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General question about lit boutiques
Posted: Sat Oct 27, 2018 10:38 am
by Anonymous User
I have an interview with a lit boutique coming up. It’s a newer one that pays market and has large bonuses. However, I think the firm has grown quickly in the past year (I remember I was researching the firm last year and it had 25% fewer attorneys).
Are these elite lit boutiques able to sustain the crazy bonuses they pay or was it just a short-term ploy in order to get talented associates to buy into the boutique?
I think KVN at one point had crazy bonuses too, but now seems to just match market, so I’m wondering if that’s the future trajectory of newer boutiques.
Obviously money isn’t the only reason to consider an offer, but not sure I’d go to a boutique if it didn’t have that added bonus
Re: General question about lit boutiques
Posted: Sat Oct 27, 2018 11:02 am
by Anonymous User
Depends on the year I think. For some firms if it is really profitable then it can be above market.
Re: General question about lit boutiques
Posted: Sun Oct 28, 2018 8:18 pm
by QContinuum
It really depends on the boutique and what the managing partner(s) think. Probably not the best idea to go to the boutique if the bonus is the only reason you'd choose it over your other offer(s). Fit is really important and boutiques especially can have a pretty strong culture which isn't suitable for everyone.
Re: General question about lit boutiques
Posted: Mon Oct 29, 2018 8:42 am
by nealric
Anonymous User wrote:I have an interview with a lit boutique coming up. It’s a newer one that pays market and has large bonuses. However, I think the firm has grown quickly in the past year (I remember I was researching the firm last year and it had 25% fewer attorneys).
Are these elite lit boutiques able to sustain the crazy bonuses they pay or was it just a short-term ploy in order to get talented associates to buy into the boutique?
I think KVN at one point had crazy bonuses too, but now seems to just match market, so I’m wondering if that’s the future trajectory of newer boutiques.
Obviously money isn’t the only reason to consider an offer, but not sure I’d go to a boutique if it didn’t have that added bonus
It's hard to generalize. Some lit boutiques will do crazy bonuses when they win a big contingency case, but otherwise stick to market. Others try to consistently beat market. By virtue of being smaller businesses, boutiques tend to have much more volatile revenues and profits than larger organizations. However, the better boutiques have enough financial stability to at least pay market in the down years. At the end of the day, they are like any employer. They pay what they think they have to in order to get and retain the talent they want.