Starting pay of a 2nd year associate at BigLaw?

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Starting pay of a 2nd year associate at BigLaw?

Postby Anonymous User » Wed Mar 14, 2018 9:04 am

Hi,

I was talking to a partner in NYC who mentioned that he had work experience (not in law - he was a salesman) when he started, and started his pay at the rate of a 2nd year associate.

Is that something that still happens? How many years of experience would one need beforehand (I spent 6 years in banking). Are there any firms known for doing this regularly?

Thanks for any answers.

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby Anonymous User » Wed Mar 14, 2018 10:37 am

I've heard of a former patent agent who had a Ph.D. and then went to law school get a year's bump in pay when returning the firm to do IP transactions work.

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nealric

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby nealric » Wed Mar 14, 2018 11:18 am

Anonymous User wrote:Hi,

I was talking to a partner in NYC who mentioned that he had work experience (not in law - he was a salesman) when he started, and started his pay at the rate of a 2nd year associate.

Is that something that still happens? How many years of experience would one need beforehand (I spent 6 years in banking). Are there any firms known for doing this regularly?

Thanks for any answers.


Advanced standing is quite rare, and it seems very unlikely for non-law related jobs. I can see it happening for something like a patent agent with a PHD who will be doing essentially the same thing they were doing before they got the JD. Plenty of people with ibanking or big4 experience prior to law school do not get advanced standing.

As a general matter, you probably don't want to start as a second year. It means higher billing rates, higher expectations, and less time to get up to snuff for partnership.

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby Anonymous User » Wed Mar 14, 2018 11:33 am

Are you currently in law school? I think it would be near-impossible to do this if you're coming in through the OCI process. At a firm that either doesn't do OCI or where you have somehow ended up being treated more as a lateral candidate rather than a law student, there is at least a theoretical possibility, but I think your odds are very slim.

Someone in my practice group was in-house for a few years prior to joining the firm and I'm not positive but have gotten the sense that he has a different economic deal than other associates who graduated from law school the same year as he did, but don't know the specifics. My firm has been known in recent years for throwing money at this practice area and I think it's unlikely that it's very common to get a deal like this.

1styearlateral

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby 1styearlateral » Wed Mar 14, 2018 11:36 am

Pretty sure clerks don't lose class year but idk if it's universally true.

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nealric

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby nealric » Wed Mar 14, 2018 1:52 pm

1styearlateral wrote:Pretty sure clerks don't lose class year but idk if it's universally true.


Yes, clerks are usually a different case, although class year can be a bit of negotiation for people who didn't clerk right out of school or clerked for multiple years.

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby Anonymous User » Wed Mar 14, 2018 6:51 pm

I work at a V20 and we give signing bonuses and class year bumps (both salary and end of year bonus) to anyone that also has an MBA.

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Re: Starting pay of a 2nd year associate at BigLaw?

Postby BenJ » Wed Mar 14, 2018 7:31 pm

Anonymous User wrote:I work at a V20 and we give signing bonuses and class year bumps (both salary and end of year bonus) to anyone that also has an MBA.


People who did the JD/MBA definitely start a class year ahead in salary at my firm. I think it's more or less automatic. Not sure whether that's also true for people who already had an MBA before law school. I think that would be more on a case-by-case basis.



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