Evaluate why I chose STB over rest of V10 sans Wachtell

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
User avatar
Julio_El_Chavo
Posts: 803
Joined: Mon Jan 31, 2011 11:09 pm

Re: Evaluate why I chose STB over rest of V10 sans Wachtell

Postby Julio_El_Chavo » Mon Oct 17, 2011 1:09 am

ITT, strivers attempt to rationalize not going to the highest ranked [fill in the blank] by using common sense.

User avatar
IAFG
Posts: 6665
Joined: Mon Jun 15, 2009 1:26 pm

Re: Evaluate why I chose STB over rest of V10 sans Wachtell

Postby IAFG » Mon Oct 17, 2011 1:13 am

Anonymous User wrote:
Anonymous User wrote:
The Avery survey suggested 70 hours/week at Wachtell versus ~60 at the other V10. That's 10 hours more per week over 50 weeks, or about 500 hours more per year. Wachtell bonus this year for first years was 45% on $165k salary = $239k total comp. Cravath was $15k on $160k salary = $175k total comp, or $65k less. That's $130 per hour of extra work. Even if we assume that the Avery figures are off and WLRK associates work 1,000 more hours per year, that's still $65/hour.


That Avery survey is old, and I have confirmed that corporate associates bill 2700-3000 hours.

Also, that's a 65k pre-tax differential which is only 37k after tax at 43%. The difference is around $45/hr, but you'd be working into your 14th-16th hours for that extra $45/hr.

70 hours/week per the Avery survey is consistent with your "confirmed" 2700-3000 hours.
70x52=3640
3640x.75 for actually billable hours=2730, so within your range.
Last edited by IAFG on Mon Oct 17, 2011 1:51 am, edited 1 time in total.

Anonymous User
Posts: 273183
Joined: Tue Aug 11, 2009 9:32 am

Re: Evaluate why I chose STB over rest of V10 sans Wachtell

Postby Anonymous User » Mon Oct 17, 2011 1:40 am

IAFG wrote:
Anonymous User wrote:
That Avery survey is old, and I have confirmed that corporate associates bill 2700-3000 hours.

Also, that's a 65k pre-tax differential which is only 37k after tax at 43%. The difference is around $45/hr, but you'd be working into your 14th-16th hours for that extra $45/hr.

70 hours/week per the Avery survey is consistent with your "confirmed" 2700-3000 hours.
70x52=3640
3640x.75 for actually billable hours=2730, so within your range.


And these are mid-level associates who are more efficient so 80% (= 2800 hours billed for 3600 worked) is definitely a reasonable estimate. Also, who takes out tax when discussing compensation? The bottom line is that you're extremely well-compensated for the extra hours at WLRK.

Say at some V10 you bill 2,200 hours at 80% efficiency = 2750 worked. At WLRK you bill 2,800 for 3,600 worked. That's 850 extra hours, for $65k in extra compensation per hour, or about $76 per hour before tax. Compare this to the base compensation of $63/hour at the V10. I.e: WLRK associates don't just get paid more overall, they effectively get paid at a higher "overtime" rate relative to associates at a V10.

User avatar
IAFG
Posts: 6665
Joined: Mon Jun 15, 2009 1:26 pm

Re: Evaluate why I chose STB over rest of V10 sans Wachtell

Postby IAFG » Mon Oct 17, 2011 1:55 am

I mean I really don't care either way, I just think it's pretty bitchy, not to mention disingenuous, to be that girl with a 2.5 carat engagement ring complaining that the 3 carat ring on the girl next to her looks gaudy. What, like if he'd gotten down on one knee with 3 carats, like you would have taken it back to Cartier and traded down? Bullshit.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.