4k/wk 2L offer rumor Forum

[Anonymous User]

I heard a rumor that a student from UIUC with a science/engineering background got a 2L summer patent position with an offer of about $4k/week. Can anybody confirm? Anybody know the firm?

[wiseowl]

Given UIUC's reputation for number reporting recently, I'd be a little reluctant to believe.

[CanadianWolf]

Probably a 4L at 2K a week--but anything is possible.

[Wavelet]

Wachtell's doing patent lit now?

[TheFriendlyBarber]

True. $3,000 is certainly "about $4,000."

[Bildungsroman]

NY TO 190!

[Doritos]

Given UIUC's reputation for number reporting recently, I'd be a little reluctant to believe.

lol

[Anonymous User]

OP here.

No, it was far closer to 4K than 3K. 2L from UIUC who landed the standard ~3k/wk market salary said he overheard this and stopped listening because he was upset that this guy with lower grades had an easier time finding a job and was making more money.
It is probably not WC. Think it was an EE patent spot.

[TheFriendlyBarber]

OP here.

No, it was far closer to 4K than 3K. 2L from UIUC who landed the standard ~3k/wk market salary said he overheard this and stopped listening because he was upset that this guy with lower grades had an easier time finding a job and was making more money.
It is probably not WC. Think it was an EE patent spot.

What does it matter? If it's true, good for him. If it's a lie, then he's a sad, little man. All you can do, really, is wish him well and be on your way . . . or just be on your way. And if you're asking because you too want a piece of that $4000/wk pie, then walk up to the guy and ask him what firm he'll be working for next summer. I'm sure he'll be glad to disclose.

[Anonymous User]

Jones Day pays almost 3800 a week---at least in Chicago

[Kabuo]

Given UIUC's reputation for number reporting recently, I'd be a little reluctant to believe.

180.

[showNprove]

Jones Day pays almost 3800 a week---at least in Chicago

By 3800, I think you mean 3100.

[Anonymous User]

4K/week is possible, even likely, if they've previously worked or are currently working as a patent agent / tech spec for the firm. At my firm, former tech specs that the firm puts through law school start as 3rd-4th year associates. Certain PhD or MD candidates also get to start at 3rd year patent agents, even without having worked at the firm.

[Anonymous User]

If he worked as a patent agent before law school, they may be planning to hire him as the equivalent of a third or fourth year associate and are paying him accordingly for the summer. Some IP firms do that in order to get people who have serious patent experience before law school as that experience is very rare and extremely valuable (essentially eliminates the training period for a new patent associate, so the firm will make money on him immediately).

Whoops, missed the anon above me saying the same thing.

[Anonymous User]

Jones Day pays almost 3800 a week---at least in Chicago

I guess you mean the bi-weekly paycheck.

After tax, the bi-weekly pay is around $3789, if your pay rate is 3072-3100 per week.

[erico]

Jones Day pays almost 3800 a week---at least in Chicago

I guess you mean the bi-weekly paycheck.

After tax, the bi-weekly pay is around $3789, if your pay rate is 3072-3100 per week.

That's a lot of tax...

[Anonymous User]

Jones Day pays almost 3800 a week---at least in Chicago

I guess you mean the bi-weekly paycheck.

After tax, the bi-weekly pay is around $3789, if your pay rate is 3072-3100 per week.

That's a lot of tax...

Yeah, way more than an SA would be paying. Your annual income is still only ~$30k. Now, that's probably closer to the truth for an associate making $160k a year.

[tlstlstls73]

Jones Day pays almost 3800 a week---at least in Chicago

I guess you mean the bi-weekly paycheck.

After tax, the bi-weekly pay is around $3789, if your pay rate is 3072-3100 per week.

That's a lot of tax...

We are the 99%!

[Bosque]

4K/week is possible, even likely, if they've previously worked or are currently working as a patent agent / tech spec for the firm. At my firm, former tech specs that the firm puts through law school start as 3rd-4th year associates. Certain PhD or MD candidates also get to start at 3rd year patent agents, even without having worked at the firm.

This is news to me. I've heard of getting a bonus as a PhD, NEVER heard of seniority jumping.

[DCDuck]

That's a lot of tax...[/quote]

Yeah, way more than an SA would be paying. Your annual income is still only ~$30k. Now, that's probably closer to the truth for an associate making $160k a year.[/quote]

You get taxed during your summer at the same rate as the associates (a very high rate). Because you only make $32,000 for the year, though, you get a big refund. Take home pay will be about $4000/bi weekly, then a nice refund later.

[beaverfuzz]

Or, if you don't like the idea of giving the government an interest-free loan, take more deductions.

[03121202698008]

Or, if you don't like the idea of giving the government an interest-free loan, take more deductions.

I think you mean exemptions as in the W4...a good deal of difference.

Also, according to the IRS witholding calculator, about 15 exemptions will give you a $150 return if you have no other income.