Texas biglaw workers - how's your deal flow? Forum

[Anonymous User]

What's your deal flow like right now? Any changes with the recent price declines?

[Anonymous User]

For me personally, overwhelming, but that's because we're understaffed. Overall activity is down, though there's been some decent M&A activity. Groups that have ramped up in recent years probably have quite a few idle associates.

[Anonymous User]

OP here - thanks for the data point. That is what I'm seeing as well. Anyone else?

Also, curious, what do you all use as a benchmark for hours in the slow times (for the whole market)? I.e what minimum monthly billables are the "idle associates" able to justify?

[Anonymous User]

I'm an incoming corporate associate to a big firm starting in September. My firm arguably over-hired in 2014 just right before oil crashed, but we've been assured that there's still plenty of work. Also been repeatedly told that work is cyclical. Many weeks of twiddling thumbs and weeks straight of insanity.

Personally, I'm that not worried about hours, especially my first year. Standard policy at most places is there's no requirement your first year. Coming in during a lull is actually probably good, as you get an easier transition. A $160,000 9-to-4 doesn't sound bad at all -- and yes, during the recession, a lot of people were billing 800 a year. Still got paid. So long as you have a job and the firm doesn't collapse on you, recession can be the best thing ever.

[Anonymous User]

Eh, wait until you start. Being that slow is terrifying, if only because once you begin you'll realize how important it is to get good reps in your first year.

But as far as job security goes, I imagine the market is fine. M&A/Restructuring is expected to pick up substantially.

[Anonymous User]

Reading ESPN all day and leaving at 7 (you think you're going to leave at 4, but you're staying until 7 just in case something finally pops up) sounds nice, but not only is it terrifying (and boring as fuck in my opinion), but you're also not learning. If you want to bail after two years and your first two years were spent doing a third of the amount of the work that other associates saw, you're a much less interesting hire.

[Anonymous User]

Is it really that slow in Texas? How about non-energy practice groups? How's Dallas?

[PPL]

Ooops didn't mean to anon. Looking in Tx markets

[Anonymous User]

I mean, it's an oil slump. No one wants to sell at the bottom and capital markets have dried up. Firms have tried to hire conservatively since the recession, but corporate has been the hot practice area is Texas over the past few years so it's been hard to avoid over staffing.

Down cycles happen, it's not a huge deal in the grand scheme of things. Probably a nice break for mid levels and seniors but, as mentioned, worst for the juniors, who really need to hit the ground running to get the corporate learning curve down.

[Ron Howard]

.

[PPL]

What does it mean for new hiring?

[Anonymous User]

So basically, if you were hoping to join a TX firm as a 3L, you're screwed?

[Anonymous User]

Don't put it like that

[Anonymous User]

It seems that nobody wants to admit what appears obvious - that work has dried up right now (for whatever period). Oil is down, cash strapped strategic buyers don't have the cash, and financial buyers appear to be waiting for leverage that lower oil prices might bring.

Meanwhile, sucks to be a junior. I don't know what the hours bar is for firing, but waiting around with nothing to do is, as someone above mentioned, nerve wrecking. Good to know that it's across the board though

[Anonymous User]

I'm an incoming transactional associate in TX biglaw and was offered a moved up start date, for what it's worth.

[Anonymous User]

Deal flow isn't down everywhere. Larger TX-centric firms seem to be in a slow slump (for example, VE) in their energy transactions and M&A groups at least; however, not all firms in town are slow. I have heard K&E is hiring a bunch right now, for example, including 3Ls.

EDIT: Spelling mistakes.

[Anonymous User]

I agree with the above sentiment. I summered at a firm whose M&A group doesn't focus on energy/O&G, and the associates there were running around with their hair on fire. I can't speak for the whole group as a whole, but the few that were nice enough to voluntarily show their billables were hovering around the 2300-2500/hr range.

Obviously, that pace may slow down as the year goes on, others may be billing drastically less, and as I'm sure someone will note, I'm just a summer; but the impression I got is that that group generally has no trouble meeting their hours.

[Anonymous User]

Worrying about hours as a junior is completely pointless because there is literally nothing you can do about it, so why worry? It might be terrifying to not have enough hours but not having a job in the first place is even more terrifying. In this profession, there are an infinite number of things you can worry about; you should at least only worry about what you can control.

That said, everything I've heard points to Texas being fine. My firm said despite over-hiring, quote, there is more than enough M&A work to keep you busy all day all night. They may be lying through their teeth and I kind of hope they are not being literal.

Finally, Texas living is cheap. You're not on the NYC hamster wheel. A few years of big law salary goes a long way, so long as you don't live like a thirty thousand dollar millionaire from Dallas.

[Anonymous User]

Worrying about hours as a junior is completely pointless because there is literally nothing you can do about it, so why worry? It might be terrifying to not have enough hours but not having a job in the first place is even more terrifying. In this profession, there are an infinite number of things you can worry about; you should at least only worry about what you can control.

Because (and I gather that you haven't started yet) you'll realize the most stressful thing about big law is how critical it is that you get good experience early on (whether you're gunning for partner or want to move on somewhere else ASAP) and how, yes, this is largely out of you control. And if you're not busy, "a few years" isn't going to happen.

[Anonymous User]

Anybody willing to share their monthly billables over the last couple months (or approximate percentage decline)?

[Anonymous User]

bump

[Anonymous User]

On pace for over 2500 -- which is on par with last year. Started off slower, but just as busy (or possibly busier) than last summer.

[Anonymous User]

290, 270, 225. Checking out this month.

[Anonymous User]

Bump. Guys, I'm a junior in NYC, thinking about moving back to Texas until I see these hourly numbers. I'm on pace for 2000 - can't imagine moving to Texas only to see that dramatic increase in hours.

Is this across the board?