Evaluate why I chose STB over rest of V10 sans Wachtell Forum

[Julio_El_Chavo]

ITT, strivers attempt to rationalize not going to the highest ranked [fill in the blank] by using common sense.

[IAFG]

The Avery survey suggested 70 hours/week at Wachtell versus ~60 at the other V10. That's 10 hours more per week over 50 weeks, or about 500 hours more per year. Wachtell bonus this year for first years was 45% on $165k salary = $239k total comp. Cravath was $15k on $160k salary = $175k total comp, or $65k less. That's $130 per hour of extra work. Even if we assume that the Avery figures are off and WLRK associates work 1,000 more hours per year, that's still $65/hour.

That Avery survey is old, and I have confirmed that corporate associates bill 2700-3000 hours.

Also, that's a 65k pre-tax differential which is only 37k after tax at 43%. The difference is around $45/hr, but you'd be working into your 14th-16th hours for that extra $45/hr.

70 hours/week per the Avery survey is consistent with your "confirmed" 2700-3000 hours.
70x52=3640
3640x.75 for actually billable hours=2730, so within your range.

[Anonymous User]

That Avery survey is old, and I have confirmed that corporate associates bill 2700-3000 hours.

Also, that's a 65k pre-tax differential which is only 37k after tax at 43%. The difference is around $45/hr, but you'd be working into your 14th-16th hours for that extra $45/hr.

70 hours/week per the Avery survey is consistent with your "confirmed" 2700-3000 hours.
70x52=3640
3640x.75 for actually billable hours=2730, so within your range.

And these are mid-level associates who are more efficient so 80% (= 2800 hours billed for 3600 worked) is definitely a reasonable estimate. Also, who takes out tax when discussing compensation? The bottom line is that you're extremely well-compensated for the extra hours at WLRK.

Say at some V10 you bill 2,200 hours at 80% efficiency = 2750 worked. At WLRK you bill 2,800 for 3,600 worked. That's 850 extra hours, for $65k in extra compensation per hour, or about $76 per hour before tax. Compare this to the base compensation of $63/hour at the V10. I.e: WLRK associates don't just get paid more overall, they effectively get paid at a higher "overtime" rate relative to associates at a V10.

[IAFG]

I mean I really don't care either way, I just think it's pretty bitchy, not to mention disingenuous, to be that girl with a 2.5 carat engagement ring complaining that the 3 carat ring on the girl next to her looks gaudy. What, like if he'd gotten down on one knee with 3 carats, like you would have taken it back to Cartier and traded down? Bullshit.

[Anonymous User]

I am interested in PE M&A, PE fund formation and public M&A. I want a good exposure to acquisition financing and capital markets as well. According to http://www.mergermarket.com/pdf/FINAL_L ... 3_2011.pdf, STB's public M&A is just as good as the rest of the V5 by relevant regions and in value. They have top tier (according to Chambers) Banking & Finace, Cap Markets and M&A -- which only CSM matches. Of course they also have the top tier PE buyout and fund formation practices, which no other V5 matches.

Thought the people were good, too. There were also some other special considerations that I can't mention (risk of outing), which led me to pick them over, specifically, S&C and Skadden. I also disliked Skadden's fratty culture; a top partner at my offer dinner was dropping f-bombs and acting douchey. Hate the CSM rotation system. DPW is 2nd-rated in regards to M&A/PE and so is Cleary. Weil is only good at bankruptcy. K&E is in Chicago and does mid-market PE deals with a shark tank free-market system that favors fellaters. I felt S&C could be eliminated because I was not interested in financial institutions practice, which S&C is especially well-known for.

Considered Debevoise, but thought STB was superior in every way except maybe fewer hours and slightly better culture.

Only thing I am concerned about in PE M&A and fund formation is the fewer exit options available vis-a-vis public M&A, which some may argue S&C and Skadden are more well-known for.

Good move?

update:

Assuming OP is not simply trolling--which is an extremely questionable assumption on TLS--I fail to see what purpose the proposed evaluation has given that it sounds like decision has already been made. This could have been a good thing to ask prior to making a decision, but I really fail to see the point currently--hence I think the thread does tend to come off as either a subtle brag or troll or both.

I haven't submitted my signed letter. Honestly, I'm still potentially entertaining Skadden because I want to lateral out of NY into a satellite office after a couple of years, and they have the best satellite offices in key regions (DC, NorCal, SoCal) as well as a public M&A practice that seems second only to Wachtell.. S&C is out though.

A key question I have is whether or not specializing in public M&A vs. PE M&A will change my exit options and whether Skadden's satellite office advantage over STB would make it a better choice despite the fact that I disliked the culture/people. I'm willing to bear a sub-optimal culture/fit if it would better my exit options.

Tapping in 13 years later... do you happen to still be at STB?