What is the trajectory of Biglaw salaries? Forum

[ruski]

NYC Market is:

Stub, 1st: 160
2nd: 170
3rd: 185
4th: 210
5th: 230
6th: 250
7th: 280

So by the eighth year, a good BigLaw lawyer will make somewhere in the neighborhood of $350-450K. Not bad. It's a decent living, but the eighth year of investment banking $1-10M a year (or more), if done properly.

lol at anyone lasting in banking for 8 years. especially starting out at the lower levels as analyst/associate.

[Anonymous User]

NYC Market is:

Stub, 1st: 160
2nd: 170
3rd: 185
4th: 210
5th: 230
6th: 250
7th: 280

So by the eighth year, a good BigLaw lawyer will make somewhere in the neighborhood of $350-450K. Not bad. It's a decent living, but the eighth year of investment banking $1-10M a year (or more), if done properly.

By the 8th year at an NYC lockstep firm you're partner, making $1m.

That is simply false, regarding I-banking. Maybe the top 1% of bankers make in that range, but I have about 15 friends in I-banking in Charlotte and NYC from my college class, none of which make in that range by their 8-10th year. Also, although the upper bounds is definitely better in I-banking, the attrition is even higher than biglaw.

The salaries you are talking about are achieved more by a few succesfull guys on the sales-trade side, especially buy-side guys (Hedge Fund, PE work).

[Cogburn87]

Good bump. Very helpful.

[Old Gregg]

Also, lasting to year 8 is not easy. That said, it's not as risky as a proposition as it was in years past. Very few Y8 biglaw attorneys because either they're gunning for partner (and are actually in the running, to some extent) or they've already left because Y8 is a little too senior to leave for midlaw or in-house. If you're not making partner, conventional wisdom was that you left between years 5 through 7. Year 3 being a lower bound and Year 7 being an extreme.

These days, in-house wants more experience. So frankly I don't see much harm in sitting it out until year 8. And who knows your firm might be one of those that keeps you around even if you don't make partner. Not a bad salary and not a bad life, but definitely living more "on the edge" because you'll probably be the first to go if there are layoffs.

[mvp99]

Read a blog of an ibanking director that quit after 7-8 years paid off all his debt and moved to his parents house

NYC Market is:

Stub, 1st: 160
2nd: 170
3rd: 185
4th: 210
5th: 230
6th: 250
7th: 280

So by the eighth year, a good BigLaw lawyer will make somewhere in the neighborhood of $350-450K. Not bad. It's a decent living, but the eighth year of investment banking $1-10M a year (or more), if done properly.

If done properly, most of the income made from being a lawyer can be put to investing and making over $1M as a 3rd year lawyer isn't that hard.

Properly = spending the 120k to open a nice office in Manhattan and running a ponzi scheme

[Anonymous User]

NYC Market is:

Stub, 1st: 160
2nd: 170
3rd: 185
4th: 210
5th: 230
6th: 250
7th: 280

So by the eighth year, a good BigLaw lawyer will make somewhere in the neighborhood of $350-450K. Not bad. It's a decent living, but the eighth year of investment banking $1-10M a year (or more), if done properly.

By the 8th year at an NYC lockstep firm you're partner, making $1m.

Only at Cravath (except that you'll be making more than $1M) and firms with non-equity partnership (e.g., Kirkland). Partnership track is more like 9-10 years at the other top lockstep firms (DPW, STB, Cleary, etc.) these days.

[Old Gregg]

Only at Cravath (except that you'll be making more than $1M)

Not even close after the buy-in.

[sweeteavodka]

Also, lasting to year 8 is not easy. That said, it's not as risky as a proposition as it was in years past. Very few Y8 biglaw attorneys because either they're gunning for partner (and are actually in the running, to some extent) or they've already left because Y8 is a little too senior to leave for midlaw or in-house.

Anyone have some insight as to what major market midlaw partner compensation/hours tends to be in comparison to biglaw?

[Anonymous User]

Only at Cravath (except that you'll be making more than $1M)

Not even close after the buy-in.

What is the buy-in at Cravath/other top firms and how is the payment structured? As someone headed to a v5 next summer, it hasn't exactly come up in conversation, but I've been curious.

[Doritos]

Only at Cravath (except that you'll be making more than $1M)

Not even close after the buy-in.

What is the buy-in at Cravath/other top firms and how is the payment structured? As someone headed to a v5 next summer, it hasn't exactly come up in conversation, but I've been curious.

http://www.abajournal.com/magazine/arti ... y_payback/

According to this article 35% of the partner's projected income for the year.