Legal Internships at Big 4?

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sparty99
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Re: Legal Internships at Big 4?

Postby sparty99 » Sat Oct 12, 2013 5:01 pm

Anonymous User wrote:While i am not sure on the legal internships, with an LLM in tax and JD. Most BIG 4 only start at around 70K


"only." You act like $70k is shit pay. Give me a break.

Anonymous User
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Re: Legal Internships at Big 4?

Postby Anonymous User » Thu Nov 26, 2015 7:17 pm

Just to bump this old post because I was interested before and couldn't find any useful information:

  • 2L from a Tier 2 law school
  • Accounting background (but no CPA)
  • Interviewed at two of the Big4 (in the NY area) through referrals
  • One of which really seemed to downplay your legal background and make it seem irrelevant; Interviewer made it seem as if it's almost useless and I'll be doing Accounting work and a CPA is very important (so F that)
  • The second one was great and didn't inquire about a CPA -- most people in the firm's [hidden] department are attorneys
  • Pay is hourly and comes out to a bit over $80k/yr. **Subject to overtime laws** (meaning 1.5x pay) so a lot of opportunity to put your salary in your own hands


Arguably, taking into consideration the quality of life (requirement of time in the office) and the hourly rate you make should be comparable to what you'd make at a firm. The environment of the Big4 is significantly more collegial than what you should find at a firm. Of course, until I actually intern here my information is only from what I hear--but I'm hoping for good things.
Also heard that at most firms, you get a significant pay boost for hitting Manager (3-6 years). Makes it a lot closer to firm pay.


That's all. Hope it's helpful.

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BizBro
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Re: Legal Internships at Big 4?

Postby BizBro » Thu Nov 26, 2015 10:24 pm

Damn are these starting rates in NY? Starting at 70-80 k is not ideal. I was thinking starting was at least 100k.

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Re: Legal Internships at Big 4?

Postby Anonymous User » Fri Nov 27, 2015 4:44 pm

FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.

Anonymous User
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Re: Legal Internships at Big 4?

Postby Anonymous User » Fri Nov 27, 2015 4:53 pm

What is the quality of life / hours in these types of positions?

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BizBro
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Re: Legal Internships at Big 4?

Postby BizBro » Fri Nov 27, 2015 5:20 pm

Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.

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Re: Legal Internships at Big 4?

Postby Anonymous User » Fri Nov 27, 2015 8:30 pm

BizBro wrote:
Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.


Can't speak from my own experience but everyone I talked to at the interviews told me their hours were astronomically better than their friends in biglaw. I think 50-60 hours a week is normal.

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BizBro
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Re: Legal Internships at Big 4?

Postby BizBro » Fri Nov 27, 2015 8:48 pm

Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.


Can't speak from my own experience but everyone I talked to at the interviews told me their hours were astronomically better than their friends in biglaw. I think 50-60 hours a week is normal.


How's this compare to in-house ? Would you say in-house is more attractive in pay to hours ratio? The downside for in-house, from my understanding, is that it probably requires 3-4 years in big law to come in at a salary of ~120-150 in NYC. Of course starting in-house, though rare, happens, but I think that career trajectory, as well as starting salary, is very stunted under that scenario.

What's the next position after senior associate at Big 4? Are we talking about pay at like $140-150 within 3-4 years?

Anonymous User
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Re: Legal Internships at Big 4?

Postby Anonymous User » Fri Nov 27, 2015 9:12 pm

BizBro wrote:
Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.


Can't speak from my own experience but everyone I talked to at the interviews told me their hours were astronomically better than their friends in biglaw. I think 50-60 hours a week is normal.


How's this compare to in-house ? Would you say in-house is more attractive in pay to hours ratio? The downside for in-house, from my understanding, is that it probably requires 3-4 years in big law to come in at a salary of ~120-150 in NYC. Of course starting in-house, though rare, happens, but I think that career trajectory, as well as starting salary, is very stunted under that scenario.

What's the next position after senior associate at Big 4? Are we talking about pay at like $140-150 within 3-4 years?

No clue about Tax or Audit, but when I was interviewing for financial services practice groups the starting salary in NYC was around six figures and you'd definitely hit $150k if you got promoted to manager which should happen within 3 years. Also, when I was researching salaries it seemed like you're much better off having a graduate degree than getting promoted internally in terms of salary so you'd definitely be on the higher end of any published numbers you find.

It seems like there been a push to increase the salaries of law students, but you're not coming anywhere near what the MBA's are making. 1st year total comp out of business school is sitting at around $200k right now.

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BizBro
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Re: Legal Internships at Big 4?

Postby BizBro » Fri Nov 27, 2015 9:29 pm

Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.


Can't speak from my own experience but everyone I talked to at the interviews told me their hours were astronomically better than their friends in biglaw. I think 50-60 hours a week is normal.


How's this compare to in-house ? Would you say in-house is more attractive in pay to hours ratio? The downside for in-house, from my understanding, is that it probably requires 3-4 years in big law to come in at a salary of ~120-150 in NYC. Of course starting in-house, though rare, happens, but I think that career trajectory, as well as starting salary, is very stunted under that scenario.

What's the next position after senior associate at Big 4? Are we talking about pay at like $140-150 within 3-4 years?

No clue about Tax or Audit, but when I was interviewing for financial services practice groups the starting salary in NYC was around six figures and you'd definitely hit $150k if you got promoted to manager which should happen within 3 years. Also, when I was researching salaries it seemed like you're much better off having a graduate degree than getting promoted internally in terms of salary so you'd definitely be on the higher end of any published numbers you find.

It seems like there been a push to increase the salaries of law students, but you're not coming anywhere near what the MBA's are making. 1st year total comp out of business school is sitting at around $200k right now.


MBA students are making starting 200k at Big 4? Or you mean generally? Big 4 seems like a good route, particularly for all the CPAs i know at my school. Pretty sure everyone is going into big law though.

Anonymous User
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Re: Legal Internships at Big 4?

Postby Anonymous User » Sat Nov 28, 2015 1:44 am

BizBro wrote:
Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:
BizBro wrote:
Anonymous User wrote:FWIW I interviewed with two Big 4 firms for an SA in NY and both offered a 100K starting at a senior associate level.


Alright, this makes more sense. Not bad if work hours average out to 50-55/week over the course of the year. Anything over and this starts seeming not good.


Can't speak from my own experience but everyone I talked to at the interviews told me their hours were astronomically better than their friends in biglaw. I think 50-60 hours a week is normal.


How's this compare to in-house ? Would you say in-house is more attractive in pay to hours ratio? The downside for in-house, from my understanding, is that it probably requires 3-4 years in big law to come in at a salary of ~120-150 in NYC. Of course starting in-house, though rare, happens, but I think that career trajectory, as well as starting salary, is very stunted under that scenario.

What's the next position after senior associate at Big 4? Are we talking about pay at like $140-150 within 3-4 years?

No clue about Tax or Audit, but when I was interviewing for financial services practice groups the starting salary in NYC was around six figures and you'd definitely hit $150k if you got promoted to manager which should happen within 3 years. Also, when I was researching salaries it seemed like you're much better off having a graduate degree than getting promoted internally in terms of salary so you'd definitely be on the higher end of any published numbers you find.

It seems like there been a push to increase the salaries of law students, but you're not coming anywhere near what the MBA's are making. 1st year total comp out of business school is sitting at around $200k right now.


MBA students are making starting 200k at Big 4? Or you mean generally? Big 4 seems like a good route, particularly for all the CPAs i know at my school. Pretty sure everyone is going into big law though.

At Deloitte and PwC yea. E&Y and KPMG are lower. Deloitte and PwC are typically $135-140k base, $35k singing bonus, then performance bonuses go up to $30k but it's hard to be on the high end. That doesn't even get into benefits which their retirement contributions are amazing.

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BizBro
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Re: Legal Internships at Big 4?

Postby BizBro » Sat Nov 28, 2015 4:22 pm

Anonymous User wrote:
At Deloitte and PwC yea. E&Y and KPMG are lower. Deloitte and PwC are typically $135-140k base, $35k singing bonus, then performance bonuses go up to $30k but it's hard to be on the high end. That doesn't even get into benefits which their retirement contributions are amazing.


What role do MBA students come in as? Not senior associate? Doesn't make sense that they are making more of a starting salary compared to other advanced degrees.




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