Pay 15 years out

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admisionquestion
Posts: 473
Joined: Sun Sep 26, 2010 12:16 am

Pay 15 years out

Postby admisionquestion » Fri Jul 13, 2012 1:51 am

I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Pay 15 years out

Postby Anonymous User » Fri Jul 13, 2012 1:59 am

admisionquestion wrote:I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?


Partner compensation varies hugely, even within a firm. It could be anywhere from high 6 figures to several million per year.

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englawyer
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Joined: Wed Feb 14, 2007 10:57 pm

Re: Pay 15 years out

Postby englawyer » Fri Jul 13, 2012 2:35 am

admisionquestion wrote:I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?


i'll take a shot at this question.

1. partners at very prestigious firms make low 7 figures. true rockstars within those ranks can make much more, like 30-40 million. partners at lower ranked firms make mid 6 figures.

2. mid 100's + bonus to start. 4% raises per year after that (like most of corporate america). the "high end" is technically something like General Counsel, but that position is easier to obtain as a biglaw partner lateral than working your way up in house. the GC is one of the CEO's advisers and is paid accordingly (up to high six figs or low seven figs).

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Archangel
Posts: 106
Joined: Sat Jul 07, 2012 8:08 pm

Re: Pay 15 years out

Postby Archangel » Fri Jul 13, 2012 3:05 am

admisionquestion wrote:I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?


These links may help quench your curiosity. The first is relevant to your particulars. The second is exploratory in nature.

http://pdfserver.amlaw.com/law/2008-09_ ... _Guide.pdf

http://www.law.yale.edu/studentlife/1363.htm

Enjoy :D

WODKilla123
Posts: 62
Joined: Wed Jun 06, 2012 7:57 pm

Re: Pay 15 years out

Postby WODKilla123 » Fri Jul 13, 2012 7:55 am

Source that rocks star partners are pulling 30-40M? Tbh I'd be very surprised if any one of Marty Lipton, Steve Susman, John Quinn are making >$10M annually.

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AreJay711
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Joined: Tue Jul 20, 2010 8:51 pm

Re: Pay 15 years out

Postby AreJay711 » Fri Jul 13, 2012 8:32 am

Archangel wrote:
admisionquestion wrote:I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?


These links may help quench your curiosity. The first is relevant to your particulars. The second is exploratory in nature.

http://pdfserver.amlaw.com/law/2008-09_ ... _Guide.pdf



NOW I understand how people are able to make distinctions between mostly similar firms for ranking purposes.

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Pay 15 years out

Postby Anonymous User » Fri Jul 13, 2012 10:12 am

WODKilla123 wrote:Source that rocks star partners are pulling 30-40M? Tbh I'd be very surprised if any one of Marty Lipton, Steve Susman, John Quinn are making >$10M annually.


i don't have any docs. just hearsay from people who work at QE that JQ makes that much. nothing about Lipton or Susman

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Pay 15 years out

Postby Anonymous User » Fri Jul 13, 2012 10:28 am

whoaa. Definitely enough to cop dem Lake Show floor seat season tix and roll down Figueroa in a Ferrari.

Anonymous User
Posts: 273184
Joined: Tue Aug 11, 2009 9:32 am

Re: Pay 15 years out

Postby Anonymous User » Fri Jul 13, 2012 10:30 am

englawyer wrote:
admisionquestion wrote:I hope this is appropriate in this sub-forum. It seemed like the most appropriate place.

Everyone knows Big Law pays about 160,000 at 1st year out, with some sort of "lockstep" pay scale following that.
Everyone knows that the vast majority of Big Law associates do not make partner.

I have a few questions:

1. What do successful partners make? Obviously this varies dramatically. I guess what I am wondering is, how much do the lawyers who are really making a killing make?

2. What does a typical in-house pay scale look like and what is the high end of that?


i'll take a shot at this question.

1. partners at very prestigious firms make low 7 figures. true rockstars within those ranks can make much more, like 30-40 million. partners at lower ranked firms make mid 6 figures.

2. mid 100's + bonus to start. 4% raises per year after that (like most of corporate america). the "high end" is technically something like General Counsel, but that position is easier to obtain as a biglaw partner lateral than working your way up in house. the GC is one of the CEO's advisers and is paid accordingly (up to high six figs or low seven figs).


30-40M?? Are you freaking high?

There are some PI or Products Liability lawyers who might strike it rich in any one given case and make that much, but yearly?

Idiocy.

ruski
Posts: 348
Joined: Sat Sep 12, 2009 10:45 am

Re: Pay 15 years out

Postby ruski » Fri Jul 13, 2012 10:50 am

yea if you are gunning for partner you can expect anywhere from 600k to 2m depending on firm. the rest are really outliers.

i also think mid 100s for 15 years out is really low. mid 100s seems to be closer to 4-5 years out, as a typical exit option for a 4th year associate would an in-house legal role making around this much. while in-house salary doesn't grow that much, after 10 years i expect them to be around 200k. assuming you are amibitous and just keep following the money, not leaving biglaw to do gov or be in-house at some tiny place

rogermurdoch
Posts: 34
Joined: Wed Oct 26, 2011 2:07 pm

Re: Pay 15 years out

Postby rogermurdoch » Fri Jul 13, 2012 10:58 am

WODKilla123 wrote:Source that rocks star partners are pulling 30-40M? Tbh I'd be very surprised if any one of Marty Lipton, Steve Susman, John Quinn are making >$10M annually.

I agree that sounds way too high. This article says David Boies makes over $10m annually:

http://money.cnn.com/2010/10/19/news/co ... /index.htm

In any given year, there are plenty of people making multiples of that doing plaintiff work but their earnings aren't going to be so consistently high.




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