Anyone have inside knowledge on Big 4 compensation? Forum

[Anonymous User]

Is it possible to go from doing cap markets/finance as a junior in big law to big 4? I have a CPA license prior to law school but never practiced tax at all and never worked in public accounting either. Just wondering what kind of opportunities there are to exit to big 4 having been in big law, understanding that it is probably highly unusual for that to happen unless the big law attorney practiced tax. I am thinking if this is a soft exit out from law which I was never a big fan of and a chance to transition more to a business type role in the future (even if it means big 4 and then client side eventually from that).

Sorry, I'm on a role today because I'm super slow at work.

It will be very easy if you play your cards right. What market are you in?

My general advice is to find a manager or higher to speak to. If you reach out to friends, don't have them drop you in the portal, since recruiters are generally required to find the most cookie-cutter candidates and will ding you because you don't meet their check boxes. Ask your friends to connect you to a manager or higher. Whether that's a straight-up referral or getting them to hook you up on a coffee date with a manager to learn more about making the switch and "getting on the business side of things". Do this until a manager offers to refer you to a partner. Then you're probably good to go.

People will generally be impressed by your biglaw credentials and pass you on to the partner. CPA will really help.

But see above. I don't have many good things to say about my career progression so far after a similar move. If you give me your username, I'll PM you. If you're in NYC, I might have some helpful, and potentially out-able points to make.

I'm in NYC, but would be open to relocating to other markets, especially if better COL/QoL (i.e. considering Texas, but that's because big law associates get paid NYC market there, so not sure if it applies in big 4). Thanks for your response. Even if I can pitch it and it could be an easy transition, what kind of work would my background make me suitable for in big 4? Are ex-lawyers/lawyers all mostly exclusively in tax related groups? Are there certain groups that make more money than others or have better exit opportunities to client-side work? Not that I would not mind doing tax, even with no background, especially given that they might pay for an LLM to NYU or something. I wouldn't mind being a tax advisor/consultant and running my own shop some day in the future too.

[Anonymous User]

I might be able to refer you to a group that would be a good fit. I don't want to say more here. Email my burner email or leave me your username. Thanks!

[Anonymous User]

Is it possible to go from doing cap markets/finance as a junior in big law to big 4? I have a CPA license prior to law school but never practiced tax at all and never worked in public accounting either. Just wondering what kind of opportunities there are to exit to big 4 having been in big law, understanding that it is probably highly unusual for that to happen unless the big law attorney practiced tax. I am thinking if this is a soft exit out from law which I was never a big fan of and a chance to transition more to a business type role in the future (even if it means big 4 and then client side eventually from that).

A partner in my ITS team did m&a, went in house, then came here. So you don’t have to be a tax person. Having the CPA definitely helps though.

[nealric]

Is it possible to go from doing cap markets/finance as a junior in big law to big 4? I have a CPA license prior to law school but never practiced tax at all and never worked in public accounting either. Just wondering what kind of opportunities there are to exit to big 4 having been in big law, understanding that it is probably highly unusual for that to happen unless the big law attorney practiced tax. I am thinking if this is a soft exit out from law which I was never a big fan of and a chance to transition more to a business type role in the future (even if it means big 4 and then client side eventually from that).

Why not just try to lateral to tax within biglaw first, or even try to switch groups at your current firm?

If you are looking for more of a business-side role, I'd also look at in-house roles. There are several folks at my current company that started out in the law department and transitioned to business roles.

[bigben439]

OP, thank you very much for this post, have been looking for something like this for a while.
I am a JD/Tax LLM student, top 20% at top 50 school.

Looking for 2L summer position, looks like I struck out at OCI (like most of my peers). Really on the fence if I should put more effort into trying to find something in Big4 or midlaw, or to take whatever comes my way.
I would like to be doing substantive legal work - would anyone here recommend turning down a Big4 offer for midlaw and eventually trying to go to Biglaw?

I feel like exit options to biglaw might be better doing M&A, Tax, Corporate, real estate work at midlaw than working at Big4.
A friend of mine just went to Biglaw after working for 2 years at PWC doing estate planning for high net worth people

Thoughts as to where I should my efforts?

[Anonymous User]

OP, thank you very much for this post, have been looking for something like this for a while.
I am a JD/Tax LLM student, top 20% at top 50 school.

Looking for 2L summer position, looks like I struck out at OCI (like most of my peers). Really on the fence if I should put more effort into trying to find something in Big4 or midlaw, or to take whatever comes my way.
I would like to be doing substantive legal work - would anyone here recommend turning down a Big4 offer for midlaw and eventually trying to go to Biglaw?

I feel like exit options to biglaw might be better doing M&A, Tax, Corporate, real estate work at midlaw than working at Big4.
A friend of mine just went to Biglaw after working for 2 years at PWC doing estate planning for high net worth people

Thoughts as to where I should my efforts?

So I'm one of the people ITT from Big4, and I'm a bit worried that you do not understand how precarious your current situation is, especially due to the bolded. (Note this assumes you are taking out loans for law school and are not otherwise financially secure in the long term). There is a very real chance that you will be unemployed at graduation, and you need to be hustling your ass off right now to find a paying job for the summer. Midlaw jobs are not easy to get with your credentials. They are attainable to be sure, but they will not fall into your lap. I'm really just baffled as to what "take whatever comes my way" even means.

The Midlaw vs. Big 4 debate is legitimate, and there are pros and cons on both sides depending on your preferences, but you need to actually have those options before you start getting choosy.

[bigben439]

I understand that I came off sounding like I had options when I do not have anything lined up - I do realize that right now I am screwed.
Luckily I will be graduating very little debt and my financial situation is a lot better than most law students, (I obviously do not want to be unemployed at graduation).

I have been mass mailing, networking, and reaching out to Career services as much as possible. I am somewhat limited in where I can work (geographically), so I understand that limits my options a lot. I have been mailing to firms almost exclusively in my market (major market).

What is the most precarious part of my situation? What should I be doing more/where am I totally missing the boat?

Thanks for your input, much appreciated.

[Anonymous User]

I understand that I came off sounding like I had options when I do not have anything lined up - I do realize that right now I am screwed.
Luckily I will be graduating very little debt and my financial situation is a lot better than most law students, (I obviously do not want to be unemployed at graduation).

I have been mass mailing, networking, and reaching out to Career services as much as possible. I am somewhat limited in where I can work (geographically), so I understand that limits my options a lot. I have been mailing to firms almost exclusively in my market (major market).

What is the most precarious part of my situation? What should I be doing more/where am I totally missing the boat?

Thanks for your input, much appreciated.

Same anon from above...

It sounds like you are pretty much doing what you can/should. It was mostly the tone of the post that just alarmed me. Good luck to you!

[Anonymous User]

Does anyone know what JD-only comp is like for the Big 4 in Texas? Just curious.

Also curious about this as someone who is JD-only and currently making 115-120 in NY (been at firm 2 years) but looking to relocate to TX. Honestly in the LinkedIn research I have done, seems like the Houston Big 4 firms hire a lot fewer attorneys than in NY.

Expect between $72,000 - $77,000 in Houston/Dallas with no LLM for a 1st year. For the larger M&A groups, they will hire ~4 associates per year, with only 2 (maybe 3) of those being JDs.

[Anonymous User]

I'd like to add my two cents. Big4 M&A here (non-NYC).

My group (60% JD/40% CPA) does very sophisticated work (lots of opinions and structuring projects to go around) but also has a great culture. I will admit that my group is probably better than most in terms of culture/type of work. You are (for the most part) expected to take your vacation days.Work life balance is encouraged. Pay is fine, not great (JD/LLM start ~$95k). Hours depend on how many deals are happening and vary on a week-by-week basis. Weeks can be slow (40 hours) or they can be really busy (70-80 hours). Average is probably 50-55 hours/week with almost no work on the weekends. I work less than my Biglaw friends in town (but also make significantly less).

One negative is that we have to do quite a bit of admin work on our deals.

[Anonymous User]

My friends with JDs at EY are getting paid $8,600/month for their summer internship in SF.

[Anonymous User]

NYC Big4 M&A/International Tax. JD/LLM (non NYU). $125,000 + $10,000 singing bonus.

Another offer I received was for another Big4 in NYC SALT group making $115,000 but no bonus.

[Anonymous User]

Does anyone know what KPMG Dallas pays their international/M&A LLM associates? Is it the same as NYC?