LEGAL SALARY DATAPOINTS

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Eldon Tyrell
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Re: LEGAL SALARY DATAPOINTS

Postby Eldon Tyrell » Wed Aug 10, 2016 9:16 am

Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


Holy shit. How did you do this. Can other people do this.

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Danger Zone
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Re: LEGAL SALARY DATAPOINTS

Postby Danger Zone » Wed Aug 10, 2016 9:18 am

How do I do this?

Abbie Doobie
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Re: LEGAL SALARY DATAPOINTS

Postby Abbie Doobie » Wed Aug 10, 2016 9:34 am

Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


congratulations

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Wed Aug 10, 2016 9:47 am

- 1 Year out of law school but have a few years experience as a patent agent
- In-house patent attorney for a large (F500) company doing mostly outside counsel management
- Been here for a little less than a year, based in a large secondary city (e.g., Boston/Houston/DC)
- $155k base. Yearly raises are expected to be shit.
- Bonus is expected to be 3%-10%, probably around 5%.
- 3 weeks vacation, excellent (and cheap) health benefits, 401k match (~5%), potential for stock options but it will take a few years of accrued seniority.
- Hours: 9-5 and no nights or weekends
- Will probably work this gig for a little while, perhaps until I can find a smaller company where I would have a shot at making chief IP counsel or general counsel .

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Wed Aug 10, 2016 1:58 pm

Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


We had someone from my firm move over to IB, but as an associate. Did you move over as MD? Also, was your UG degree in business/finance/something relevant?

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Wed Aug 10, 2016 4:44 pm

Why are you leaving? Assuming you don't have much debt, this seems like a decent gig.


Possibly earning potential. On top of his presumed salary increase maybe the equivalent of a Corvette his first year, if you can hack it at a law firm your yearly increases are much, much bigger than those in 95% of office jobs that aren't in finance. Added up across several years and the difference can be quite large. Most office workers across the country cross their fingers for their raises to just keep up with inflation.

Also career advancement in-house can be very, very, very slow.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Thu Aug 11, 2016 9:24 am

Eldon Tyrell wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


Holy shit. How did you do this. Can other people do this.


I was picked up by a firm client (and I know I'm very lucky for that). Key for me was that the vast majority of my hours at the firm were billed on matters related to a specific industry. My employer needed to fill a leadership role on the team that addresses that industry.

I've met a few lawyers that made a similar transition to financial institutions (big and small). The transition actually seems sort of common to me with finacial advisors (especially those that do restructuring work).

Anonymous User wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


We had someone from my firm move over to IB, but as an associate. Did you move over as MD? Also, was your UG degree in business/finance/something relevant?


Yes to both questions. And the UG major definately came up in my interview.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Thu Aug 11, 2016 10:38 am

Anonymous User wrote:I've met a few lawyers that made a similar transition to financial institutions (big and small). The transition actually seems sort of common to me with finacial advisors (especially those that do restructuring work).

The investment bank that I work at has an ex lawyer now MD on the business side doing restructuring work. He's definitely making high 6 figures.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Fri Aug 12, 2016 3:15 pm

Bankruptcy/Restructuring lawyers are really versatile.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Fri Aug 12, 2016 3:17 pm

p1921 wrote:
Anonymous User wrote:- 2 Years out of second tier law school. No Law Review. Bad GPA.
- Legal Associate at an investment bank.
- Salary is 97K.
- Bonus is 10-15%.
- 30 vacation days.
- Hours: 9am-7pm.
- Moving to a law firm next year.


Why are you leaving? Assuming you don't have much debt, this seems like a decent gig.



I can stay in the banking world and top out at VP Counsel making 135-185K, or I can try moving to a firm for a few years and come back in-house with a more realistic chance at breaking that VP level.

I also want to gain exposure to a different but related practice area.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Thu Aug 18, 2016 10:31 am

Anonymous User wrote:
Eldon Tyrell wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


Holy shit. How did you do this. Can other people do this.


I was picked up by a firm client (and I know I'm very lucky for that). Key for me was that the vast majority of my hours at the firm were billed on matters related to a specific industry. My employer needed to fill a leadership role on the team that addresses that industry.

I've met a few lawyers that made a similar transition to financial institutions (big and small). The transition actually seems sort of common to me with finacial advisors (especially those that do restructuring work).

Anonymous User wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


We had someone from my firm move over to IB, but as an associate. Did you move over as MD? Also, was your UG degree in business/finance/something relevant?


Yes to both questions. And the UG major definately came up in my interview.


How are your hours so good? Is that typical for others in your industry or at your firm?

Was the learning curve difficult? Despite the finance undergrad, it's obviously been 7-10 years since you've graduated. I have biz econ undergrad degree from top public undergrad but I would have no idea how to do the work at this point. Just curious - and thanks.

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zot1
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Re: LEGAL SALARY DATAPOINTS

Postby zot1 » Thu Aug 18, 2016 10:43 am

Anonymous User wrote:
Anonymous User wrote:
Eldon Tyrell wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


Holy shit. How did you do this. Can other people do this.


I was picked up by a firm client (and I know I'm very lucky for that). Key for me was that the vast majority of my hours at the firm were billed on matters related to a specific industry. My employer needed to fill a leadership role on the team that addresses that industry.

I've met a few lawyers that made a similar transition to financial institutions (big and small). The transition actually seems sort of common to me with finacial advisors (especially those that do restructuring work).

Anonymous User wrote:
Anonymous User wrote:Left big law after 4-6 years, graduated 4-6 years ago
Southern market
MD in a business role at a boutique financial institution
$275k base, top tier benefits, bonus range is low six figures to up to 2.5 times base
8:30-5:30 is typical, leave early most Fridays, light weekend work once or twice a month, 1-2 late nights per month (still home by 8:30), travel a couple days per month.


We had someone from my firm move over to IB, but as an associate. Did you move over as MD? Also, was your UG degree in business/finance/something relevant?


Yes to both questions. And the UG major definately came up in my interview.


How are your hours so good? Is that typical for others in your industry or at your firm?

Was the learning curve difficult? Despite the finance undergrad, it's obviously been 7-10 years since you've graduated. I have biz econ undergrad degree from top public undergrad but I would have no idea how to do the work at this point. Just curious - and thanks.


What's an MD? Assuming it's not a medical doctor.

Abbie Doobie
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Re: LEGAL SALARY DATAPOINTS

Postby Abbie Doobie » Thu Aug 18, 2016 11:01 am

zot1 wrote:What's an MD? Assuming it's not a medical doctor.


managing director

WhiteCollarBlueShirt
Posts: 197
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Re: LEGAL SALARY DATAPOINTS

Postby WhiteCollarBlueShirt » Thu Aug 18, 2016 11:02 am

zot1 wrote: What's an MD? Assuming it's not a medical doctor.


I feel like I'm missing the joke somewhere, but, as said above, it stands for managing director. A typical term used for the client-facing IBD bosses (i.e., often the top of the totem pole on the client side and inside except for the actual internal officers, like a CEO or Partner/Founder).

Typical hierarchy goes: Analyst (straight from UG, often the desirable buyside exit opps), Associate (where most former lawyers/post analyst/post MBA folks go to be career bankers), VP, MD (sometimes with a step before and/or after MD).

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zot1
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Re: LEGAL SALARY DATAPOINTS

Postby zot1 » Thu Aug 18, 2016 11:09 am

WhiteCollarBlueShirt wrote:
zot1 wrote: What's an MD? Assuming it's not a medical doctor.


I feel like I'm missing the joke somewhere, but, as said above, it stands for managing director. A typical term used for the client-facing IBD bosses (i.e., often the top of the totem pole on the client side and inside except for the actual internal officers, like a CEO or Partner/Founder).

Typical hierarchy goes: Analyst (straight from UG, often the desirable buyside exit opps), Associate (where most former lawyers/post analyst/post MBA folks go to be career bankers), VP, MD (sometimes with a step before and/or after MD).


There was no joke there. I was really asking.

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Nebby
amateur huffpo
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Re: LEGAL SALARY DATAPOINTS

Postby Nebby » Fri Aug 19, 2016 12:59 pm

zot1 wrote:
WhiteCollarBlueShirt wrote:
zot1 wrote: What's an MD? Assuming it's not a medical doctor.


I feel like I'm missing the joke somewhere, but, as said above, it stands for managing director. A typical term used for the client-facing IBD bosses (i.e., often the top of the totem pole on the client side and inside except for the actual internal officers, like a CEO or Partner/Founder).

Typical hierarchy goes: Analyst (straight from UG, often the desirable buyside exit opps), Associate (where most former lawyers/post analyst/post MBA folks go to be career bankers), VP, MD (sometimes with a step before and/or after MD).


There was no joke there. I was really asking.

Lol. Fucking Corp bros

WhiteCollarBlueShirt
Posts: 197
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Re: LEGAL SALARY DATAPOINTS

Postby WhiteCollarBlueShirt » Fri Aug 19, 2016 1:23 pm

Nebby wrote:
zot1 wrote:
WhiteCollarBlueShirt wrote:
zot1 wrote: What's an MD? Assuming it's not a medical doctor.


I feel like I'm missing the joke somewhere, but, as said above, it stands for managing director. A typical term used for the client-facing IBD bosses (i.e., often the top of the totem pole on the client side and inside except for the actual internal officers, like a CEO or Partner/Founder).

Typical hierarchy goes: Analyst (straight from UG, often the desirable buyside exit opps), Associate (where most former lawyers/post analyst/post MBA folks go to be career bankers), VP, MD (sometimes with a step before and/or after MD).


There was no joke there. I was really asking.

Lol. Fucking Corp bros


Haha, sorry, didn't know that there were lawyers who didn't know... really thought I was missing a joke, refreshing actually to hear otherwise.

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

Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Mon Aug 22, 2016 12:49 pm

a) Texas mid-size full service firm (60-90 attorneys) (transactional, but salary/bonus structure is same for lit)
b) Recently Started (1 year prior law experience)
c) Texas large city (Austin/Dallas/Fort Worth/Houston/San Antonio)
d) $90k base plus bonus after target billed charges (approx $10k at 1500 hrs; $30k at 1750; $50k at 2000)

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Thu Sep 01, 2016 9:43 pm

I have a question regarding legal summer associate salaries. I was given an offer for $2500 per week based on the typical associate salary. I know I can just multiply the numbers but does anyone know what they think the base salary would be from this?

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p1921
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Re: LEGAL SALARY DATAPOINTS

Postby p1921 » Thu Sep 01, 2016 10:05 pm

Anonymous User wrote:I have a question regarding legal summer associate salaries. I was given an offer for $2500 per week based on the typical associate salary. I know I can just multiply the numbers but does anyone know what they think the base salary would be from this?


$2,500 x (52 weeks/year) = $130k

I would expect $130k. Makes sense since I think most SA salaries were generally a little over $3k/week when market base was $160k.

Edit: just read through that, sound like a dick. Didn't mean to sound like a dick, my apologies.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Thu Sep 01, 2016 11:14 pm

After 2 summers as an SA, stayed for 1½ years at a NYC V…. $175k (left slightly prior to the recent lockstep raises). Moved to a marginally smaller V for $175k with much lower taxes and COL and great weather.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Fri Sep 02, 2016 9:14 am

Does anyone know the starting salary at Fragomen NY? Glassdoor says ~140k, but not sure how reliable that site is.

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Fri Sep 02, 2016 12:24 pm

Anonymous User wrote:After 2 summers as an SA, stayed for 1½ years at a NYC V…. $175k (left slightly prior to the recent lockstep raises). Moved to a marginally smaller V for $175k with much lower taxes and COL and great weather.


So you moved from NY to CA? Also, how were you making $175 when it used to be $170 for second years?

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Tue Sep 06, 2016 11:56 pm

Anonymous User wrote:Third year associate at Hong Kong office of New York firm.

Base: 185,000
Cost of Living Adjustment: ~100,000
Bonus: NY market (25,000 as a second year)


How does this work with the bar, do you take the NY bar or a HK equivalent?

Anonymous User
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Re: LEGAL SALARY DATAPOINTS

Postby Anonymous User » Sat Sep 10, 2016 3:30 pm

Job: First year litigation associate at mid-sized firm
Experience: Right out of law school, 0 yrs
Where: SF Bay Area
Salary: 125k and potential for merit and/or hours bonuses

Hours: 8:30am ish - 6:00pm ish (1800 billable requirement)

I know I am very fortunate to have snagged this... plus I am from one of the lower ranked Bay Area schools (outside of T14) and did not do a summer associate position during 2L summer. Top 10% of class.




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