners do the same thing, so the end result is that crappy associates stick around for years until their hours are really bad for a long period or they just quit.
it is terrible and passive-aggressive but when i was a junior associate i worked for a V5 firm with assholes who loved yelling at associates for fuckups, and that was really horrible as a junior associates, and even good associates really hated it and would quit routinely. |
|
Date: November 19th, 2018 1:09 AM Author: Mind-boggling philosopher-king newt interesting, thanks for sharing your account. i've worked directly with partners for most of my career (relatively low-leverage practice area, obviously) and, while i haven't had my ass kicked since i was a jr, when you fuck something up they give you this look and you just know they're going to talk shit on you next practice group meeting (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261604) |
|
Date: November 19th, 2018 1:16 AM Author: Dashing red temple really tough guy I think it varies a ton firm by firm. At my current firm my practice area is huge, and almost everything is done by phone. So there's no opportunity to give junior associates the sad look that indicates how shitty their work was. I sometimes try to replicate that on the phone, but it probably just makes me sound drunk or retarded or something. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261618) |
|
Date: November 19th, 2018 5:38 AM Author: copper hot boistinker This is exactly what I am talking about. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261987) |
|
Date: November 17th, 2018 1:55 AM Author: tantric bateful goyim queen of the night Lol you sound like a maf butthurt faggot who cannot COMMAND RESPECT (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250101) |
|
Date: November 17th, 2018 10:11 AM Author: copper hot boistinker I know my limitations - there's literally nothing I can do to force unwilling people to do work. I guess I could attempt some lame ass "inspiring speech" to motivate/inspire associates, but I'm an aspie lawyer so ljl not happening. The best path forward for all involved is for me to ask, if they say no, do the work myself or beg some other gunner to help me out (which rarely works b/c the gunners are jammed doing others' work as well). (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250741) |
|
Date: November 17th, 2018 2:13 AM Author: Stirring antidepressant drug lol none of these people want to do busy work for some aspie gunner counsel when they know you have no power to do anything about it (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250126) |
|
Date: November 17th, 2018 10:00 AM Author: copper hot boistinker More like, most of them don't want to stick around longer than 3-5 years and are cruising. It's not like I email them alone - the whole team is copied in my emails to them so they know they're fucking themselves at the firm, but they don't care.
I just wish they'd quit and save me the time of waiting to see if they're going to do the work. I'll ask first by email, call once after an hour to see if they're OK with the timing, and if I get no response after 2 hours then I just do it myself. |
|
Date: November 17th, 2018 2:17 PM Author: Domesticated topaz heaven Based on your posting, they prob just hate working for you and you don’t have enough seniority and influence alone to force them to work.
I am one of the many who never had any intention of staying in biglaw and went about 5 years before I went into a unicorn in house job, but I never blew off work from any senior associate or partner who actually commanded respect and/or was good to work for. I worked for some total dicks too, but did that because they were important partners or senior associates/junior partners who work closely with important partners such that you didn’t want to get on their bad side.
I did blow off work from more senior people whom I knew had no power to get me fired and were just total dicks. Guessing you’re lumped into those. |
|
Date: November 17th, 2018 2:28 PM Author: chartreuse passionate business firm lol brutal (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251995) |
|
Date: November 17th, 2018 2:47 PM Author: copper hot boistinker How is this brutal? Associates at biglaw don't get to "choose" client deadlines and who they work for.
You assume it's totally fine for associates to have a "switch" where they go from drafting mastermind to a babbling retard who can't even press F7 before sending a document for review. A minimum level of professionalism, courtesy and competence is all I expect.
Unless of course you think it's meant as a literal "fuck you" to me, in which case, said associate should just save everyone the trouble and lateral as soon as possible. |
|
Date: November 17th, 2018 2:35 PM Author: copper hot boistinker Take this for what you will, but we do "reverse" evaluations and mine have always been stellar. I actually take the time out to help people with questions or if they're doing something incorrectly I'll discreetly fix shit for them and let them know how to do it right next time (like why would you leave the notice details blank when the client sent us the fucking termsheet with all that info, oh I know why b/c it's tedious and mindnumbing work I get it). I'm also one of the most requested "mentors."
Even if we assume you are correct in that I'm a terrible human being (which I don't entirely deny), my team is one of the most profitable at the firm and the rainmaker that I work for is next in line for managing partner and has gotten many people fired, so your logic doesn't apply. I don't get how an associate can just blow off work when I ask them to do something and the rainmaker's name is on the cc line, thinking it's cool to not bother sending an acknowledgment or ETA and revert back a day later with a typo-riddled piece of shit that I have to redo.
Some associates literally just don't GAF and don't want to bill 2200+ hours a year. This isn't just something that I personally gripe about either, several other partners have been bitching about associates not being what they used to be. Back in 2008-2012 ITE, you'd have maybe 1 guy like that at a firm. Now it seems there's 1-3 slackers in every class year. Admittedly in a class size of 30-50 that's not too bad, but you can't avoid them either. |
|
Date: November 17th, 2018 2:50 PM Author: histrionic buck-toothed market wow. this is word for word the conversation i have with my partners on a weekly basis. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252136) |
|
Date: November 17th, 2018 2:53 PM Author: copper hot boistinker I don't know if we're talking to a bunch of non-lawyers here who don't know what it takes to work in biglaw for incredibly demanding clients (most of whom came from biglaw so can spot crap work a mile away) or people who bailed pre-2012, but from what I hear from my colleagues at other firms as well, associate standards have really taken a tumble in the past few years. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252152) |
|
Date: November 17th, 2018 3:19 PM Author: soggy becky 1800000000 (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252275) |
|
Date: November 17th, 2018 3:37 PM Author: Silver spot “A real lack of standards, your generation” (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252391) |
|
Date: November 17th, 2018 4:58 PM Author: Domesticated topaz heaven It’s been 6 years since I left biglaw and over 10 since graduating law school so I have no idea if the quality of the associates has actually deteriorated as a whole, but I don’t have any sympathy for senior people who think junior and mid level associates are just serfs who should be grateful to have jobs and be willing to bill a ton and constantly available. I know that’s what’s expected and what everyone who survives does and therefore the hazing process continues.
It was always obvious as an associate those above you who tried to be somewhat respectful of your time and life versus those who had no regard for it and I suspect your attitude is the latter. Not sure if biglaw culture can ever change, but if there are more associates who actively defy these expectations, I’m all for it. |
|
Date: November 18th, 2018 12:50 AM Author: copper hot boistinker I don't think people are serfs. I always ask if they have time to help out before asking them to do shit. More often than not if they have a good excuse (wedding, anniversary, etc.) I'll just say "don't worry about it I'll take care of it. It's when they don't even respond to that, or their excuse is "it's my weekly bowling night" or "I made plans to go drinking with my boys" which crosses the line. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37255317) |
|
Date: November 19th, 2018 2:21 AM Author: deep laughsome forum hairy legs this fucker doesn't try to respect the time of junior folks because he doesn't respect his own time. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261766) |
|
Date: November 19th, 2018 5:42 AM Author: copper hot boistinker This has nothing to do with respect you fucking idiot. Don’t use that as an excuse for being lazy. When we interviewed you and told you the hours are tough and unpredictable you said “oh hai I am ready to work hard and thats fine with me lulz.” You have a problem you should have said it during the interview or during SA when we literally showed you how hard people work. But now you make up some BS excuse about respecting time when you had every single warning. You were just not prepared for the hours and want something to blame other than your fucking lack of ability to survive in biglaw. No shame about that but dont go crying BS about it.
You make it sound like I”m calling people on weekends for busy work without deadlines. You clearly don’t know how biglaw functions. Clients will dump shit on you at all hours and expect quick turnaround every single day. If you think that’s BS and we’re all a bunch of cucks for letting clients walk all over us, well then fuck you and don’t come to biglaw! Nobody forced you to beg for a job here or forced you to accept this as your career. But if you do make the choice to come, at least be a fucking man about it and do the job instead of posting some BS about people not respecting your time. You just don’t want to do the job plain and simple, own up to it, bitch. |
|
Date: November 17th, 2018 2:35 AM Author: Green range lol faggot (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250152) |
|
Date: November 17th, 2018 10:01 AM Author: copper hot boistinker Ljl aren't you a POS recruiter? Do you have anything of value to contribute to this forum other than "wah wah wah want to apply for a job wah wah fart?" GTFO this guy. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37250721) |
|
Date: November 19th, 2018 12:58 PM Author: Green range lmao I get this entire week off, made 80K 1 year out of UG w/ no debt, work 35 hrs a week & have a 61K bonus waiting in 1Q 2019 so no complaints here (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37263674) |
|
Date: November 19th, 2018 6:51 PM Author: deep laughsome forum hairy legs lol this doesn't sound like biglaw (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37265734) |
|
Date: November 17th, 2018 2:40 PM Author: histrionic buck-toothed market i can confirm every partner today knows that millennials are shit. none of them have work-ethic.
Basically, today's legal economy was grown on the backs of ITE-associates who were terrified of losing their jobs and worked ridiculous hours. Even before ITE, associates had some work ethic.
It is tough to get associates to commit to giving quality work product an they burn out a lot faster. Basically none of them care about making money anymore and GC can't trap them into being servile associates. FWIW it just makes it harder at the senior levels because we can't reliably push work down. takes a lot of hand-holding and following up. |
|
Date: November 17th, 2018 2:59 PM Author: soggy becky 180, th system is finally crumbling (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252187) |
|
Date: November 18th, 2018 12:52 AM Author: copper hot boistinker I think part of the problem is how easy it was to get into law school 2012-2016. Like less than 1/2 of the number of applicants for classes of 2004-2010. So they are already starting in a situation where it didn't take much effort at all to get into a T14 and at the T14 it was relatively much easier to do well. So when they get to biglaw and everyone above them are "generally" smarter and harder working, it comes across as a culture shock. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37255330) |
|
Date: November 19th, 2018 12:39 AM Author: Dashing red temple really tough guy Also, non-law/finance paths are looking increasingly more attractive. So you have shittier people going to law school in the first place, then of the ones who start biglaw, the best ones increasingly find better options elsewhere. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261551) |
|
Date: November 20th, 2018 2:58 AM Author: rose bat-shit-crazy multi-billionaire LOL at some boomer partner who came up billing 1400 hours a year on a five year (equity-only) partnership track complaining that millennials have no work ethic. Yes, the recently promoted nonequity partners (who will get fired in 3 years after they don't bring in business) have it as shitty as everyone, but partners at a whole, lol just lol. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37268542) |
|
Date: November 16th, 2018 9:24 PM Author: cracking carnelian field someone explain like i'm 10 why you have to contribute money to the partnership, and how much you have to contribute. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37249038) |
|
Date: November 17th, 2018 11:51 AM Author: Razzle-dazzle Poppy Private Investor Dopamine Probably to buy units (shares) of the partnership (company)? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251168) |
|
Date: November 17th, 2018 12:36 PM Author: Aqua Boyish Home Famous Landscape Painting What CC said above. When you make partner, you have to buy X number of shares, based on the level at which they bring you in. As you progress up the partnership ranks, you get more equity which necessitates buying more shares, but also correlates with more comp.
When I made partner, my buy-in was ~50k. |
|
Date: November 17th, 2018 12:49 PM Author: cracking carnelian field Is that just deducted from your annual draw or whatever? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251448) |
|
Date: November 17th, 2018 12:53 PM Author: Aqua Boyish Home Famous Landscape Painting You can (a) write a check, (b) get 1/12 deducted from your draw each month, or (c) get a loan (firms typically have relationships with banks that offer low-interest loans over ~5 years). I wrote a check for my initial buy-in.
When you go up a level, the default is to do option (b) for the additional contribution. But you can always write a check if you prefer. |
|
Date: November 17th, 2018 12:54 PM Author: histrionic buck-toothed market they set you up with a loan from a bank that you can pay back over time at low interest.
lot of firms min buy-in is like 500k. usually by the time a partner gets to the higher ranks he/she has a couple mil tied up in "equity"
this keeps partners from leaving because, a lot of times, the payback for equity is over ~5 years. I think my firm has a 5 year payback.
Since you are elevated to an "owner" of the business, you need to buy a part of it. |
|
Date: November 26th, 2018 12:25 PM Author: cracking carnelian field What's to prevent a firm from "giving" an ownership stake to a new partner? I still don't get why a partner has to pay money while an employee doesn't. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37303037) |
|
Date: November 28th, 2018 8:05 AM Author: histrionic buck-toothed market then you don't understand partnerships. all partnerships require an equity stake/contribution.
i think if they just "gave" you the equity contribution you would have to immediately pay income tax on it. |
|
Date: November 17th, 2018 1:12 PM Author: cracking carnelian field do law partners still have personal, unlimited liability? How come some professions have limited liability (LLPs, P.C.s, etc.)? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37251551) |
|
Date: November 17th, 2018 2:16 PM Author: copper hot boistinker Partners in theory have personal unlimited liability but it's really hard to prove fraud, gross negligence, etc., shit that is not covered in the firm's liability insurance. You wouldn't be personally liable for a malpractice claim for example, unless it's fraud etc.
The most likely practical way for a partner to get hauled to court personally (outside of breaking the law) is if he's dumb enough to sign a legal opinion as himself as opposed to on behalf of the firm. |
|
Date: November 19th, 2018 12:36 AM Author: Dashing red temple really tough guy I've never seen this happen - do people ever sign opinions on their own behalf? (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261543) |
|
Date: November 19th, 2018 5:36 AM Author: copper hot boistinker Happens a lot in midlaw. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37261983) |
|
Date: November 17th, 2018 2:31 PM Author: rebellious tanning salon OP just FYI you should shop around because with $2-3mm of business you could be taking home like $750k-1.3mm or so at many places. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252015) |
|
Date: November 17th, 2018 2:38 PM Author: copper hot boistinker That's not OP but another poster in a subthread and he addressed that his business was not portable. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252064) |
|
Date: November 17th, 2018 2:41 PM Author: histrionic buck-toothed market yeah that was me. While the business is "mine," the portability is fleeting. Once the cases get going, they are almost impossible to move (for anyone).
That's not to say i couldn't just go replicate what i am doing here at another firm.
I also have problems with conflicts - i have a conflict with pretty much every company and your standard "biglaw" firm would shit their pants at taking on my conflict footprint. my firm also knows that. |
|
Date: November 17th, 2018 2:49 PM Author: copper hot boistinker Conflicts suck. People ask why there's so many biglaw firms, but they don't realize how much work we can't do b/c of conflicts. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252122) |
|
Date: November 17th, 2018 2:52 PM Author: histrionic buck-toothed market comes with the territory. want to make all this money from suing all these companies, but that means a tranny lawyer with a buddy in-house can't make his 100k/yr bullshit work.
Also oftentimes its a big named partner who says they have a good connection and "expect" to represent (e.g. walmart) in the near future and need room to "build" the firm.
Wish i could just go solo but the funded litigation model doesn't really work in that context. need a "deep bench" to justify the funding costs even though its just me anyway. |
|
Date: November 17th, 2018 2:57 PM Author: copper hot boistinker Luckily I never worked at a place like Dentons with 3,000 attorneys lol. I bet they have to turn down like 50% of the cases referred to them. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37252177) |
|
Date: November 20th, 2018 2:26 AM Author: Mind-boggling philosopher-king newt it's 180 however when you need a random-ass doc in a hurry. "oh yeah these guys want to finance the b-piece through a dutch sub at closing and syndicate it later, so we need a dutch corp opinion." if you hire DLA or dentons or whatever, you'll have that dutch opinion in about a day. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37268493) |
|
Date: November 17th, 2018 2:58 PM Author: rebellious tanning salon you should look into boutique midlaw. conflicts less of a problem. most pay based on eat what you kill. that setup would advantage you.
|
|
Date: November 17th, 2018 5:01 PM Author: histrionic buck-toothed market ive had some soft offers from midlaw. i do mostly funded litigation and selling the fund on the midlaw firm is a problem. i am not "old" enough to be the draw.
im basically stuck for the time being. they are paying me what they think they can get away with =/
|
|
Date: November 17th, 2018 5:15 PM Author: Violent bipolar legend That sucks. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37253036) |
|
Date: November 21st, 2018 10:43 PM Author: histrionic buck-toothed market had sit down with managing partner. was told my comp is going to be good due to my ridiculous book. who knows - maybe it will all be worth it. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37280984) |
|
Date: November 21st, 2018 11:08 PM Author: Mind-boggling philosopher-king newt 1800000000 get paid king (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37281109) |
|
Date: November 22nd, 2018 12:13 AM Author: Cordovan Bawdyhouse ur gonna be famous (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37281556) |
|
Date: November 26th, 2018 12:01 PM Author: copper hot boistinker Happy for you man. You earned it. (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37302878) |
|
Date: November 27th, 2018 10:46 AM Author: rose bat-shit-crazy multi-billionaire (Guy about to be canned with nice severance package bc firm stole book) (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37308255) |
|
Date: November 27th, 2018 10:54 AM Author: amethyst parlour roast beef cr make your $$$ and get out (http://www.autoadmit.com/thread.php?thread_id=4134577&forum_id=2#37308283) |