Biglaw Income Partner Taking Qs

(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.
Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:09 pm

Reporting season is wrapping up and I just pushed some things off my desk. Happy to answer Qs for a bit.

User avatar
lhanvt13
Posts: 2379
Joined: Wed Jun 09, 2010 12:59 am

Re: Biglaw Income Partner Taking Qs

Postby lhanvt13 » Mon Jan 26, 2015 4:10 pm

What kind of work and which region?

Thanks for taking Qs btw

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:12 pm

lhanvt13 wrote:What kind of work and which region?

Thanks for taking Qs btw


Cap Markets, Chicago

User avatar
ballcaps
Posts: 527
Joined: Tue Oct 14, 2014 12:20 pm

Re: Biglaw Income Partner Taking Qs

Postby ballcaps » Mon Jan 26, 2015 4:12 pm

how did you feel about biglaw when you first started? how do you feel about it now?

how long did it take you to make partner?

thanks!

User avatar
JohannDeMann
Posts: 13831
Joined: Wed Mar 12, 2014 4:25 pm

Re: Biglaw Income Partner Taking Qs

Postby JohannDeMann » Mon Jan 26, 2015 4:16 pm

nonequity partner's salary?

User avatar
Cobretti
Posts: 2560
Joined: Tue Aug 21, 2012 12:45 am

Re: Biglaw Income Partner Taking Qs

Postby Cobretti » Mon Jan 26, 2015 4:18 pm

What are your thoughts on the Chicago market compared to other major markets? Anything you particularly like or dislike about it?

Financially speaking how do you see Chicago doing for now, and where do you see it going in the future?

Thanks

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:19 pm

ballcaps wrote:how did you feel about biglaw when you first started? how do you feel about it now?

how long did it take you to make partner?

thanks!


First couple years I was completely lost but had a great group of mentors, a few typical biglaw colleagues that made some days more miserable than others. I like most parts of firm life now, there are some big exceptions, though.

Pros:

Work/clients and training quality
Pay
Colleagues
Autonomy

Cons:

Business development pressure
Work > life, most of the time
Some colleagues/clients
Billing

It took me 7 years to make income partner here. If I had to handicap making equity, I would give myself like a 15% chance.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:21 pm

JohannDeMann wrote:nonequity partner's salary?


Salary is essentially the same as senior level associates or counsel in other biglaw firms, a little more here. Bonuses are where the real money comes in and can be essentially the same as salary. However, bonuses are not lockstep and some of my colleagues make less now than they did as associates. Fair amount of politics go into pay and that's kind of rough. Also if you have good client relationships the bonus can really grow, even if you are not exactly bringing the business in.

User avatar
fats provolone
Posts: 7125
Joined: Thu Oct 30, 2014 4:44 pm

Re: Biglaw Income Partner Taking Qs

Postby fats provolone » Mon Jan 26, 2015 4:24 pm

did you consider leaving when you were an associate? if so why'd you stay?

FSK
Posts: 6339
Joined: Tue Oct 15, 2013 2:47 pm

Re: Biglaw Income Partner Taking Qs

Postby FSK » Mon Jan 26, 2015 4:24 pm

What would push you into the 15% chance of making equity? Building your own book of business w/growth potential? Inheriting some clients? Other factors?

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:24 pm

Cobretti wrote:What are your thoughts on the Chicago market compared to other major markets? Anything you particularly like or dislike about it?

Financially speaking how do you see Chicago doing for now, and where do you see it going in the future?

Thanks


Chicagoland is home to a good deal of large public companies and private equity firms so the legal market is doing really well. I think Chicago is coming back steadily. Housing market here has recovered and is experiencing healthy gains. There are obviously a great deal of factors that will affect the future but I think the metro area is on a good course. Barring another housing crisis/similar crisis, the next 5-10 looks solid here. I'm not a real expert on the economy but business is strong.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:39 pm

fats provolone wrote:did you consider leaving when you were an associate? if so why'd you stay?


I would venture to guess that everyone thinks about leaving at least a few times. My mentor still jokes that he is waiting for a better gig to come along. He is probably one of the top ten lawyers in the country in his field.

I stayed because my particular firm has a clear path to income partner (and it is well known in the industry also, I'm sure you know what firm I am at but would rather not confirm); I also stayed because of my practice group/the people in it. It is a nice community and very supportive. Finally, I stayed because it seemed like I would not find a better position for my personality/skill set. My colleagues who went to gov seem to be happy but they work a good deal and make a lot less; they also mention missing the firm/work/ money. In house seems cool from the outside but it's a lot of project management and I kind of like getting in the weeds on things.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 4:41 pm

flawschoolkid wrote:What would push you into the 15% chance of making equity? Building your own book of business w/growth potential? Inheriting some clients? Other factors?


1. a great relationship with my mentor, senior equity partner in the group; 2. my own contacts (comparably laughable to most clients at the firm); 3. playing firm politics better than others; 4. ability to communicate well with clients and "bosses"

User avatar
ExBiglawAssociate
Posts: 2080
Joined: Thu Sep 13, 2012 7:06 pm

Re: Biglaw Income Partner Taking Qs

Postby ExBiglawAssociate » Mon Jan 26, 2015 5:05 pm

Anonymous User wrote:
fats provolone wrote:did you consider leaving when you were an associate? if so why'd you stay?


I would venture to guess that everyone thinks about leaving at least a few times. My mentor still jokes that he is waiting for a better gig to come along. He is probably one of the top ten lawyers in the country in his field.

I stayed because my particular firm has a clear path to income partner (and it is well known in the industry also, I'm sure you know what firm I am at but would rather not confirm); I also stayed because of my practice group/the people in it. It is a nice community and very supportive. Finally, I stayed because it seemed like I would not find a better position for my personality/skill set. My colleagues who went to gov seem to be happy but they work a good deal and make a lot less; they also mention missing the firm/work/ money. In house seems cool from the outside but it's a lot of project management and I kind of like getting in the weeds on things.


Do the income partner bonuses also SHATTER the market?

User avatar
JohannDeMann
Posts: 13831
Joined: Wed Mar 12, 2014 4:25 pm

Re: Biglaw Income Partner Taking Qs

Postby JohannDeMann » Mon Jan 26, 2015 5:18 pm

If you could do it all over again would you - going to law school I mean ? Do you have a family? Longest vacation you've taken in biglaw? Billables arch over career?

User avatar
fats provolone
Posts: 7125
Joined: Thu Oct 30, 2014 4:44 pm

Re: Biglaw Income Partner Taking Qs

Postby fats provolone » Mon Jan 26, 2015 5:19 pm

^ good question. also curious what you did before law school

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 5:46 pm

Biglaw_Associate_V20 wrote:
Anonymous User wrote:
fats provolone wrote:did you consider leaving when you were an associate? if so why'd you stay?


I would venture to guess that everyone thinks about leaving at least a few times. My mentor still jokes that he is waiting for a better gig to come along. He is probably one of the top ten lawyers in the country in his field.

I stayed because my particular firm has a clear path to income partner (and it is well known in the industry also, I'm sure you know what firm I am at but would rather not confirm); I also stayed because of my practice group/the people in it. It is a nice community and very supportive. Finally, I stayed because it seemed like I would not find a better position for my personality/skill set. My colleagues who went to gov seem to be happy but they work a good deal and make a lot less; they also mention missing the firm/work/ money. In house seems cool from the outside but it's a lot of project management and I kind of like getting in the weeds on things.


Do the income partner bonuses also SHATTER the market?


Haha, have heard that some really do but also heard horror stories the other way. Those are the attorneys that will most likely get pushed out. Contrary to popular belief, they do not push all income partners out and we have some income partners that will stay in their roles for as long as they want.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 5:48 pm

JohannDeMann wrote:If you could do it all over again would you - going to law school I mean ? Do you have a family? Longest vacation you've taken in biglaw? Billables arch over career?


I would like to think I would do something else, knowing what I know now. I always wanted to be more creative or work in sports/coaching. But then again, I had those chances before and took the "safer" route. I do have a family (wife and multiple children). I have taken three weeks off to go to Europe (not a honeymoon); vacation is pretty well respected around here and pretty much everyone seems to take it. Which is pretty rare, I am told.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 5:51 pm

fats provolone wrote:^ good question. also curious what you did before law school


I worked for two years between law school and undergrad in public policy.

lawschoolftw
Posts: 338
Joined: Wed Oct 21, 2009 2:34 pm

Re: Biglaw Income Partner Taking Qs

Postby lawschoolftw » Mon Jan 26, 2015 6:06 pm

What qualities, habits, etc. do you value in an associate who works for you?

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 6:15 pm

[Anonymous because I'm pretty sure I'm going to summer at this firm..]

How does office politics influence your work? I'm going to assume that--like most Chicago firms--your firm does not employ a rotation system. When you were coming up the ranks, did having to find your own work and manage/find relationships add another layer of stress or did it help? A part of me is beginning to think life might just be easier to just have my work and partners assigned to me.

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 6:39 pm

Thanks for this thread its invaluable

Just a few quick q's (1L here)

-Did you work at your firm since your 1L summer? If not what did you do?
-If one can't land a SA at a biglaw firm their first summer, what looks second best? Is it biglaw or bust?
-Any advice on job hunting for your 1L summer?

Anonymous User
Posts: 273140
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw Income Partner Taking Qs

Postby Anonymous User » Mon Jan 26, 2015 6:41 pm

lawschoolftw wrote:What qualities, habits, etc. do you value in an associate who works for you?


Meeting deadlines and being up front about shortcomings or any issues. We all started out not knowing anything and the associates who admit this and show a genuine interest in learning are ones that I will mentor. In my practice area associates need to be extremely detail oriented and highly organized.
Last edited by Anonymous User on Mon Jan 26, 2015 6:53 pm, edited 1 time in total.

User avatar
Ron Don Volante
Posts: 899
Joined: Wed Nov 05, 2014 2:26 pm

Re: Biglaw Income Partner Taking Qs

Postby Ron Don Volante » Mon Jan 26, 2015 6:45 pm

Nothing profound to ask but just stopping in to say thanks for doing this; really great thread so far.

User avatar
mmelittlechicken
Posts: 4680
Joined: Fri Oct 31, 2014 12:34 am

Re: Biglaw Income Partner Taking Qs

Postby mmelittlechicken » Mon Jan 26, 2015 6:46 pm

Ron Don Volante wrote:Nothing profound to ask but just stopping in to say thanks for doing this; really great thread so far.

+1. Stopped by to say this. Great thread.




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.