V15 Partner/OCI Interviewer Answering Questions... Forum

[Renne Walker]

Litigation firm Bickel & Brewer is offering its 2013 first-year associate class a base annual salary of $185,000, an increase of $10,000 over the firm’s current first-year associate base salary of $175,000. Historically, is this how industry salaries increase (as in lock-step)? Also, if a SA is hired at $160K and the new class receives a higher amount, historically how does that usually play out?

In this situation the credited response is to storm into the managing partner's office--ideally while he's on the phone--with a pay stub in your hand and shout "Only 160?!? What is this bullshit!?!?!"

Humorous response but nevertheless, a $500 weekly difference is noteworthy (at least to me it is).

Since I have zero ties to Texas all I can do is congratulate those who work in a city where a $70K COL is equal to $160K in NYC. Note, B&B’s $185k in Dallas is comparable to $295k in Queens and $420k in Manhattan. That's life. It would be lovely if more expensive cities would join in lock-step with B&B.

So itbdvorm, back to my original question, historically how do SA increases typically advance?

[Anonymous User]

Litigation firm Bickel & Brewer is offering its 2013 first-year associate class a base annual salary of $185,000, an increase of $10,000 over the firm’s current first-year associate base salary of $175,000. Historically, is this how industry salaries increase (as in lock-step)? Also, if a SA is hired at $160K and the new class receives a higher amount, historically how does that usually play out?

In this situation the credited response is to storm into the managing partner's office--ideally while he's on the phone--with a pay stub in your hand and shout "Only 160?!? What is this bullshit!?!?!"

Humorous response but nevertheless, a $500 weekly difference is noteworthy (at least to me it is).

Since I have zero ties to Texas all I can do is congratulate those who work in a city where a $70K COL is equal to $160K in NYC. Note, B&B’s $185k in Dallas is comparable to $295k in Queens and $420k in Manhattan. That's life. It would be lovely if more expensive cities would join in lock-step with B&B.

So itbdvorm, back to my original question, historically how do SA increases typically advance?

not 100% sure i follow, but historically SA salaries have been identical (on a pro-rated basis) to 1st year associate salaries

[itbdvorm]

hi again

[Anonymous User]

Litigation firm Bickel & Brewer is offering its 2013 first-year associate class a base annual salary of $185,000, an increase of $10,000 over the firm’s current first-year associate base salary of $175,000. Historically, is this how industry salaries increase (as in lock-step)? Also, if a SA is hired at $160K and the new class receives a higher amount, historically how does that usually play out?

In this situation the credited response is to storm into the managing partner's office--ideally while he's on the phone--with a pay stub in your hand and shout "Only 160?!? What is this bullshit!?!?!"

Humorous response but nevertheless, a $500 weekly difference is noteworthy (at least to me it is).

Since I have zero ties to Texas all I can do is congratulate those who work in a city where a $70K COL is equal to $160K in NYC. Note, B&B’s $185k in Dallas is comparable to $295k in Queens and $420k in Manhattan. That's life. It would be lovely if more expensive cities would join in lock-step with B&B.

So itbdvorm, back to my original question, historically how do SA increases typically advance?

not 100% sure i follow, but historically SA salaries have been identical (on a pro-rated basis) to 1st year associate salaries

You receive a formal offer letter at the end of the summer listing the salary that you personally will be paid. As long as the increase is meant to encompass your year you will get the new pay rate. And if it isn't, well, what firm announces a new pay raise more than a year in advance?

[84651846190]

Do you know any litigation juniors or mid-levels who left your firm for federal government jobs? How did they do this? Can you describe them generally (practice areas, schools, past experience, etc.)?

[itbdvorm]

Do you know any litigation juniors or mid-levels who left your firm for federal government jobs? How did they do this? Can you describe them generally (practice areas, schools, past experience, etc.)?

definitely happened / happens. connections, etc. are one big help. others applied. i don't really know how individuals did so specifically...

[Anonymous User]

How much do 3L grades matter?

[Anonymous User]

How much do 3L grades matter?

Related: How much do 3L grades matter if everyone in the office loved you and you fit in really well & got great reviews as an SA?

[anon168]

Do you know any litigation juniors or mid-levels who left your firm for federal government jobs? How did they do this? Can you describe them generally (practice areas, schools, past experience, etc.)?

I did it. And I know many that have done it.

[itbdvorm]

How much do 3L grades matter?

Related: How much do 3L grades matter if everyone in the office loved you and you fit in really well & got great reviews as an SA?

matter for what?

i don't think i've ever seen anyone lose a perm offer due to bad 3L grades. that said, don't let them completely fall off the map, you may need them for other things later in life

[Anonymous User]

How much do 3L grades matter?

Related: How much do 3L grades matter if everyone in the office loved you and you fit in really well & got great reviews as an SA?

matter for what?

i don't think i've ever seen anyone lose a perm offer due to bad 3L grades. that said, don't let them completely fall off the map, you may need them for other things later in life

Define "fall off the map." Are we talking Bs or all the way down to Cs.

[itbdvorm]

How much do 3L grades matter?

Related: How much do 3L grades matter if everyone in the office loved you and you fit in really well & got great reviews as an SA?

matter for what?

i don't think i've ever seen anyone lose a perm offer due to bad 3L grades. that said, don't let them completely fall off the map, you may need them for other things later in life

Define "fall off the map." Are we talking Bs or all the way down to Cs.

see my statement above. all goes to future employment. do you really want to miss out on a job 5 years out because you couldn't cram for finals?

[Anonymous User]

How long does it take you to produce a first draft of a Series A Purchase Agreement? Related ROFR and Co-Sale Agreement? Voting Agreement? IRA? Charter? (Breakdown would be helpful for each agreement if possible)

I realize it varies deal to deal depending on the complexity of the term sheet, but often times these deals are somewhat standardized and use NVCA forms. My curiosity stems from me comparing the timing against how long it has been taking me to draft these. I am 3rd year corporate associate for what it's worth, so I'm sure you will be doing it faster (assuming you do this kind of work), but it would be interesting to get a general sense how long it should take.

[Anonymous User]

If you are doing something wrong, screwing up a little, even though you are trying... think of honest mistakes, spending too much time cause you are worried about doing it right.... will you be warned? Or are you just placed on "to be fired" pile.

I apologize if versions of this question have been asked.

[84651846190]

If you are doing something wrong, screwing up a little, even though you are trying... think of honest mistakes, spending too much time cause you are worried about doing it right.... will you be warned? Or are you just placed on "to be fired" pile.

I apologize if versions of this question have been asked.

From what I've seen, it depends on what year you are. At my firm, people expect you to be basically perfect by the time you're a 4th or 5th year. If you minorly screw up as a 1st or 2nd year, and you don't do it too often, you probably have nothing to worry about. Keep in mind, however, that every minor screw up will be cataloged and cumulatively used to push you out around your 4th or 5th year, if not earlier.

[itbdvorm]

How long does it take you to produce a first draft of a Series A Purchase Agreement? Related ROFR and Co-Sale Agreement? Voting Agreement? IRA? Charter? (Breakdown would be helpful for each agreement if possible)

I realize it varies deal to deal depending on the complexity of the term sheet, but often times these deals are somewhat standardized and use NVCA forms. My curiosity stems from me comparing the timing against how long it has been taking me to draft these. I am 3rd year corporate associate for what it's worth, so I'm sure you will be doing it faster (assuming you do this kind of work), but it would be interesting to get a general sense how long it should take.

sorry - am an M&A guy, not much of a VC guy so my responses probably not that helpful here...

[itbdvorm]

If you are doing something wrong, screwing up a little, even though you are trying... think of honest mistakes, spending too much time cause you are worried about doing it right.... will you be warned? Or are you just placed on "to be fired" pile.

I apologize if versions of this question have been asked.

From what I've seen, it depends on what year you are. At my firm, people expect you to be basically perfect by the time you're a 4th or 5th year. If you minorly screw up as a 1st or 2nd year, and you don't do it too often, you probably have nothing to worry about. Keep in mind, however, that every minor screw up will be cataloged and cumulatively used to push you out around your 4th or 5th year, if not earlier.

I think that's slightly more cynical, but not entirely wrong. Enthusiasm and hard work, even if it results in mistakes (even relatively senior ones) can be overcome. Sloppiness / laziness is tougher.

[Anonymous User]

every minor screw up will be cataloged and cumulatively used to push you out around your 4th or 5th year, if not earlier.

holy sht..

[Anonymous User]

sorry - am an M&A guy...

I'm headed to a large firm as an SA, and I hope to do mostly M&A work. Can you help me know what substantive knowledge I need to have to do well this summer and understand what is going on? I took my school's M&A class and corporations, and I'm wondering what other classes I might take or whether there is any reading I should do before beginning the summer.
Thanks!

[desertlaw]

sorry - am an M&A guy...

I'm headed to a large firm as an SA, and I hope to do mostly M&A work. Can you help me know what substantive knowledge I need to have to do well this summer and understand what is going on? I took my school's M&A class and corporations, and I'm wondering what other classes I might take or whether there is any reading I should do before beginning the summer.
Thanks!

From someone who did mostly M&A work this summer as a SA, corporations and M&A are helpful but probably not necessary. You can do a lot of the work without prior knowledge. The advice I received was that they assume you know nothing and will teach you what you need to know. That turned out to be true at my firm.

[itbdvorm]

sorry - am an M&A guy...

I'm headed to a large firm as an SA, and I hope to do mostly M&A work. Can you help me know what substantive knowledge I need to have to do well this summer and understand what is going on? I took my school's M&A class and corporations, and I'm wondering what other classes I might take or whether there is any reading I should do before beginning the summer.
Thanks!

sign up for Dealbook, the deal, PEhub, fortune's daily update - read some/many/most (not all). set google alert for your firm - most deals will be M&A deals. try to figure out what types of deals your firm does (all are different). read harvard law corp governance blog.

and, most importantly, do as much as you can to develop amazing attention to detail.

[itbdvorm]

sorry - am an M&A guy...

I'm headed to a large firm as an SA, and I hope to do mostly M&A work. Can you help me know what substantive knowledge I need to have to do well this summer and understand what is going on? I took my school's M&A class and corporations, and I'm wondering what other classes I might take or whether there is any reading I should do before beginning the summer.
Thanks!

sign up for Dealbook, the deal, PEhub, fortune's daily update - read some/many/most (not all). set google alert for your firm - most deals will be M&A deals. try to figure out what types of deals your firm does (all are different). read harvard law corp governance blog.

and, most importantly, do as much as you can to develop amazing attention to detail.

[roranoa]

How long does it take you to produce a first draft of a Series A Purchase Agreement? Related ROFR and Co-Sale Agreement? Voting Agreement? IRA? Charter? (Breakdown would be helpful for each agreement if possible)

I realize it varies deal to deal depending on the complexity of the term sheet, but often times these deals are somewhat standardized and use NVCA forms. My curiosity stems from me comparing the timing against how long it has been taking me to draft these. I am 3rd year corporate associate for what it's worth, so I'm sure you will be doing it faster (assuming you do this kind of work), but it would be interesting to get a general sense how long it should take.

sorry - am an M&A guy, not much of a VC guy so my responses probably not that helpful here...

How long does it take to do the agreements you mostly deal with? (for first draft)

[Anonymous User]

What's your general impressions of GULC kids? GPA Cutoff, LR, feel for firm. Thanks again for taking the time for this.

[itbdvorm]

How long does it take you to produce a first draft of a Series A Purchase Agreement? Related ROFR and Co-Sale Agreement? Voting Agreement? IRA? Charter? (Breakdown would be helpful for each agreement if possible)

I realize it varies deal to deal depending on the complexity of the term sheet, but often times these deals are somewhat standardized and use NVCA forms. My curiosity stems from me comparing the timing against how long it has been taking me to draft these. I am 3rd year corporate associate for what it's worth, so I'm sure you will be doing it faster (assuming you do this kind of work), but it would be interesting to get a general sense how long it should take.

sorry - am an M&A guy, not much of a VC guy so my responses probably not that helpful here...

How long does it take to do the agreements you mostly deal with? (for first draft)

really, really, really depends. simple stuff is minutes. harder stuff is hours.