length of stay at a big firm and"exit options"?

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bostlaw
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length of stay at a big firm and"exit options"?

Postby bostlaw » Thu Oct 07, 2010 7:24 pm

Been reading TLS and keep seeing the phrase "exit options" such as "larger firms could provide better exit options". I imagine its has to do with job oppurtunities when you leave the firm which brings me to my other question how long does one normally stay at a firm? I imagined it was a career length type thing but I think im mistaken. Does length of stay at a larger firm differ from a smaller one? Thanks guys.

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rayiner
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Re: length of stay at a big firm and"exit options"?

Postby rayiner » Thu Oct 07, 2010 7:36 pm

bostlaw wrote:Been reading TLS and keep seeing the phrase "exit options" such as "larger firms could provide better exit options". I imagine its has to do with job oppurtunities when you leave the firm which brings me to my other question how long does one normally stay at a firm? I imagined it was a career length type thing but I think im mistaken. Does length of stay at a larger firm differ from a smaller one? Thanks guys.


Most people leave voluntarily from big firms in a few years. Most are forced out within 7-8.

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bostlaw
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Re: length of stay at a big firm and"exit options"?

Postby bostlaw » Fri Oct 08, 2010 11:23 am

rayiner wrote:
bostlaw wrote:Been reading TLS and keep seeing the phrase "exit options" such as "larger firms could provide better exit options". I imagine its has to do with job oppurtunities when you leave the firm which brings me to my other question how long does one normally stay at a firm? I imagined it was a career length type thing but I think im mistaken. Does length of stay at a larger firm differ from a smaller one? Thanks guys.


Most people leave voluntarily from big firms in a few years. Most are forced out within 7-8.



What is the thinking behind that? I would think that with more time at the firm you have more experience and become more of an asset.

Aqualibrium
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Re: length of stay at a big firm and"exit options"?

Postby Aqualibrium » Fri Oct 08, 2010 11:28 am

bostlaw wrote:
rayiner wrote:
bostlaw wrote:Been reading TLS and keep seeing the phrase "exit options" such as "larger firms could provide better exit options". I imagine its has to do with job oppurtunities when you leave the firm which brings me to my other question how long does one normally stay at a firm? I imagined it was a career length type thing but I think im mistaken. Does length of stay at a larger firm differ from a smaller one? Thanks guys.


Most people leave voluntarily from big firms in a few years. Most are forced out within 7-8.



What is the thinking behind that? I would think that With more time at the firm you have more experience and become more of disillusioned.



Fixed.

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bostlaw
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Re: length of stay at a big firm and"exit options"?

Postby bostlaw » Fri Oct 08, 2010 11:33 am

haha could you elaborate on that? Not sure I get what you mean.

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rayiner
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Re: length of stay at a big firm and"exit options"?

Postby rayiner » Fri Oct 08, 2010 11:37 am

bostlaw wrote:
rayiner wrote:
bostlaw wrote:Been reading TLS and keep seeing the phrase "exit options" such as "larger firms could provide better exit options". I imagine its has to do with job oppurtunities when you leave the firm which brings me to my other question how long does one normally stay at a firm? I imagined it was a career length type thing but I think im mistaken. Does length of stay at a larger firm differ from a smaller one? Thanks guys.


Most people leave voluntarily from big firms in a few years. Most are forced out within 7-8.



What is the thinking behind that? I would think that with more time at the firm you have more experience and become more of an asset.


Law firms need different amounts of resources at different levels of experience (and billing rate). They don't want to keep around senior (expensive!) associates who aren't going to make partner, so those people are pushed out when that fact becomes apparent (partnership track at most places is 6-10 years).

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Shammis
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Re: length of stay at a big firm and"exit options"?

Postby Shammis » Fri Oct 08, 2010 12:26 pm

Here's how it goes. I'm the son of a BigLaw lawyer and have clerked for BigLaw. Young associates are slave labor. One firm even referred to them as Billing Units, not people lol...Except they pay you well :)...after that you get more responsibility but if you reach 6, 7, 8 years without much progress AND you are not bringing in clients, they have little incentive to keep you since someone in a year can replace you. The biggest factor in keeping you is your ability to bring in quality clients and manage their cases/deals. Point of fact, I've always been on the business law side of things so unless you brought in some financing deals, SEC compliance deals, emerging growth companies etc...you were ousted after 8-10 years. The upside is, if you make it more than 8 and are bringing in clients, you get paid great, have a lot more flexibility with the work you can choose to do and can more so dictate who you work with. Most people don't have the stamina to keep up with the grind so In-House positions that pay decent with less hours are attractive and draw lawyers out of big law. The only problem with that is, if the company goes belly up you dont have a job...whereas if you stay with a firm and a client goes belly up you have dozens more clients to keep you afloat. Upsides and downsides to everything.

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bostlaw
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Re: length of stay at a big firm and"exit options"?

Postby bostlaw » Fri Oct 08, 2010 6:16 pm

jstubbs wrote:Here's how it goes. I'm the son of a BigLaw lawyer and have clerked for BigLaw. Young associates are slave labor. One firm even referred to them as Billing Units, not people lol...Except they pay you well :)...after that you get more responsibility but if you reach 6, 7, 8 years without much progress AND you are not bringing in clients, they have little incentive to keep you since someone in a year can replace you. The biggest factor in keeping you is your ability to bring in quality clients and manage their cases/deals. Point of fact, I've always been on the business law side of things so unless you brought in some financing deals, SEC compliance deals, emerging growth companies etc...you were ousted after 8-10 years. The upside is, if you make it more than 8 and are bringing in clients, you get paid great, have a lot more flexibility with the work you can choose to do and can more so dictate who you work with. Most people don't have the stamina to keep up with the grind so In-House positions that pay decent with less hours are attractive and draw lawyers out of big law. The only problem with that is, if the company goes belly up you dont have a job...whereas if you stay with a firm and a client goes belly up you have dozens more clients to keep you afloat. Upsides and downsides to everything.



exactly the type on in-depth explanation I was looking for. very useful thank you.

rayiner thanks alot too, the parenthesis explained it all




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