Scurredsitless1 wrote: Hattori Hanzo wrote:
Scurredsitless1 wrote:My wife was just promoted to manager at Delloitte after 5 years. She hopes to be given the partner nod in 3 years or so. She works in tax, there are some pros and cons. She works on the accounts for the local pro hockey team, the NFL team owner, and other mega business' in our secondary market. But she is really dedicated, and works 100 hour weeks during certain parts of the year. She's also about to spend 6 weeks in india working in the outsourced officeyea (which I think is AWESOME).
Considering how things are now, I never expect to be the bread winner. I can't see a situation in which law will make me more cash then accounting has worked for her. But she's really the exception, not the rule. Very few of the associates/seniors that were there when she started are still there.
She was paid better after 3 years than the attorney new hires. But again, she got much better raises than the average associate.
She must have really kicked ass! I think 5 years ago they were starting in mid 40s so her salary went up by $120K in the first three years??
Well, I mean she is making more than the new hire attorneys at her firm, which is not big law money.
B4 attorneys start at around 80-90K depending on the market, for those curious. Good luck on her making senior manager and THEN partner in 3 years, lol. Not happening.
B4's partner:associate ratio is far more skewed than Big Law's. I worked in internal controls audits and consulting in a mid market city (back filled for financial audit a decent amount). Throughout the firm nationally, it was reported that in my department, there was currently 22 years worth of partners in the pipeline. That means, if there was zero attrition, we would currently have enough senior managers in our department to meet all of the partner promotion needs for the next 22 years. Last year, out of a little over 1,000 senior managers, 2 dozen were promoted to partner. 2% promotion rate hahaha. No one has been leaving B4 in this economy. Well, lots of staff has, but senior managers are reluctant to give up their high salaries. Now, my department is worse than most as far as this problem goes. But, it is a problem everywhere. I knew one of the senior managers who made it to partner also, and he made over EIGHT MILLION in sales that year to get promoted. If you can't do the work AND make huge deals, making partner is a challenge, moreso in some departments than others. In recent years, it's gone from 10 to 14 years to make partner. I expect that number to continue trending up.
If the debate is between Big Four and Big Law. Big Law makes way more money. You'll get worked to death either way. But at least in Big Law, you get to sleep in your own bed most nights. Last summer, I slept in my own bed 11 nights. If you value a social life, you may find that being in the same state as your friends and family is a key to relieving the stress of awful hours.
I won't comment on the comparison between law and accounting outside of big firms. That is a complex comparison loaded with mushy gray areas. Maybe my opinion will change when I'm in Big Law. But at least I can think about in my the comfort of my home, instead of a hotel room 500 miles away from home wondering who's kissing my girlfriend