Attrition at V5 (NY)

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Old Gregg
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Joined: Thu Sep 01, 2011 1:26 pm

Re: Attrition at V5 (NY)

Postby Old Gregg » Sun May 19, 2013 10:48 am

Anonymous User wrote:
Fresh Prince wrote:
Anonymous User wrote:
Anonymous User wrote:Surprised how?

I kind of thought that lateraling meant a bigger jump down the prestige scale. I always figured that the VXX would prefer their homegrown candidates over laterals who couldn't cut it at a V10. I made the assumption that people are lateraling to places where they think they have partnership chances, but maybe i'm off about that.

You are.

Why would people lateral to similarly situated firms? If they were pushed out, why would other firms want them?

I don't get it.

Other firms don't know if you're getting pushed out.

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Joined: Tue Aug 17, 2010 9:09 am

Re: Attrition at V5 (NY)

Postby itbdvorm » Sun May 19, 2013 11:58 am

[quote="Fresh Prince
Other firms don't know if you're getting pushed out.[/quote]

This is sadly true.

People make the jump for one of a # of reasons (any/all of which may be the stated reason for the move), such as:

"I want to do X, and I couldn't really do X at Old Firm, but New Firm is better at doing X"

"Given the limited opportunities for partnership at Old Firm, I wanted to move to New Firm where I thought I would have a chance at a long term career"

"I was the best associate in practice group X at Old Firm, and New Firm is really an industry leader, so I want to take my skills to the next level"

really comes down to (and this order is not meant to tie to the above):

-pushed out because they can't hack it
-trying to "trade up" as a junior/mid-level
-trying to "trade down" because old firm is too "hard" / they're not good enough / pre-push
-hate the culture

I rarely see "trade-downs" work unless it's an exponential one or at a senior level when a good person just isn't good enough. The 4th year who thinks life will be better at Sidley than it was at Cravath will be wrong.

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Old Gregg
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Re: Attrition at V5 (NY)

Postby Old Gregg » Sun May 19, 2013 12:20 pm

I can see Cravath being harder than Sidley in that billing 2900 hours is worse than billing 2500 hours.

But 2500 hours is still a lot and isn't really the lifestyle a burnt out Cravath associate is seeking.

From my research, seems like there are plenty of firms content with you billing 2000 or just a little less. After billing 2900, that's definitely a lifestyle change.

Of course, the over achiever in me gets worried that I'm gonna get fired if I bill less than 2000 because that means that there isn't enough work to support my job...

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