Accepted V5 Associate Position as a 3L...Now What? Forum

[Anonymous User]

Legitimate question - I've been extremely fortunate and happy to land an associate position at a NYC V5 after summering elsewhere in a different market, and I've officially accepted my offer. So now what? I felt like the offer letter didn't really have all that many details - not even starting salary, moving expenses, all the typical things you'd expect to see, etc. And I don't really know all that much about the firm other than what I've learned from the website, a full day of interviewing and anecdotes from alumni.

Will I receive more details eventually? Anybody else found themselves in this position and feel this sense of uncertainty?

Also, if I accepted this week, is it pretty much safe to officially decline offers from 2L firms? Thanks as always.

[Anonymous User]

You still have a full year until you start. I wouldn't worry about it.

[Anonymous User]

Is it CSM? If so, I can PM you whatever details you want to know. Regardless of the firm, you can call the legal personnel team and they will answer questions. Most v5 are fairly similar so expect a combo stipend/advance around the bar (~10k), them to pay for the bar, starting dates starting mid September, shitty 401k, expensive healthcare, 4+ weeks of vacation, them to pay moving expensive if outside 50m, 160k 190k etc.

[thesealocust]

Bizarre silence is par for the course, even for the 2Ls that accept at the firm they summered at. Info will trickle in at weird times in incomplete chunks. Don't worry about it. The firm will cover relocation, give you a salary advance, pay for your bar course and all bar expenses, etc.

I have no idea why they don't communicate better. My favorite "lol are you serious" moment came when my salary went up my 2nd year of biglaw, and I happened to notice on my paystub (as I was expecting it), but there was otherwise 0 communication about the increase in pay, its timing, etc. Law firm management is... strange. Like, does somebody in payroll just go "well it's January, everybody makes more money now, no reason to clutter their inboxes with that information though."

[Anonymous User]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

[thesealocust]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

There's a lot of market variation. Standard package at large NYC firms is to pay for or reimburse all bar expenses and review courses, cover relocation fees, and issue a salary advance (not a bonus or stipend). Other firms/markets sometimes do a stipend, and may or may not cover bar expenses outside of that stipend.

NYC firms also often pay stub year bonuses while other markets generally don't payout until the end of the first calendar year (and often deeper into the calendar year rather than in December).

[Anonymous User]

Congrats: did you get it via mass mailing?

[anyriotgirl]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

There's a lot of market variation. Standard package at large NYC firms is to pay for or reimburse all bar expenses and review courses, cover relocation fees, and issue a salary advance (not a bonus or stipend). Other firms/markets sometimes do a stipend, and may or may not cover bar expenses outside of that stipend.

NYC firms also often pay stub year bonuses while other markets generally don't payout until the end of the first calendar year (and often deeper into the calendar year rather than in December).

wait sorry while you're answering questions

so during your stub year, you do 160 pro-rated, and then you do 160 the calendar year and then the raise comes in January?

[Old Gregg]

Assuming it's not WLRK, the only cash you're getting is a salary advance (and this will be less after withholding, so budget accordingly). However, the rest of your expenses (i.e., bar course, bar exam, relocation, etc.) will be covered.

[Old Gregg]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

There's a lot of market variation. Standard package at large NYC firms is to pay for or reimburse all bar expenses and review courses, cover relocation fees, and issue a salary advance (not a bonus or stipend). Other firms/markets sometimes do a stipend, and may or may not cover bar expenses outside of that stipend.

NYC firms also often pay stub year bonuses while other markets generally don't payout until the end of the first calendar year (and often deeper into the calendar year rather than in December).

wait sorry while you're answering questions

so during your stub year, you do 160 pro-rated, and then you do 160 the calendar year and then the raise comes in January?

Yes. Why the fuck would a firm give you a raise after three months into the job?

[anyriotgirl]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

There's a lot of market variation. Standard package at large NYC firms is to pay for or reimburse all bar expenses and review courses, cover relocation fees, and issue a salary advance (not a bonus or stipend). Other firms/markets sometimes do a stipend, and may or may not cover bar expenses outside of that stipend.

NYC firms also often pay stub year bonuses while other markets generally don't payout until the end of the first calendar year (and often deeper into the calendar year rather than in December).

wait sorry while you're answering questions

so during your stub year, you do 160 pro-rated, and then you do 160 the calendar year and then the raise comes in January?

Yes. Why the fuck would a firm give you a raise after three months into the job?

I thought they happened in the summer

[Old Gregg]

I thought they happened in the summer

Nope. Every associate gets a raise at the same time. And it's almost always not during the summer.

[anyriotgirl]

I thought they happened in the summer

Nope. Every associate gets a raise at the same time. And it's almost always not during the summer.

yes I grasp the concept of lockstep, wasn't sure what law firms use as a "year"

[Old Gregg]

I thought they happened in the summer

Nope. Every associate gets a raise at the same time. And it's almost always not during the summer.

yes I grasp the concept of lockstep, wasn't sure what law firms use as a "year"

Well get ready for this: It doesn't really matter. Some firms' "years" do end at the end of summer (i.e., K&E's), but raises still happen in January. In fact, you will likely get your "class year bump" around that time at K&E (and your billing rate will definitely go up), but your raise will still happen in January.

[thesealocust]

Some firms don't pay bonuses until well into the spring while others pay them in December though.

[Old Gregg]

Some firms don't pay bonuses until well into the spring while others pay them in December though.

Yup.

[2014]

Assuming it's not WLRK, the only cash you're getting is a salary advance (and this will be less after withholding, so budget accordingly). However, the rest of your expenses (i.e., bar course, bar exam, relocation, etc.) will be covered.

Cravath does a partial stipend partial advance fyi. Still adds up to about the same as the other V7s advances but the stipend portion is a nice touch. Not sure if that's new this year I only know from classmates.

[Anonymous User]

this may be a stupid question, but:

if I accepted a clerkship for a year after graduation and will be going to a V5 NYC firm, will I receive a bonus other than stub? Meaning, if I graduate 2016 and am clerking for 2017 beginning in September, will I get any pro-rated bonus for the Jan-Sept. 2017 period? Or does leaving 3 months before bonuses are issued mean I am shit out of luck?

[thesealocust]

this may be a stupid question, but:

if I accepted a clerkship for a year after graduation and will be going to a V5 NYC firm, will I receive a bonus other than stub? Meaning, if I graduate 2016 and am clerking for 2017 beginning in September, will I get any pro-rated bonus for the Jan-Sept. 2017 period? Or does leaving 3 months before bonuses are issued mean I am shit out of luck?

No. Leaving an hour before bonuses are issued would mean you are shit out of luck.

[Br3v]

Do NY firms give a bonus upon starting? Not an advance but an actual bonus?

There's a lot of market variation. Standard package at large NYC firms is to pay for or reimburse all bar expenses and review courses, cover relocation fees, and issue a salary advance (not a bonus or stipend). Other firms/markets sometimes do a stipend, and may or may not cover bar expenses outside of that stipend.

NYC firms also often pay stub year bonuses while other markets generally don't payout until the end of the first calendar year (and often deeper into the calendar year rather than in December).

Is a realtor typically covered in moving expenses?

[thesealocust]

NYC will often cover brokers fees up to a certain dollar amount if you're relocating. Not sure about other markets.

[Desert Fox]

[Old Gregg]

YMMV but some firms won't cover relocation if you're "relocating" within a certain radius in NYC. Sometimes poses an issue for NYU, CLS and Fordham students.

[Single-Malt-Liquor]

NYC will often cover brokers fees up to a certain dollar amount if you're relocating. Not sure about other markets.

No other market has renters paying a brokers fee.

Boston, SF trolling.

[84651846190]

You will hear nothing for a long time. Then you will hear something.

Don't worry, they won't forget about you.