Plaintiffs Securities Litigation Lawyer Taking Qs

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Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 11:07 am

Many law students don't know about this field (it was never on my radar when I was in law school), so thought I'd take some Qs on this.

Some background about me: graduated from a T6 during the height of the recession. Went straight into plaintiff's securities lit on advice from a friend. Currently a mid-level associate (4th to 6th year).

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 11:44 am

What's the general starting salary at a shop like this and what do the salary increases look like a year?

What if any are the typical exit options/are you at the same firm you started with?

Do you practice securities exclusively or other related practices as well?

How many hours are you billing a year?

How likely are you to make partner and what's the trajectory?

How does client acquisition work in the field?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 11:49 am

Which market are you in?

Are there any markets that you cannot really practice this type of work in? i.e. is it New York Centric?

Do you enjoy your work?

What does the future of this practice area look like?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 12:29 pm

Anonymous User wrote:What's the general starting salary at a shop like this and what do the salary increases look like a year?

What if any are the typical exit options/are you at the same firm you started with?

Do you practice securities exclusively or other related practices as well?

How many hours are you billing a year?

How likely are you to make partner and what's the trajectory?

How does client acquisition work in the field?


1. I started in the 70-80K range. Now I'm in the 180K-200K range as a mid-level.

2. I'm at the same firm. Exit options are not great - - most viable exit is to another firm doing the same thing.

3. Exclusively securities class action matters.

4. About 1700-1800 hours a year.

5. Hard to say. There is no "trajectory" like in biglaw. I guess it will depend on the growth of the firm, the coming/departure of attorneys, and how many partners they want to have for the firm.

6. The goal is to get institutional clients (e.g. funds, pensions, etc.) which provides a more stable clientele and ability to get big cases. Otherwise, you have to rely on individual investors who "sign up" after you issue a press release about a particular lawsuit.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 12:37 pm

Anonymous User wrote:What's the general starting salary at a shop like this and what do the salary increases look like a year?

What if any are the typical exit options/are you at the same firm you started with?

Do you practice securities exclusively or other related practices as well?

How many hours are you billing a year?

How likely are you to make partner and what's the trajectory?

How does client acquisition work in the field?


1. One of NYC/LA

2. Geographically this is pretty flexible. There are lots of such firms in NY/LA (just as there are lots of other firms in those cities), but you can also find many plaintiffs securities firms in secondary cities.

3. Yes I do. Work is interesting and challenging...mixture of law, finance, and economics. You're typically up against biglaw firms, so you're generally facing the best competition there is.

4. Field generally looks pretty stable to me. I think the most notable trend in recent years is that rather than 1-2 big plaintiffs firms dominating the field, now there are lots of smaller firms each with a piece of the pie.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby deepseapartners » Sat Jan 28, 2017 1:34 pm

Does a typical day for you look substantively different than a typical day for a midlevel associate at a Biglaw firm?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby sublime » Sat Jan 28, 2017 1:55 pm

How is your firm regarded among plaintiffs lawyers? Assuming well, how do you feel about shitty plaintiffs lawyers?

How do you feel about defense lawyers?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby nonever » Sat Jan 28, 2017 4:04 pm

sublime wrote:How is your firm regarded among plaintiffs lawyers? Assuming well, how do you feel about shitty plaintiffs lawyers?

How do you feel about defense lawyers?


Going off this: Who do you consider the strongest plaintiffs' firms? Who do you consider the strongest defense firms?

Do you foresee any impact on the field under the Trump administration, or do you view it as relatively stable?

What advice would you give a junior plaintiffs' securities litigator?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 4:05 pm

deepseapartners wrote:Does a typical day for you look substantively different than a typical day for a midlevel associate at a Biglaw firm?


I've never worked in biglaw so I can't speak to what a "typical" day is for biglaw associates.

Not sure whether I have a typical day either. I run/manage my own cases, so depending on what is going on in those cases, my days can be quite different. Some days I might be doing legal research and writing a brief, other days I might be in court, or prepping for a deposition, etc.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 4:10 pm

sublime wrote:How is your firm regarded among plaintiffs lawyers? Assuming well, how do you feel about shitty plaintiffs lawyers?

How do you feel about defense lawyers?


I wouldn't say we're one of the "top" plaintiffs firms, but we are very active and well-known in our field.

Bad/unethical plaintiffs lawyers give us a bad name. When they do sloppy work and file sloppy briefs, it impacts how judges view the plaintiff's bar.

My experience with defense lawyers has ran the gamut. Some are good people doing good work, some are downright deceitful and I wouldn't trust with a piggy bank.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 4:19 pm

nonever wrote:
sublime wrote:How is your firm regarded among plaintiffs lawyers? Assuming well, how do you feel about shitty plaintiffs lawyers?

How do you feel about defense lawyers?


Going off this: Who do you consider the strongest plaintiffs' firms? Who do you consider the strongest defense firms?

Do you foresee any impact on the field under the Trump administration, or do you view it as relatively stable?

What advice would you give a junior plaintiffs' securities litigator?


The strongest plaintiffs firms, in my opinion, are probably Bernstein Litowitz, Robbins Geller, and Labaton Sucharow. On the defense side, I've been impressed by O'Melveny Myers, Simpson Thacher, Skadden and Weil Gotshal.

I don't really see any major changes in this field under Trump. A few years ago the Supreme Court decided the Halliburton case (concerning whether plaintiffs can rely on fraud-on-the-market to establish reliance), I don't see any other game-changers on the horizons.

My advice to junior plaintiffs attorneys is to try to work on each stage of a securities class action. These cases are long and complicated, Don't allow yourself to be pigeonholed into one specific aspect of these cases. I.e. don't just be a case initiation attorney, or discovery attorney, or only be in charge of settlements. Try to get experience in every aspect of a case from inception to conclusion - that's the only way to truly understand these cases.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 7:28 pm

Are your bonuses tied to case wins?

How big is your office and how has that impacted your workload?

Do you do any work in client acquisition re: the bigger funds? If so what does that entail?

Does your office typically promote from within?

Do you do any case evaluation? What's that process like?

Have you ever thought of jumping to the defense side? Have you been approached by any head hunters?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 7:29 pm

Double post

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sat Jan 28, 2017 8:32 pm

Thank you for taking the time to answer questions. There is so little information out there on plaintiffs side opportunities, and every little bit really helps. Here are a few questions:

1. Did the salary info you gave above include bonus? How variable is your bonus?

2. If you know, how does your salary compare to the "top" securities firms you identified? How about hours?

3. Do you have a sense of what partners at your firm make? Is it highly variable within the firm? Do partners work similar hours to you?

4. If you got a call from one of the top defense firms you listed and they offered you a job, would you take it? What do you think the major pros/cons would be?

5. If you were interested in going out on your own, do you think that would be a realistic option someday?

6. Do you know anything about other plaintiff side subspecialties? I'm particularly interested in what life is like at a mass tort or higher end PI shop.

7. What, other than timekeeping, is worst part of your job?

Sorry if these are a little strange. Thanks!

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sun Jan 29, 2017 1:46 am

Do you know what the salary/bonus range is for one of the strong plaintiff's side firms you mentioned above (Bernstein/Robbins)?

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Mon Apr 09, 2018 12:21 pm

Wanted to resurrect this thread because this practice area is super interesting...

Does anyone else have experience in plaintiff's securities work? Would love to know more.

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Fri Apr 27, 2018 10:22 am

Bump

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Re: Plaintiffs Securities Litigation Lawyer Taking Qs

Postby Anonymous User » Sun Apr 29, 2018 6:08 pm

BUMP. Definitely interested in hearing your response to some of the questions asked. I actually work in Plaintiffs Securities Lit and am getting paid very little as a first year!!! Would love to hear from you about how easy or difficult it is to switch firms, average salary, etc.



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