high hours low pay firms in major market a red flag? Forum

[Anonymous User]

I received an offer last week from a midsized 70-100 person firm in a major market in downtown financial hub (NYC/LA/Chicago) which had a 2000 billable hour but only pays $72K. No bonus until at least 2 yrs in. They recently had a sizable layoff. The only upside is realistic prospect of making partner within 5 years (if you bill 2K) and people seem nice. Do firms like these usually have financial issues? I'm tired of working for firms on their way down to insolvency. Thanks for the input.

[tyroneslothrop1]

Sounds like shit money for a major city! Probably insurance defense! Also a pretty bad sign they conducted layoffs not long ago. I work at a firm that does some insurance defense and pays 75K but in a secondary city w/ low cost of living. I'd take the job and look elsewhere!

[Anonymous User]

Sounds like shit money for a major city! Probably insurance defense! Also a pretty bad sign they conducted layoffs not long ago. I work at a firm that does some insurance defense and pays 75K but in a secondary city w/ low cost of living. I'd take the job and look elsewhere!

Can you really accept an offer and then quit shortly? That sounds like burning every bridge you have with everyone there...

[A. Nony Mouse]

Depends on whether the job you get after accepting this one is enough better to merit burning your bridges with the first one.

[Good Guy Gaud]

Can you live off $72k in either of those cities? (factoring in living, loans, etc.)

[1styearlateral]

$70k for 2k hours is a joke.

[Anonymous User]

Can you live off $72k in either of those cities? (factoring in living, loans, etc.)

I can because I have no debt but objectively even with debt you still can if you get a cheap apartment in the suburbs.

The funny thing is, one of the partners mentioned "Yeah our comp sucks but we are trying hard to change that." I am not sure if this was a legit plan or just lip service.

[Effingham]

I would think that the fact that they are so stingy in comp/layoffs would mean that odds of partnership are pretty slim. Any other options?

[Anonymous User]

I would think that the fact that they are so stingy in comp/layoffs would mean that odds of partnership are pretty slim. Any other options?

nothing solid yet but recent interviews at 2 other firms seem promising. i liked everyone at this firm in terms of personality but the compensation structure relative to hours was just so oppressive that no amount of friendliness in the office mattered. Also the junior associate dudes there whom I glanced at in their offices passing by seemed either shy, sheepish, or just emasculated. They seemed to give off a vibe like they just got chewed on.

I feel like I have been job searching for good 2 months now. I guess the better question is, how do you quit the firm shortly after being hired? Just say "sorry but I have to quit. I decided to try my luck at another firm?"

[Good Guy Gaud]

I feel like I have been job searching for good 2 months now. I guess the better question is, how do you quit the firm shortly after being hired? Just say "sorry but I have to quit. I decided to try my luck at another firm?"

I don't think there's anything wrong with taking the gig if it's your only option right now. Money is money, even if it's not a lot for the work you're going to be putting in. That being said, I think quitting will be easier than you think. Chances are you will find another gig that will either pay you more for the same amount of hours or pay you the same and expect less from you. Either way, they should understand.

[favabeansoup]

Sounds like insurance defense to me. I mean obviously shitty job with underpaying salary still beats no job though. I would take it and basically keep looking elsewhere while working. Whether you care about burning bridges depends far more on whether you actually like the people there vs. a sense of professional courtesy. This is your career you have to worry about not theirs. I am sure you are not the first person to accept a job there in hopes of landing another one shortly after.

[star fox]

$70k for 2k hours is a joke.

Sounds like life for a lot of fresh out of undergrad consultants.

[Anonymous User]

Sounds like insurance defense to me. I mean obviously shitty job with underpaying salary still beats no job though. I would take it and basically keep looking elsewhere while working. Whether you care about burning bridges depends far more on whether you actually like the people there vs. a sense of professional courtesy. This is your career you have to worry about not theirs. I am sure you are not the first person to accept a job there in hopes of landing another one shortly after.

They do liability work so I am almost certain a majority of their $ comes from insurance clients. I have never been so depressed after landing a job.

[1styearlateral]

$70k for 2k hours is a joke.

Sounds like life for a lot of fresh out of undergrad consultants.

Sure. But not for law students who spent three years only to build up $200k in debt. I mean, if that's your only option, take it obviously. Some job is better than no job, and if you make the move to a larger firm for bigger pay, working long hours won't be such a shock to your system.

[omar1]

Take it and look for something else. You don't really know how long it will take for you to land a better job. It may take a month or it may take a year.

[Anonymous User]

I received an offer last week from a midsized 70-100 person firm in a major market in downtown financial hub (NYC/LA/Chicago) which had a 2000 billable hour but only pays $72K. No bonus until at least 2 yrs in. They recently had a sizable layoff. The only upside is realistic prospect of making partner within 5 years (if you bill 2K) and people seem nice. Do firms like these usually have financial issues? I'm tired of working for firms on their way down to insolvency. Thanks for the input.

Out of curiosity, what are your stats? Experience? Seems like a low ball offer for the market, there must be something else to the story.

[tyroneslothrop1]

I received an offer last week from a midsized 70-100 person firm in a major market in downtown financial hub (NYC/LA/Chicago) which had a 2000 billable hour but only pays $72K. No bonus until at least 2 yrs in. They recently had a sizable layoff. The only upside is realistic prospect of making partner within 5 years (if you bill 2K) and people seem nice. Do firms like these usually have financial issues? I'm tired of working for firms on their way down to insolvency. Thanks for the input.

Out of curiosity, what are your stats? Experience? Seems like a low ball offer for the market, there must be something else to the story.

Even large insurance defense firms often times pay shit money. Lewis Brisbois/Wilson Elser are two that come to mind. There are constant Wilson Elser job listings on my T14 symplicity - probably because they pay joke salaries and expect 2K hours and can't retain anyone.

[ggocat]

Seems pretty typical for a large insurance defense firm like that. Maybe $10-15k under what I'd expect. The 2-year no bonus thing is weird though. I've never heard of that.

[Anonymous User]

I received an offer last week from a midsized 70-100 person firm in a major market in downtown financial hub (NYC/LA/Chicago) which had a 2000 billable hour but only pays $72K. No bonus until at least 2 yrs in. They recently had a sizable layoff. The only upside is realistic prospect of making partner within 5 years (if you bill 2K) and people seem nice. Do firms like these usually have financial issues? I'm tired of working for firms on their way down to insolvency. Thanks for the input.

Out of curiosity, what are your stats? Experience? Seems like a low ball offer for the market, there must be something else to the story.

the salary is structured that way across the board for all incoming juniors as if they are a large firm.