What's a common turnover of lawyers at a big firm? Forum

[2014]

I saw a study one time (focused on NY firms), i don't know if it was online or in a presentation at my firm, but it indicated attrition in the last several years post financial crisis has been a fairly stable 20% of associate headcount annually. This is obviously spread over class years and different for each class year, but that's the "new face" rate each year.

[Anonymous User]

My wife and I have been in Biglaw a total of ten years. Me at two firms and her at one. I would say by year five 70-80% of your summer class is gone. Laterals come in and out and last roughly two years. So ya, I'd say the vast majority of folks who get Biglaw stay in it for seven years max. As for the money, it's not all that much after loans, rent and taxes (plus a Wedding). We have a savings in the 400k range (and no debt finally) but it's not like we can stop working or that we go party every week.

If ten = total and you've both been in biglaw for 5 then I'm going to have to call bullshit. Not all that much? You've saved 400k in 5 years, paid off all your debt (although unclear how much there was), and apparently paid for a wedding? You have a weird conception of money, are lying, or don't spend at all. Do you travel? Dine out? Live in a shack? Drive for Uber? What's the secret?

I'm the OP. My wife and I are both class of 2012.

Wedding and ring were bad but manageable. Rent is 3,600 a month. Now we save about 13k a month. The market has been really strong (I've been cashing out slowly). We started off with 100k total in debt. Rough numbers, I think we have earned over 2m pre-tax combined. I have friends who have saved more (most had no debt, maybe even a family owned apt).

[Anonymous User]

My wife and I have been in Biglaw a total of ten years. Me at two firms and her at one. I would say by year five 70-80% of your summer class is gone. Laterals come in and out and last roughly two years. So ya, I'd say the vast majority of folks who get Biglaw stay in it for seven years max. As for the money, it's not all that much after loans, rent and taxes (plus a Wedding). We have a savings in the 400k range (and no debt finally) but it's not like we can stop working or that we go party every week.

If ten = total and you've both been in biglaw for 5 then I'm going to have to call bullshit. Not all that much? You've saved 400k in 5 years, paid off all your debt (although unclear how much there was), and apparently paid for a wedding? You have a weird conception of money, are lying, or don't spend at all. Do you travel? Dine out? Live in a shack? Drive for Uber? What's the secret?

I'm the OP. My wife and I are both class of 2012.

Wedding and ring were bad but manageable. Rent is 3,600 a month. Now we save about 13k a month. The market has been really strong (I've been cashing out slowly). We started off with 100k total in debt. Rough numbers, I think we have earned over 2m pre-tax combined. I have friends who have saved more (most had no debt, maybe even a family owned apt).

How much do you need saved up before getting out of biglaw? If you have 400k and no debt, you must be ready to make a move soon.

[Anonymous User]

How much do you need saved up before getting out of biglaw? If you have 400k and no debt, you must be ready to make a move soon.

I am not great at the job (hate it as well) but wife is damn good. So, as long as we are in NYC I guess I will keep at it. I posted this in another thread, but there is no "number" in law - assume we stay through this bonus season. I have like 1-2 calls/coffees a week with folks (or try to) to find a way to network myself out of law and into a dual hat or biz role. Also, if we both walked its 400k for 2 people, that ups the burn rate and makes it harder for us both to just move somewhere (Denver or Dallas lets say) and both find gigs. Poor kids don't just walk away, I am well aware how hard it is to escape poverty and I am not going to take an rash actions that put me closer to it again.

[stoopkid13]

I saw a study one time (focused on NY firms), i don't know if it was online or in a presentation at my firm, but it indicated attrition in the last several years post financial crisis has been a fairly stable 20% of associate headcount annually. This is obviously spread over class years and different for each class year, but that's the "new face" rate each year.

While 20% has been typical, last year was 16% for whatever reason.

[Anonymous User]

Is this the type attrition people are describing?

https://www.law360.com/articles/949001/ ... -from-mofo

[Monochromatic Oeuvre]

I saw a study one time (focused on NY firms), i don't know if it was online or in a presentation at my firm, but it indicated attrition in the last several years post financial crisis has been a fairly stable 20% of associate headcount annually. This is obviously spread over class years and different for each class year, but that's the "new face" rate each year.

While 20% has been typical, last year was 16% for whatever reason.

The "whatever reason" probably had something to do with their bank accounts.