It's funny stumbling upon law market articles from 2007
Posted: Sat Mar 27, 2010 8:58 pm
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https://www.top-law-schools.com/forums/viewtopic.php?f=2&t=112422
I feel like this statement has never been true.Summer associates -- knighted as "summers" and never called "interns" within their subculture -- have total market control. Demand is bigger than supply:
Not so sure about that.pany1985 wrote:I feel like this statement has never been true.Summer associates -- knighted as "summers" and never called "interns" within their subculture -- have total market control. Demand is bigger than supply:
the reason it was true was that law firms considered schools outside the T25 to be unfit. so rather than massively expanding hiring into T2 schools, they instead chose to raise salaries for grads from the elite schools to get a larger share. this led to an intense competition for top school grads. thus demand was bigger than supply...from the elite law schools.pany1985 wrote:I feel like this statement has never been true.Summer associates -- knighted as "summers" and never called "interns" within their subculture -- have total market control. Demand is bigger than supply:
Big4 accounting firms are like that except for the high pay. They paid $1K/week ca. 2007 and another $1-2K bonus. They also had fun events, banquets, etc. However once you actually got hired you made little over that amount and no more events.rando wrote:Are there any other fields that treat "interns" like biglaw does?
So they pay at first year market rate? The difference in pay is just due to differing full-time salaries it sounds like.Hattori Hanzo wrote:Big4 accounting firms are like that except for the high pay. They paid $1K/week ca. 2007 and another $1-2K bonus. They also had fun events, banquets, etc. However once you actually got hired you made little over that amount and no more events.rando wrote:Are there any other fields that treat "interns" like biglaw does?
one of the many reasons accounting sucks.Hattori Hanzo wrote:Big4 accounting firms are like that except for the high pay. They paid $1K/week ca. 2007 and another $1-2K bonus. They also had fun events, banquets, etc. However once you actually got hired you made little over that amount and no more events.rando wrote:Are there any other fields that treat "interns" like biglaw does?
From what I hear in 2007, damn near all students at the t14 could get summer associate positions and top students were recruited like NFL prospects.rando wrote:Not so sure about that.pany1985 wrote:I feel like this statement has never been true.Summer associates -- knighted as "summers" and never called "interns" within their subculture -- have total market control. Demand is bigger than supply:
All T14 students don't get biglaw?Desert Fox wrote:From what I hear in 2007, damn near all students at the t14 could get summer associate positions and top students were recruited like NFL prospects.rando wrote:Not so sure about that.pany1985 wrote:I feel like this statement has never been true.Summer associates -- knighted as "summers" and never called "interns" within their subculture -- have total market control. Demand is bigger than supply:
When I arrived at TLS in January 2009, people still thought t14 students would all get big law.
For PWC they actually paid the interns slightly more than the first year hires in 2007. The starting salary was $51K/year in LA and they paid $1K/week to summer interns plus a $900 bonus. Not to mention the interns never work more than 40 hrs a week and have very generous per diems too.rando wrote:So they pay at first year market rate? The difference in pay is just due to differing full-time salaries it sounds like.Hattori Hanzo wrote:Big4 accounting firms are like that except for the high pay. They paid $1K/week ca. 2007 and another $1-2K bonus. They also had fun events, banquets, etc. However once you actually got hired you made little over that amount and no more events.rando wrote:Are there any other fields that treat "interns" like biglaw does?
What is up with the bonus?Hattori Hanzo wrote:For PWC they actually paid the interns slightly more than the first year hires in 2007. The starting salary was $51K/year in LA and they paid $1K/week to summer interns plus a $900 bonus. Not to mention the interns never work more than 40 hrs a week and have very generous per diems too.rando wrote:So they pay at first year market rate? The difference in pay is just due to differing full-time salaries it sounds like.Hattori Hanzo wrote:Big4 accounting firms are like that except for the high pay. They paid $1K/week ca. 2007 and another $1-2K bonus. They also had fun events, banquets, etc. However once you actually got hired you made little over that amount and no more events.rando wrote:Are there any other fields that treat "interns" like biglaw does?
IIRC they called it something like "wardrobe allowance" for students to buy professional clothes.rando wrote:What is up with the bonus?
I am intrigued by this accounting firm stuff. That pay seems low to me. I was under the impression they were "big shots." That being said, it only seems low because first year pay at big law firms is so excessive. Dunno. Guess it is the additional schooling/debt partially driving rates.