law firm partner salaries

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jdubb990
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Re: law firm partner salaries

Postby jdubb990 » Sun Nov 21, 2010 5:05 pm

One of my teachers said he was billing $400 an hour sometimes. I thought about how much money I would have made with that rate based on the hours studying I did the past 2 days, lets just say I could go buy a really nice car today. :D

Aqualibrium
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Re: law firm partner salaries

Postby Aqualibrium » Sun Nov 21, 2010 5:09 pm

jdubb990 wrote:One of my teachers said he was billing $400 an hour sometimes. I thought about how much money I would have made with that rate based on the hours studying I did the past 2 days, lets just say I could go buy a really nice car today. :D



Billing $400/hr /= making $400/hr.

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gwuorbust
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Re: law firm partner salaries

Postby gwuorbust » Sun Nov 21, 2010 5:12 pm

quakeroats wrote:
nealric wrote:
If you save 250k a year for 40 years at 9% you'd have $100 million.


I don't think there are too many biglaw partners, even at the end of their career, worth more than $10-$20 million.


Perhaps that's because accumulating $100 million isn't necessary. Again, what exactly can't one afford with $1-3 million a year--which is increasing well over the rate of inflation--and a modest rate of savings?


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clintonius
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Re: law firm partner salaries

Postby clintonius » Sun Nov 21, 2010 5:17 pm

Aqualibrium wrote:
jdubb990 wrote:One of my teachers said he was billing $400 an hour sometimes. I thought about how much money I would have made with that rate based on the hours studying I did the past 2 days, lets just say I could go buy a really nice car today. :D



Billing $400/hr /= making $400/hr.

Indeed. Though $400/hour is less than the second-year associate rate at a lot of big firms.

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ResolutePear
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Re: law firm partner salaries

Postby ResolutePear » Sun Nov 21, 2010 6:11 pm

This is why you guys fail: You think too small.

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jdubb990
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Re: law firm partner salaries

Postby jdubb990 » Sun Nov 21, 2010 6:38 pm

clintonius wrote:
Aqualibrium wrote:
jdubb990 wrote:One of my teachers said he was billing $400 an hour sometimes. I thought about how much money I would have made with that rate based on the hours studying I did the past 2 days, lets just say I could go buy a really nice car today. :D



Billing $400/hr /= making $400/hr.

Indeed. Though $400/hour is less than the second-year associate rate at a lot of big firms.


True, but depending on where you are, someone making $400 an hour could end up making more than the other person making double that. Ex: $400/hr. in Mississipi vs. $650/hr. NYC, I think we know who is getting more for their efforts in that instance.

Aqualibrium
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Re: law firm partner salaries

Postby Aqualibrium » Sun Nov 21, 2010 6:47 pm

jdubb990 wrote:
clintonius wrote:
Aqualibrium wrote:
jdubb990 wrote:One of my teachers said he was billing $400 an hour sometimes. I thought about how much money I would have made with that rate based on the hours studying I did the past 2 days, lets just say I could go buy a really nice car today. :D



Billing $400/hr /= making $400/hr.

Indeed. Though $400/hour is less than the second-year associate rate at a lot of big firms.


True, but depending on where you are, someone making $400 an hour could end up making more than the other person making double that. Ex: $400/hr. in Mississipi vs. $650/hr. NYC, I think we know who is getting more for their efforts in that instance.



Again, billing out at $400 an hour does not mean you are making $400 an hour. For example, lets say a first year associate's work bills out at anywhere from 200-300 an hour at a major firm. Said associate makes $160,000 year and has a billable requirement of 2000 hours. If the associate only bills those 2000 hours, he/she made $80.00 per hour that year.

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jdubb990
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Re: law firm partner salaries

Postby jdubb990 » Sun Nov 21, 2010 6:55 pm

Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

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clintonius
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Re: law firm partner salaries

Postby clintonius » Sun Nov 21, 2010 7:05 pm

jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?
For $160k flat, you can bill as many hours as you want! It's a great deal for EVERYBODY!

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Sauer Grapes
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Re: law firm partner salaries

Postby Sauer Grapes » Sun Nov 21, 2010 7:06 pm

jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

No, they actually encourage you to work hundreds of hours over the required amount.

You may not realize that big law associates don't make overtime. They may get a bigger bonus though.

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Re: law firm partner salaries

Postby Aqualibrium » Sun Nov 21, 2010 7:25 pm

jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?



I still think you're not quite getting it.

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JazzOne
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Re: law firm partner salaries

Postby JazzOne » Sun Nov 21, 2010 7:30 pm

jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

lol

For my Civil Procedure class, I read about this lawyer in Chicago who billed 4,000 hours one year. The Bar investigated because the number was so high, but the clients verified the bills. They loved this guy! He worked 12+ hours every day for a year. Welcome aboard!

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ResolutePear
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Re: law firm partner salaries

Postby ResolutePear » Sun Nov 21, 2010 7:34 pm

JazzOne wrote:
jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

lol

For my Civil Procedure class, I read about this lawyer in Chicago who billed 4,000 hours one year. The Bar investigated because the number was so high, but the clients verified the bills. They loved this guy! He worked 12+ hours every day for a year. Welcome aboard!


I somehow see myself being a guy like that. I always loved worked from 8-9... makes the days I do decide to leave at 5-6 or get to work at 9 feel like I'm cheating the system.

Aqualibrium
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Re: law firm partner salaries

Postby Aqualibrium » Sun Nov 21, 2010 7:36 pm

JazzOne wrote:
jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

lol

For my Civil Procedure class, I read about this lawyer in Chicago who billed 4,000 hours one year. The Bar investigated because the number was so high, but the clients verified the bills. They loved this guy! He worked 12+ hours every day for a year. Welcome aboard!



Tried to google that. Couldn't find anything, but found this:

--LinkRemoved--

NYAssociate
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Re: law firm partner salaries

Postby NYAssociate » Sun Nov 21, 2010 7:38 pm

Coming out of hiding to say a few things:

I don't understand the argument here. Most biglaw partners don't make enough money to have silk toilet paper? Sure... but who cares?

Partner making $1 million in NYC can't live comfortably? You need to adjust your definition of comfort.

People live in nicer places for cheaper in Chicago? Very true, and I'm jealous of those who live there. Am I going to move to Chicago? No. I love New York City. I love it more than Chicago. This is the only life I get to live (as far as I know), so I'll take the salary hit to be in a city I want to be in. If you like Chicago more than NYC, then more power to you. If life can be quantified in nickels and dimes, then Chicago makes more sense than NYC.

I remember my friend got some very prestigious job in NYC (V5 yadda yadda) and a 160,000$ job in some secondary market for a non-peer firm. He chose the latter. In my mind, I sort of made fun of him. A few years later, I now believe: Different folks, different strokes.

Law is good for one thing and one thing only when it comes to money:

If you want to make a lot of money, but also want to practice law, law is the right choice.

Probably the reason the profession has such high dissatisfaction levels is that probably 90% of those who enter the profession don't really know that they want to practice law, and a good majority of them end up hating it.

Caveat Emptor.

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JazzOne
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Re: law firm partner salaries

Postby JazzOne » Sun Nov 21, 2010 7:43 pm

Aqualibrium wrote:
JazzOne wrote:
jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

lol

For my Civil Procedure class, I read about this lawyer in Chicago who billed 4,000 hours one year. The Bar investigated because the number was so high, but the clients verified the bills. They loved this guy! He worked 12+ hours every day for a year. Welcome aboard!



Tried to google that. Couldn't find anything, but found this:

--LinkRemoved--

I'm having trouble finding it on the web too, but it was a genuine story. There was more to it. This other woman had billed an insane amount of hours, and when she got caught, she pointed the finger at the 4,000-hour dude. The Bar investigated; he was clean, but she went down. Her husband was also the Managing Partner of some other firm, and I think he was funneling business to her fir or doing something illegal. Also, the firms were over billing one of the big banks, so it ended up being a big deal. I can't believe this is proving so difficult to find. I'll keep looking.
Last edited by JazzOne on Sun Nov 21, 2010 7:46 pm, edited 1 time in total.

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IAFG
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Re: law firm partner salaries

Postby IAFG » Sun Nov 21, 2010 7:43 pm

NYAssociate wrote:Coming out of hiding to say a few things:

I don't understand the argument here. Most biglaw partners don't make enough money to have silk toilet paper? Sure... but who cares?

Partner making $1 million in NYC can't live comfortably? You need to adjust your definition of comfort.

People live in nicer places for cheaper in Chicago? Very true, and I'm jealous of those who live there. Am I going to move to Chicago? No. I love New York City. I love it more than Chicago. This is the only life I get to live (as far as I know), so I'll take the salary hit to be in a city I want to be in. If you like Chicago more than NYC, then more power to you. If life can be quantified in nickels and dimes, then Chicago makes more sense than NYC.

I remember my friend got some very prestigious job in NYC (V5 yadda yadda) and a 160,000$ job in some secondary market for a non-peer firm. He chose the latter. In my mind, I sort of made fun of him. A few years later, I now believe: Different folks, different strokes.

Law is good for one thing and one thing only when it comes to money:

If you want to make a lot of money, but also want to practice law, law is the right choice.

Probably the reason the profession has such high dissatisfaction levels is that probably 90% of those who enter the profession don't really know that they want to practice law, and a good majority of them end up hating it.

Caveat Emptor.

i was wondering when you were going to chime in.

once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...

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ResolutePear
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Re: law firm partner salaries

Postby ResolutePear » Sun Nov 21, 2010 7:45 pm

IAFG wrote:
NYAssociate wrote:Coming out of hiding to say a few things:

I don't understand the argument here. Most biglaw partners don't make enough money to have silk toilet paper? Sure... but who cares?

Partner making $1 million in NYC can't live comfortably? You need to adjust your definition of comfort.

People live in nicer places for cheaper in Chicago? Very true, and I'm jealous of those who live there. Am I going to move to Chicago? No. I love New York City. I love it more than Chicago. This is the only life I get to live (as far as I know), so I'll take the salary hit to be in a city I want to be in. If you like Chicago more than NYC, then more power to you. If life can be quantified in nickels and dimes, then Chicago makes more sense than NYC.

I remember my friend got some very prestigious job in NYC (V5 yadda yadda) and a 160,000$ job in some secondary market for a non-peer firm. He chose the latter. In my mind, I sort of made fun of him. A few years later, I now believe: Different folks, different strokes.

Law is good for one thing and one thing only when it comes to money:

If you want to make a lot of money, but also want to practice law, law is the right choice.

Probably the reason the profession has such high dissatisfaction levels is that probably 90% of those who enter the profession don't really know that they want to practice law, and a good majority of them end up hating it.

Caveat Emptor.

i was wondering when you were going to chime in.

once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...


I'll gladly trade my currently issues with those :lol:

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JazzOne
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Re: law firm partner salaries

Postby JazzOne » Sun Nov 21, 2010 7:48 pm

IAFG wrote:once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...

Will it piss off the partners if I buy a ZR1? I mean, Bentley is ridic, but I do want something nice to ride in every morning. Been looking at cars lately, spending my make-believe-millions. I really like the Audi R8, but it's just not worth the money when the ZR1 is so affordable.

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Re: law firm partner salaries

Postby NYAssociate » Sun Nov 21, 2010 7:50 pm

once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...


It's a cycle. People in college/0Ls think making $160,000 is models and bottles. Reality hits, and it's not the case. This cycle is getting more visible only because of technological advancements. In 1995, it was hard for associates to gather in the way that is done today (i.e., online). Collectively, associates have a louder voice than in isolation.

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IAFG
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Re: law firm partner salaries

Postby IAFG » Sun Nov 21, 2010 7:50 pm

JazzOne wrote:
IAFG wrote:once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...

Will it piss off the partners if I buy a ZR1? I mean, Bentley is ridic, but I do want something nice to ride in every morning. Been looking at cars lately, spending my make-believe-millions. I really like the Audi R8, but it's just not worth the money when the ZR1 is so affordable.

know what won't piss off anyone? paying off your loans ASAP

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IAFG
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Re: law firm partner salaries

Postby IAFG » Sun Nov 21, 2010 7:53 pm

NYAssociate wrote:
once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...


It's a cycle. People in college/0Ls think making $160,000 is models and bottles. Reality hits, and it's not the case. This cycle is getting more visible only because of technological advancements. In 1995, it was hard for associates to gather in the way that is done today (i.e., online). Collectively, associates have a louder voice than in isolation.

iono i think it's because ITE 1Ls are worried about getting a job at all, not a prestigious one, and 2Ls are worried about getting an offer, not about cars.

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JazzOne
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Re: law firm partner salaries

Postby JazzOne » Sun Nov 21, 2010 7:53 pm

JazzOne wrote:
Aqualibrium wrote:
JazzOne wrote:
jdubb990 wrote:Yeah, but only slackers try to break even. I'm trying to pay off these loans and stack some cheddar for investments while I'm young, capitalism baby! Do any firms put caps on how many hours you can exceed over your required hours?

lol

For my Civil Procedure class, I read about this lawyer in Chicago who billed 4,000 hours one year. The Bar investigated because the number was so high, but the clients verified the bills. They loved this guy! He worked 12+ hours every day for a year. Welcome aboard!



Tried to google that. Couldn't find anything, but found this:

--LinkRemoved--

I'm having trouble finding it on the web too, but it was a genuine story. There was more to it. This other woman had billed an insane amount of hours, and when she got caught, she pointed the finger at the 4,000-hour dude. The Bar investigated; he was clean, but she went down. Her husband was also the Managing Partner of some other firm, and I think he was funneling business to her fir or doing something illegal. Also, the firms were over billing one of the big banks, so it ended up being a big deal. I can't believe this is proving so difficult to find. I'll keep looking.

Well, here's one article about the hiring manager:
http://www.nytimes.com/1994/05/13/us/a- ... -firm.html
It doesn't really go into the billing scandal though.

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ResolutePear
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Re: law firm partner salaries

Postby ResolutePear » Sun Nov 21, 2010 7:56 pm

JazzOne wrote:
IAFG wrote:once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...

Will it piss off the partners if I buy a ZR1? I mean, Bentley is ridic, but I do want something nice to ride in every morning. Been looking at cars lately, spending my make-believe-millions. I really like the Audi R8, but it's just not worth the money when the ZR1 is so affordable.


The issue I find with the ZR1 is the constant maintainance you need to do on the car. Everything from breaks and rubbers to the tune-ups. Though, it goes for any "track-ready" car. Same goes with Skylines, STI's Evolutions, Z06's, Porsche 911RS.

I'd say go with something with a CTS-V or M5. Still rape face, but they have nice concierge service when you go have to get stuff done to it.

You can also do a regular Porsche for work and a skyline/Z06 for everything else. A Porsche 911 Turbo goes for about the price of both cars combined.

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JazzOne
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Re: law firm partner salaries

Postby JazzOne » Sun Nov 21, 2010 8:03 pm

ResolutePear wrote:
JazzOne wrote:
IAFG wrote:once upon a time, this sort of thread was 90% of the lounge. how do i make the most money? what sort of condo can i afford on a biglaw salary? will it piss off the partners if i buy a bentley? which market-paying market will let me have a 10k sq ft house? how times have changed...

Will it piss off the partners if I buy a ZR1? I mean, Bentley is ridic, but I do want something nice to ride in every morning. Been looking at cars lately, spending my make-believe-millions. I really like the Audi R8, but it's just not worth the money when the ZR1 is so affordable.


The issue I find with the ZR1 is the constant maintainance you need to do on the car. Everything from breaks and rubbers to the tune-ups. Though, it goes for any "track-ready" car. Same goes with Skylines, STI's Evolutions, Z06's, Porsche 911RS.

I'd say go with something with a CTS-V or M5. Still rape face, but they have nice concierge service when you go have to get stuff done to it.

You can also do a regular Porsche for work and a skyline/Z06 for everything else. A Porsche 911 Turbo goes for about the price of both cars combined.

Here's the thing. I just want the most bang for my buck, preferably under $150K. I'm not really going to drive it work. It would be a weekend car, so the maintenance costs would be mitigated. And nothing touches the performance on that ZR1. Not even close. It looks pretty nice too. Not the nicest looking car, but up there.

Edit: When I say nothing touches the performance, I mean under the cost constraints I imposed.




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