Highest Salary

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sg07
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Highest Salary

Postby sg07 » Mon May 24, 2010 4:24 am

I was wondering what would be the highest (approximate) salary that one could ever expect to be offered after graduating in the top 5 percent of a T-10 school?

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Mickey Quicknumbers
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Re: Highest Salary

Postby Mickey Quicknumbers » Mon May 24, 2010 4:29 am

12 rubles and a fruitcake per trimester

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quickquestionthanks
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Re: Highest Salary

Postby quickquestionthanks » Mon May 24, 2010 4:37 am

I think I've heard that some firms pay $165k and then of course bonuses around $40-50k I think.

sg07
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Re: Highest Salary

Postby sg07 » Mon May 24, 2010 6:15 am

quickquestionthanks wrote:I think I've heard that some firms pay $165k and then of course bonuses around $40-50k I think.


Okay so if schools list their median salaries as $160K is that excluding bonuses?

I was hoping that since 160K is the median (and I'm not confusing it for mean) for some schools there might be those that would be making 200K+. . . but that might be wishful thinking and only available for the top 1% graduating from HYS lol

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D. H2Oman
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Re: Highest Salary

Postby D. H2Oman » Mon May 24, 2010 6:21 am

sg07 wrote:I was wondering what would be the highest (approximate) salary that one could ever expect to be offered after graduating in the top 5 percent of a T-10 school?


You won't need to worry about it.

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SplitterPride
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Re: Highest Salary

Postby SplitterPride » Mon May 24, 2010 8:03 am

This thread comes in the same vein as when I make partner at Watchell in 2020, how much $$$ would I be pulling in?

RisingMichigan3L
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Re: Highest Salary

Postby RisingMichigan3L » Mon May 24, 2010 8:05 am

SplitterPride wrote:This thread comes in the same vein as when I make partner at Watchell in 2020, how much $$$ would I be pulling in?


Lame and overplayed.

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SplitterPride
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Re: Highest Salary

Postby SplitterPride » Mon May 24, 2010 8:15 am

RisingMichigan3L wrote:
Lame and overplayed.


Just like Michigan

sg07
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Re: Highest Salary

Postby sg07 » Mon May 24, 2010 8:41 am

One legitimate comment out of six replies?

If you aren't going to help answer my question (no matter how vain it may appear to be or if it is in the same "vein" as another thread on TLS), don't bother replying. Doing this will make the valuable information on TLS more easily attainable for everyone.

Anonymous User
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Re: Highest Salary

Postby Anonymous User » Mon May 24, 2010 9:00 am

sg07 wrote:One legitimate comment out of six replies?


Better than average.

sg07 wrote:If you aren't going to help answer my question (no matter how vain it may appear to be or if it is in the same "vein" as another thread on TLS), don't bother replying. Doing this will make the valuable information on TLS more easily attainable for everyone.


Try visiting the websites of each of the T10 schools and looking at their data. Of all the statistics they try to keep out of the public eye, top salary numbers are low on the list.

...Or you can post on TLS and complain when you don't get the results you wanted.

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rayiner
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Re: Highest Salary

Postby rayiner » Mon May 24, 2010 9:01 am

sg07 wrote:One legitimate comment out of six replies?

If you aren't going to help answer my question (no matter how vain it may appear to be or if it is in the same "vein" as another thread on TLS), don't bother replying. Doing this will make the valuable information on TLS more easily attainable for everyone.


Dipshit.

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Kiersten1985
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Re: Highest Salary

Postby Kiersten1985 » Mon May 24, 2010 9:03 am

The answer is $160k plus bonus, MAYBE a little more at Wachtell but I don't think much more. The main different in compensation at the top firms is how quickly your salary increases. At the second highest paying firm on Wall St, it's $160k plus bonus.

/thread.

APimpNamedSlickback
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Re: Highest Salary

Postby APimpNamedSlickback » Mon May 24, 2010 9:08 am

Kiersten1985 wrote:The answer is $160k plus bonus, MAYBE a little more at Wachtell but I don't think much more. The main different in compensation at the top firms is how quickly your salary increases. At the second highest paying firm on Wall St, it's $160k plus bonus.

/thread.


wachtell fist years pull down well over 300k. but for all intents and purposes, yeah your numbers are accurate.

sg07
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Re: Highest Salary

Postby sg07 » Mon May 24, 2010 9:45 am

lol damn so much hating going on, I'm sorry you can't relate.

Thanks for the helpful responses BIGGIE and Kiersten.

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Re: Highest Salary

Postby Anonymous User » Mon May 24, 2010 10:00 am

sg07 wrote:lol damn so much hating going on, I'm sorry you can't relate.

Thanks for the helpful responses BIGGIE and Kiersten.


You're recieving the responses you are are b/c you asked an incredibily naive question. You were [correctly] written off as an unintiated noob when you started quoting law school salary data.

As far as aggregating valuable data in this thread goes, you should realize that you are trying to enter the practice of law and the backbone of your practice will be your research skills. Simply asking others rather than accumulating your own data from objectively trusted sources will always be frowned upon...

Finally, your little line about "hating" and being unable to "relate" just further reinforces how little you know about the topic you initiated.

motiontodismiss
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Re: Highest Salary

Postby motiontodismiss » Mon May 24, 2010 10:27 am

APimpNamedSlickback wrote:
Kiersten1985 wrote:The answer is $160k plus bonus, MAYBE a little more at Wachtell but I don't think much more. The main different in compensation at the top firms is how quickly your salary increases. At the second highest paying firm on Wall St, it's $160k plus bonus.

/thread.


wachtell fist years pull down well over 300k. but for all intents and purposes, yeah your numbers are accurate.


Base $165k and bonus 45%-100% base. Between $239k and $330k. I wouldn't call that "well over 300".

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clintonius
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Re: Highest Salary

Postby clintonius » Mon May 24, 2010 10:59 am

The past two years Wachtell has not paid 100% bonuses, but 100% is considered the norm in boom times (and simply non-disaster times? I haven't heard anything about their bonus structure pre-2005 or so, but I'm under the impression that 100% of base salary is pretty standard when the economy isn't in the shitter). Motion, the range you stated definitely does not average out to "well over 300," or over 300 at all, but in the 100% bonus years I would say it qualifies as such. A 10% jump is significant.

But, apns, I think Kiersten meant the base salary was slightly higher than $160k, not that total compensation was only a little higher.

Anonymous User
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Re: Highest Salary

Postby Anonymous User » Mon May 24, 2010 6:07 pm

First off: It's RisingMichigan3L (I clicked anonymous, but am too lazy to go back and change it to regular).

Rayiner: Of all the people here (remember how you complained about useless conversational tracks and trying to keep the forum informative), you are the last person I expected to respond the way you did to the OP's inquiry. I'm not going to call you a hypocrite, but I will say that your response serves as definitive proof that our last tiff was merely an ego-stroking contest and nothing more.

You're recieving the responses you are are b/c you asked an incredibily naive question. You were [correctly] written off as an unintiated noob when you started quoting law school salary data.

As far as aggregating valuable data in this thread goes, you should realize that you are trying to enter the practice of law and the backbone of your practice will be your research skills. Simply asking others rather than accumulating your own data from objectively trusted sources will always be frowned upon...

Finally, your little line about "hating" and being unable to "relate" just further reinforces how little you know about the topic you initiated.


And this little number. What's your deal? Not every law student here is as informed as you. That's why people come here and ask questions. Even more surprising is that a majority of law students do NOT keep tabs on what firms pay what. Who gives a shit if a "noob" asked a question? Try being a little more polite instead of self-righteous. Edit: This paragraph is in response to the author of the quotation above, not rayiner.
Last edited by Anonymous User on Mon May 24, 2010 6:18 pm, edited 1 time in total.

RisingMichigan3L
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Re: Highest Salary

Postby RisingMichigan3L » Mon May 24, 2010 6:14 pm

Now, to answer OP's Question.

Most firms in major markets pay the same base salary: 160,000$. Some firms, like Williams & Connolly and Wachtell, start at 165,000$. There are probably others, but I am too tired to list them.

Some firms engage in profit-sharing initiatives with their associates. Firms like, I believe, Boies Schiller, Irell, and Kramer Levin do this.

Other firms give sky-high bonuses in addition to a base salary. Wachtell is one. Kirkland is another (depending on your hours. I remember reading somewhere that some people made above Skadden in 2008).

Other firms give higher-than-market bonuses at the more senior levels (or at least did so last year). Sullivan & Cromwell is one example. I think (emphasis on the think) Paul Weiss and Gibson Dunn matched.

Other firms gave a sort of "loyalty" bonus to associates who make it beyond a certain year-milestone at the firm. I believe Sullivan & Cromwell and Shearman & Sterling do this, but am unsure whether these initiatives are still in place because of the economy (heard rumors that Shearman's bonus is now gone).

And finally, if/when you receive an offer from a firm, the firm either gives you a signing stipend or a salary advance. Most NY-based firms give salary advances. Many firms outside of NY and those in NY but based elsewhere give stipends. These vary significantly. I've seen stipends range from 13,000$ to 6,000$. Same for salary advances.

I'm sure I missed a few things, so I'll post them when they come to mind. Hope this helps!

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doyleoil
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Re: Highest Salary

Postby doyleoil » Mon May 24, 2010 6:16 pm

RisingMichigan3L wrote:Some firms, like Williams & Connolly, start at 165,000$


180k, stud

(but no bonus)

RisingMichigan3L
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Re: Highest Salary

Postby RisingMichigan3L » Mon May 24, 2010 6:20 pm

doyleoil wrote:
RisingMichigan3L wrote:Some firms, like Williams & Connolly, start at 165,000$


180k, stud

(but no bonus)


Oh my bad.

Anyways, a good resource for salary info is:
NALP
Firm Websites (some of them do list compensation)
Abovethelaw

as to how I know the other profit-sharing and seniority bonus stuff... I just picked it up from random places, can't remember where (probabl xoxo haha). But I'm a junkie for this info, so yeah.

RisingMichigan3L
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Re: Highest Salary

Postby RisingMichigan3L » Mon May 24, 2010 6:24 pm

Should also mention that some firms are notorious for being CHEAP. And it's not a question of prestige, either. Example: Davis Polk will match the market, no matter what. Maybe that isn't being cheap... but I think it is. Davis Polk has been one of the healthier firms, and you'd expect them to pass on their success to their associates, but I guess not.

If you go to careers.abovethelaw.com you can read different firm profiles. They all talk about compensation and who's a market leader or a follower, etc. It's a fantastic resource.

motiontodismiss
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Re: Highest Salary

Postby motiontodismiss » Mon May 24, 2010 6:30 pm

You should also look at perks. Some firms will send you on a work-related trip to Australia in a middle seat in economy class on United and make you stay at a Holiday Inn(you'd hope most firms will pay for you to fly business on a work-related trip, especially one in which you're expected to work on board the plane or as soon as you land, but some firms are insane like that) while others will cough up for first class on Acela and the Ritz for the one hour trip to Philly. All those perks (or the lack thereof) are worth money.

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SplitterPride
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Re: Highest Salary

Postby SplitterPride » Tue May 25, 2010 1:12 am

The whole thread depends on the premise that the OP will be in the top 5% of his t-10 school by OCI.

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rayiner
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Re: Highest Salary

Postby rayiner » Tue May 25, 2010 1:03 pm

Anonymous User wrote:Rayiner: Of all the people here (remember how you complained about useless conversational tracks and trying to keep the forum informative), you are the last person I expected to respond the way you did to the OP's inquiry. I'm not going to call you a hypocrite, but I will say that your response serves as definitive proof that our last tiff was merely an ego-stroking contest and nothing more. .


ROFL. You don't recognize the difference between criticizing a flawed comment that leads to a thread of misleading speculation and replying to a stupid question with snark?

I'm as guilty as the next 10k+ poster of being off-topic most of the time. Doesn't mean it's hypocritical to then seriously point out what I believe to be flaws in a thread of discussion that goes on for multiple pages.




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