Exit Options Cap Markets/FinReg/ Tax - Salaries and Timeline Forum

[DaftAndDirect]

Hey guys,

I have a couple questions about exit options from non-M&A transactional NYC Big Law:

1. How many years experience do you need to go in-house at a bank or other financial institution?

2. How does salary compare to what you make as a Big Law associate?

3. How do the hours/ type of work/ job satisfaction vary from what you did as an associate?

I know the answer to many of the above is "it depends", so I'm really just looking for anecdotes...not trying to collect survey data here. I start my SA soon - so I know there are plenty of other things to worry about - but I'd like to keep the big picture in mind.

Thanks.

[Anonymous User]

Hey guys,

I have a couple questions about exit options from non-M&A transactional NYC Big Law:

1. How many years experience do you need to go in-house at a bank or other financial institution?

2. How does salary compare to what you make as a Big Law associate?

3. How do the hours/ type of work/ job satisfaction vary from what you did as an associate?

I know the answer to many of the above is "it depends", so I'm really just looking for anecdotes...not trying to collect survey data here. I start my SA soon - so I know there are plenty of other things to worry about - but I'd like to keep the big picture in mind.

Thanks.

It really depends, mostly on the firm (exit options from Cravath/S&C/or any firm strong in those areas are going to be different from even many of the other V10s which are not strong in areas you mentioned) and the strength of the practice group (see Chambers). Associates may go in-house usually in 3-5 years. I've heard of in-house starting salaries range from $150k to over $300k.

[Anonymous User]

"I've heard of in-house starting salaries range from $150k to over $300k."

Excuse me? This is the singlemost absurd thing I've read on any law school board (including autoadmit). Just take a minute and think about what that means. Seriously, close your browser, and take like 30 seconds and just think about what that means.

I'm at one of these practices at a V5 for what its worth and my firm would have 0 associates between years 3-5 if this were true.

[2014]

"I've heard of in-house starting salaries range from $150k to over $300k."

Excuse me? This is the singlemost absurd thing I've read on any law school board (including autoadmit). Just take a minute and think about what that means. Seriously, close your browser, and take like 30 seconds and just think about what that means.

I'm at one of these practices at a V5 for what its worth and my firm would have 0 associates between years 3-5 if this were true.

I hate to get in the way of your impressive show of excessive drama, but the person almost certainly meant they have seen some positions start there, not all of them. Doesn't seem too outrageous to think that some companies would hire for some niche in house positions within that range, especially out of a smaller group like tax.

[Anonymous User]

"I've heard of in-house starting salaries range from $150k to over $300k."

Excuse me? This is the singlemost absurd thing I've read on any law school board (including autoadmit). Just take a minute and think about what that means. Seriously, close your browser, and take like 30 seconds and just think about what that means.

I'm at one of these practices at a V5 for what its worth and my firm would have 0 associates between years 3-5 if this were true.

Positions at banks and funds are not known for great hours.

[Anonymous User]

"I've heard of in-house starting salaries range from $150k to over $300k."

Excuse me? This is the singlemost absurd thing I've read on any law school board (including autoadmit). Just take a minute and think about what that means. Seriously, close your browser, and take like 30 seconds and just think about what that means.

I'm at one of these practices at a V5 for what its worth and my firm would have 0 associates between years 3-5 if this were true.

People aren't moving in-house to banks and funds to make less than $150k.

(guy from 2006)

Most people DO leave for banks/funds to make less than 150k because the work/life balance is significantly better working in the legal/compliance graveyard. It's not sustainable doing the hours that most people do and by years 3-5 you're so burnt out and can't find anything else that you give up and just take those jobs.

I have no idea what experiences you're talking from, but this is life at the firm I'm at and I'd be hard pressed to see how life at any other top firm is the same. I billed 230 hours last month and it was the slowest month I've had this year. I haven't had a single day (weekday or weekend) where I have billed less than 6 hours since January and that's pretty much the norm. Even the days you are "slow" you have to be near the computer because you never know when a partner is going to be like hey can you send me X document (laughably, X document is almost ALWAYS saved on the system, and instead of them going onto the system and getting it, you're expected to drop everything, rush home to a computer, copy and paste the file into an e-mail and send it to him)

[Anonymous User]

"I've heard of in-house starting salaries range from $150k to over $300k."

Excuse me? This is the singlemost absurd thing I've read on any law school board (including autoadmit). Just take a minute and think about what that means. Seriously, close your browser, and take like 30 seconds and just think about what that means.

I'm at one of these practices at a V5 for what its worth and my firm would have 0 associates between years 3-5 if this were true.

The jobs exist, though supply is limited. I am in a non-NYC market that pays NYC lockstep. Just had a third year in my group go in-house and the person swore it was for a pay raise. Also heard from another source the job was paying more. As recently as a year ago I heard about fifth-year associates in RE being offered a pay raise to leave.

If you leave NYC, you might be surprised to find what companies are paying in solid markets. I know for a fact that there is a low-margin F500 company in my market offering $140k all-in cash comp + true 8-5 + 30 sick/vacation days per year.

Problem is landing one of these jobs.