Its insane how little NYC lawyers are paid
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Date: July 18th, 2018 1:20 PM Author: Alcoholic Garrison
The average 30-year old NYC BIGLAW associate is going to clear $275k or do this year. That’s probably 99th percentile for 30 year olds.
Anyone taking a lawyer job for less than $100k is retarded, though. I’d rather sell used cars.
(http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36452445)
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Date: July 18th, 2018 5:43 PM Author: aquamarine rehab
Some counterpoints to this--a lot of these firms where PPP is "record high" are also experiencing record high margin spreads (reflecting the fact that the profit engine may not be uniformly firing across all practice groups but rather is relying on one or a handful of particular groups, especially on the transactional side). They also have increasingly disloyal partnership cohorts, which is not new news but is an accelerating phenomenon--PPP drops $.25m in a year and suddenly everyone is talking to Major Lindsey because fuck you pay me. So read those PPP figures with a good grain of salt and understand that, within firm executive committees, there may be less confidence than you're seeing projected externally, because there's a sense that everything could potentially come tumbling down at a relatively quick pace if there's a blown year or sectoral compression in an area that the firm is relying on to keep juicing profitability. Add that, rightly or wrongly, people are also starting to wonder when the next natural economic contraction is going to start given the length of expansion and especially with all the trade war talk. So attendant to all this there's a sense that having some conservatism in compensation continues to be important because things could change quickly and dramatically. Also, in fairness to these firms, they have been pushing salary increases and bonus increases in the last few years. All-in comp. has gone up for the same level of seniority (e.g., "third year" or "sixth year") I think three times in five years now.
(http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454663) |
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Date: July 18th, 2018 5:34 PM Author: aquamarine rehab
To put some stronger details on his point, the average 30-year old in biglaw in a major market like NY is actually going to clear either ~320k (as a fourth year; if they took a year off after undergrad) or ~370k (as a fifth year; if they went straight through)--those figures roll in the recent scale increase and special summer bonus that occurred last month + assume that this year's end-of-year bonus scale will be unchanged from '17. So make some assumptions about the distribution and call it ~350k on average.
This is a never-ending debate that we're retreading here. From the perspective of "equitable" profit sharing, given where profits are now (and given the near-zero chance of the average associate securing equity these days), those comp figures are likely inappropriately low. On the other hand, from the perspective of a wet-behind-the-ears 30-year-old poli sci major from Cornell (double undergrad and law degree, baby, go Touchdown!) being able to pull mid-300s five years out from law school, the comp figures appear decent (the scale increases and bonus increases that have taken place over the last few years strengtened this position--it was looking much more pathetic c. 2015 before the first round of raises kicked off the following year); and yes, that's even taking into account the good points you raise about opp cost and COL and stress.
(http://www.autoadmit.com/thread.php?thread_id=4029203&forum_id=2#36454596) |
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