Law firm compensation & benefits Forum

[a male human]

Not a topic asking for tips but one out of curiosity.

What kind of benefits do firms typically provide? I can think of:

Salary + bonus
Insurance (medical, dental, vision, life, disability, anything else?)
Retirement plan
Paid time off + holidays
Bar reimbursements
Cafeteria/free food?

Do they give stock/equity options at all? Any really cool benefits you guys have come across?

[dingbat]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000
Outside of NY, salaries can be significantly lower
Outside of biglaw, salaries can be significantly lower

Insurance is provided as is 401k with matching contributions
I don't know about the number of days off you get, but you might have to cancel last minute

Don't expect stock/equity options: law firms are not stock companies, they are all partnerships.
If you make partner, you'll be rich. At a lot of firms, if you don't make partner, you'll be fired

[Citizen Genet]

Any reason you are using 2007 bonuses? They have been dramatically reduced post meltdown. First year bonuses were 10k IIRC.

[duckmoney]

I am kind of curious about what kind insurance is provided and how much premiums are.

Also, if you don't need health insurance (for instance, if spouse has great health insurance), can you negotiate that into higher salary?

[dingbat]

Any reason you are using 2007 bonuses? They have been dramatically reduced post meltdown. First year bonuses were 10k IIRC.

Because its a best case scenario, which is just as ridiculous as providing biglaw salaries without counterbalancing shitlaw or doc review salaries
Edit: it's also the first set of figures I found

[delusional]

Do many law firms that are not announced on ATL tend to match the regular bonus scale? There are usually three firms making headlines, ten or so that are announced along with them, etc. What about the other 15 Biglaw firms?

[Royal]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000
Outside of NY, salaries can be significantly lower
Outside of biglaw, salaries can be significantly lower

Insurance is provided as is 401k with matching contributions
I don't know about the number of days off you get, but you might have to cancel last minute

Don't expect stock/equity options: law firms are not stock companies, they are all partnerships.
If you make partner, you'll be rich. At a lot of firms, if you don't make partner, you'll be fired

Several things to correct here. Bonuses at that level haven't been paid in five years. Hard to predict what bonuses will be in any given year, but to give you an idea, the last couple of years have seen somewhere between $7,500 and $8,500 for first year bonuses, something like $10k for second years, $15k for third years, etc. Not sure if bonuses will ever creep back to 2007 levels, but I highly doubt it. I also don't foresee a departure from the 160k base scale for a very, very long time.

As far as I know, most large firms do NOT make matching 401k contributions anymore. Mine does not. As for the equity thing, many firms now have both equity partners and non-equity "partners." Ability to make partner varies widely from firm to firm. They don't give out stock options as a benefit Also, this COULD be wrong, but I think firms typically require capital contributions from partners before offering partnership. They may also be on the hook for capital calls down the road.

I am kind of curious about what kind insurance is provided and how much premiums are.

Also, if you don't need health insurance (for instance, if spouse has great health insurance), can you negotiate that into higher salary?

Health, dental, vision, etc. No, you can't forgo insurance and take a higher salary in lieu.

[rinkrat19]

Not a topic asking for tips but one out of curiosity.

What kind of benefits do firms typically provide? I can think of:

Salary + bonus
Insurance (medical, dental, vision, life, disability, anything else?)
Retirement plan
Paid time off + holidays
Bar reimbursements
Cafeteria/free food?

Do they give stock/equity options at all? Any really cool benefits you guys have come across?

The NALP survey form lists benefits.

I've seen gym membership/discount, fertility treatments, domestic partner benefits, FSA, child car (subsidy/on-site/offsite/emergency), transportation, mass transit subsidy, adoption assistance, pet insurance, travel insurance, sabbaticals, EAP (counseling/nutrition/weight loss/quit smoking), bar fees/stipend, parental leave, home/auto insurance discount and other stuff.

[Mce252]

As far as I know, most large firms do NOT make matching 401k contributions anymore.

Anyone else have insight on this? Matching is huge.

[CanadianWolf]

Getting a job is huge; matching retirement contributions is a benefit.

[Anonymous User]

Typical NYC firm offers:
1) Base salary on the scale listed above (starting at $160k);
2) These days, bonus of 1/3 of the scale listed above (ranging from $7,500 to maybe $35,000)
3) § 125(d) benefits (everything from subsidized cafeterias to subsidized transportation)
4) Health insurance, dental, vision
5) Life insurance, disability insurance

Firms do not offer 401(k) matching as a general rule. They generally do not cover your whole insurance premium (you pay maybe $200/month out of pocket), though that being said the provided insurance is extremely comprehensive. As partnerships they have no stock, so they do not offer stock-based incentives.

[Anonymous User]

As far as I know, most large firms do NOT make matching 401k contributions anymore.

Anyone else have insight on this? Matching is huge.

My V50 doesn't match.

[grovevilleroad]

Use this link --> http://www.nalpdirectory.com/dledir_search_quick.asp#

It will provide up-to-date salaries, benefits, number of SAs, number of 1st year associates, etc.

[Big Shrimpin]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000

*reads this* *weeps softly* *punches wall for not being born a few years earlier*

In addition, back then, student loan rates were almost 1/2 of today's rates, making the prospect of going into biglaw that much better in the boom years than today. If you weren't Latham'd and could stick it out for 3-5 years, then you basically won the lottery. Today, those of us going into biglaw with a full/near-full debt load will be lucky to get the balance below 100K after a few years (I've run the numbers for NYC biglaw, and the numbers ain't pretty). FUARK.

[Law Sauce]

Use this link --> http://www.nalpdirectory.com/dledir_search_quick.asp#

It will provide up-to-date salaries, benefits, number of SAs, number of 1st year associates, etc.

Not really up to date

[Royal]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000

*reads this* *weeps softly* *punches wall for not being born a few years earlier*

In addition, back then, student loan rates were almost 1/2 of today's rates, making the prospect of going into biglaw that much better in the boom years than today. If you weren't Latham'd and could stick it out for 3-5 years, then you basically won the lottery. Today, those of us going into biglaw with a full/near-full debt load will be lucky to get the balance below 100K after a few years (I've run the numbers for NYC biglaw, and the numbers ain't pretty). FUARK.

Don't forget that tuition was cheaper even five years ago, too. Now we have more debt, at a higher rate, with less compensation. And that's for those lucky enough to even land BIGLAW -- an industry many feel is transforming and giving way to more boutique practice.

The student debt bubble is the next big disaster waiting to happen. The future doesn't look good. An entire generation with 6 figures of debt (private undergrads, private grad schools, etc.) unable to pay it back, unable to discharge it in bankruptcy, and unable to buy a home or contribute to the economy in a real way. Indentured servitude to the government via federal loan indebtedness. At least we'll have vapid reality TV and shitty music. Sup, future?

[Big Shrimpin]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000

*reads this* *weeps softly* *punches wall for not being born a few years earlier*

In addition, back then, student loan rates were almost 1/2 of today's rates, making the prospect of going into biglaw that much better in the boom years than today. If you weren't Latham'd and could stick it out for 3-5 years, then you basically won the lottery. Today, those of us going into biglaw with a full/near-full debt load will be lucky to get the balance below 100K after a few years (I've run the numbers for NYC biglaw, and the numbers ain't pretty). FUARK.

Don't forget that tuition was cheaper even five years ago, too. Now we have more debt, at a higher rate, with less compensation. And that's for those lucky enough to even land BIGLAW -- an industry many feel is transforming and giving way to more boutique practice.

The student debt bubble is the next big disaster waiting to happen. The future doesn't look good. An entire generation with 6 figures of debt (private undergrads, private grad schools, etc.) unable to pay it back and unable to buy a home or contribute to the economy in a real way. Indentured servitude to the government via federal loan indebtedness. At least we'll have vapid reality TV and shitty music. Sup, future?

Preaching to the choir, brother. The boomers screwed us. Screwed us, hard.

[fingerscrossedxx]

NY Pay Scale (including 2007 bonus)

1st Year: $160,000 + $45,000
2nd Year: $170,000 + $55,000
3rd Year: $185,000 + $65,000
4th Year: $210,000 + $80,000
5th Year: $230,000 + $95,000
6th Year: $250,000 + $110,000
7th Year: $270,000 + $115,000

*reads this* *weeps softly* *punches wall for not being born a few years earlier*

In addition, back then, student loan rates were almost 1/2 of today's rates, making the prospect of going into biglaw that much better in the boom years than today. If you weren't Latham'd and could stick it out for 3-5 years, then you basically won the lottery. Today, those of us going into biglaw with a full/near-full debt load will be lucky to get the balance below 100K after a few years (I've run the numbers for NYC biglaw, and the numbers ain't pretty). FUARK.

Don't forget that tuition was cheaper even five years ago, too. Now we have more debt, at a higher rate, with less compensation. And that's for those lucky enough to even land BIGLAW -- an industry many feel is transforming and giving way to more boutique practice.

The student debt bubble is the next big disaster waiting to happen. The future doesn't look good. An entire generation with 6 figures of debt (private undergrads, private grad schools, etc.) unable to pay it back and unable to buy a home or contribute to the economy in a real way. Indentured servitude to the government via federal loan indebtedness. At least we'll have vapid reality TV and shitty music. Sup, future?

Preaching to the choir, brother. The boomers screwed us. Screwed us, hard.

yea, I am not looking forward to what that bubble caves in and people realise that those millions students borrowed back wont be coming back in. yay future.

[dingbat]

*reads this* *weeps softly* *punches wall for not being born a few years earlier*
In addition, back then, student loan rates were almost 1/2 of today's rates, making the prospect of going into biglaw that much better in the boom years than today. If you weren't Latham'd and could stick it out for 3-5 years, then you basically won the lottery. Today, those of us going into biglaw with a full/near-full debt load will be lucky to get the balance below 100K after a few years (I've run the numbers for NYC biglaw, and the numbers ain't pretty). FUARK.

Don't forget that tuition was cheaper even five years ago, too. Now we have more debt, at a higher rate, with less compensation. And that's for those lucky enough to even land BIGLAW -- an industry many feel is transforming and giving way to more boutique practice.

The student debt bubble is the next big disaster waiting to happen. The future doesn't look good. An entire generation with 6 figures of debt (private undergrads, private grad schools, etc.) unable to pay it back and unable to buy a home or contribute to the economy in a real way. Indentured servitude to the government via federal loan indebtedness. At least we'll have vapid reality TV and shitty music. Sup, future?

Preaching to the choir, brother. The boomers screwed us. Screwed us, hard.

yea, I am not looking forward to what that bubble caves in and people realise that those millions students borrowed back wont be coming back in. yay future.

it'll be more fun when it's the government and various pension funds sitting on that debt

[a male human]

Does death exonerate a student (or his/her family) from school debts?

[dingbat]

Does death exonerate a student (or his/her family) from school debts?

Depends on whether there was a co-signer or not

[roaringeagle]

Does death exonerate a student (or his/her family) from school debts?

this post sent chills down my spine.

[blsingindisguise]

Typical NYC firm offers:
1) Base salary on the scale listed above (starting at $160k);

You do realize that biglaw firm in no way equals "typical NYC firm" right? The majority of NYC firms are NOT on this scale.

[BarcaCrossesTheAlps]

Does death exonerate a student (or his/her family) from school debts?

this post sent chills down my spine.

No shit!


I would say, hell yes, unless there was a co-signer. Then the co-signer would still need to pay-up probably. So, don't commit suicide thinking you'll be getting your parents off the chopping block!

[bk1]

Typical NYC firm offers:
1) Base salary on the scale listed above (starting at $160k);

You do realize that biglaw firm in no way equals "typical NYC firm" right? The majority of NYC firms are NOT on this scale.

I think it was obvious that anon meant "typical NYC biglaw firm."