Thought on today's Times article?

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bdubs
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Re: Thought on today's Times article?

Postby bdubs » Mon Nov 21, 2011 12:29 pm

InGoodFaith wrote:
bdubs wrote:
thexfactor wrote:Im just curious why biglaw uses a different model than big4 accounting. Work seems to be relatively related and each profession has billable hours. In accounting, the big firms hire more people but pay them 1/3 of biglaw. Biglaw hires a lot less people but pays them 3x more.


Accounting firms don't thrive on prestige in the way that law firms do. It actually benefits a firm to have everyone know that they pay market salary because it legitimizes them as a reputable provider or peer of the really big guys.

Lawyers also seem to like collusion.


Not sure about the bolded. From my experience, accounting students say "Big4 or bust" in their job search.


That is true, but there isn't much meaningful competition among the big4 for labor. Sure, people go back and forth at the junior levels but they're not trying to show off their pool of accounting talent. Notice that accounting firms don't list their staff on their websites?

msuz
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Joined: Tue Jul 19, 2011 11:17 am

Re: Thought on today's Times article?

Postby msuz » Mon Nov 21, 2011 2:23 pm

Anyone else find this funny? He uses a law review article to show how law review articles are useless to most people. lol.
In fact, many of these articles are not of much apparent help to anyone. A 2005 law review article found...

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20130312
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Re: Thought on today's Times article?

Postby 20130312 » Mon Nov 21, 2011 2:28 pm

msuz wrote:Anyone else find this funny? He uses a law review article to show how law review articles are useless to most people. lol.
In fact, many of these articles are not of much apparent help to anyone. A 2005 law review article found...


Good catch! That's hilarious...

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BiglawOrBust
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Re: Thought on today's Times article?

Postby BiglawOrBust » Wed Nov 23, 2011 9:14 am

MrAnon wrote:By the way someone was trying to tell me in another thread that most Penn students go to DC and NYC. Well it just so happens that both of the pictured students are Penn grads and guess what city they work in? Philly. Score another one for Mr. Anon.


120, bro. 1-fucking-20.

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ahduth
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Re: Thought on today's Times article?

Postby ahduth » Sun Nov 27, 2011 10:15 am

InGoodFaith wrote:
bdubs wrote:
thexfactor wrote:Im just curious why biglaw uses a different model than big4 accounting. Work seems to be relatively related and each profession has billable hours. In accounting, the big firms hire more people but pay them 1/3 of biglaw. Biglaw hires a lot less people but pays them 3x more.


Accounting firms don't thrive on prestige in the way that law firms do. It actually benefits a firm to have everyone know that they pay market salary because it legitimizes them as a reputable provider or peer of the really big guys.

Lawyers also seem to like collusion.


Not sure about the bolded. From my experience, accounting students say "Big4 or bust" in their job search.


And I'll be vaguely unsure about the underlined. It's a pain in the ass to get a CPA, although it admittedly it can be done with an undergraduate education. And sure, the ABA is out there fighting the good fight on behalf of lawyers, but the AICPA is no slouch either.

I'm going to go out on a limb and say that it comes down to simple economics. I don't actually know for certain bill rates are lower in accounting, but I imagine on average they have to be. If you've ever participated in an audit at a Fortune 500 firm (the audits those Big 4 kids are so eager to do), they throw a TON of bodies at it. And it's pretty rote work. And they do them all the time.

I'd be curious to see how many accountants work for the Big 4 (or 7 or whatever if you include BDO Seidman, McGladrey, those guys - sort of the non-V100-but-NLJ250 firms).

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thexfactor
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Re: Thought on today's Times article?

Postby thexfactor » Sun Nov 27, 2011 11:54 am

ahduth wrote:
InGoodFaith wrote:
bdubs wrote:
thexfactor wrote:Im just curious why biglaw uses a different model than big4 accounting. Work seems to be relatively related and each profession has billable hours. In accounting, the big firms hire more people but pay them 1/3 of biglaw. Biglaw hires a lot less people but pays them 3x more.


Accounting firms don't thrive on prestige in the way that law firms do. It actually benefits a firm to have everyone know that they pay market salary because it legitimizes them as a reputable provider or peer of the really big guys.

Lawyers also seem to like collusion.


Not sure about the bolded. From my experience, accounting students say "Big4 or bust" in their job search.


And I'll be vaguely unsure about the underlined. It's a pain in the ass to get a CPA, although it admittedly it can be done with an undergraduate education. And sure, the ABA is out there fighting the good fight on behalf of lawyers, but the AICPA is no slouch either.

I'm going to go out on a limb and say that it comes down to simple economics. I don't actually know for certain bill rates are lower in accounting, but I imagine on average they have to be. If you've ever participated in an audit at a Fortune 500 firm (the audits those Big 4 kids are so eager to do), they throw a TON of bodies at it. And it's pretty rote work. And they do them all the time.

I'd be curious to see how many accountants work for the Big 4 (or 7 or whatever if you include BDO Seidman, McGladrey, those guys - sort of the non-V100-but-NLJ250 firms).



I think a lot of big law work doesn't really need more than an undergraduate education...
LOl the ABA isn't fighting on behalf of all lawyers.... just biglaw ones. That's why there are so many unemployed lawyers out there.




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