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Because this is such a secretive/hard to find topic other than one Skadden chart from 2018 - can anyone share what you are making as counsel (salary + bonus) or what you know your firm pays? I am not talking about "of counsel"; just to be clear. If you could include your market that would be great as well (NY/DC/CA vs 2nd vs 3rd tier).

Thanks!

I'm at an AmLaw 100 in DC, and while I'm not counsel, I know at least two counsel salaries at my firm (both around $325k). Not sure about bonuses, but there is a 401(k) match for counsel (unlike associates). Yes, you will note that those amounts are the same as/lower than 7th/8th year associate salaries...counsel salaries are a big issue here, although apparently the firm considers the 401(k) match as part of the raise.

Because this is such a secretive/hard to find topic other than one Skadden chart from 2018 - can anyone share what you are making as counsel (salary + bonus) or what you know your firm pays? I am not talking about "of counsel"; just to be clear. If you could include your market that would be great as well (NY/DC/CA vs 2nd vs 3rd tier).

Thanks!

SG/HK Counsel is approx 400+150. First-tier US Wallstreet. Counsels occupy a unique space in the Asia offices. They're really the "backbone" as typically there's high associate turnover and all of them have made their peace with no partnership prospects. A lot less pressure to perform than on the continent and clients in Asia love the designation. I understand that it's not as cushy for them in London/NYC/DC.

There is a wide range depending on the rank/profitability of the firm. Most NY firms on the standard scale pay just a bit more than senior associate (around $400-500K all in). However some V10s pay significantly more, in the $700-800K range.

The big problem is that it varies significantly, based on location, practice group, firm, etc.

I know it's not what you're looking for, but, a study from just a few years ago showed that the average compensation for a non-equity partner at a large law firm (AMLAW200/NJL350) is around $350k. At the same time, the average non-equity partner compensation at the 10 most profitable firms averaged just under a million dollars per year.

Based on this, and other information, I'm estimating that if you're not in a major market, you probably won't break $250k without making equity partner. If you're in biglaw in a major market, but not in the top 50 firms by PPP, you'll probably max out at around $500k

Levfin counsel at CGR start at about $450k base, $150k bonus. Other specialties vary.

What are the hours expectations?

Even when you keep the firm, location and practice group consistent this tends to be much more variable because there are very different expectations for different people. Most commonly, in major markets at highly profitable firms, you're looking at the $400k-700k range all-in (read: starting a little above senior associate levels and getting minor raises each year, although as noted above, sometimes there is actually a pay cut to start) for what is the now probably the majority position at the level--people who are expected to bill a full slate but not to generate any significant business. Obviously, people who have reduced schedules come in under that, and people who are being groomed for equity partnership or who otherwise bring in meaningful business come in higher, sometimes into the seven figures.

FND wrote: ↑

Sun Feb 16, 2020 1:23 pm

The big problem is that it varies significantly, based on location, practice group, firm, etc.

I know it's not what you're looking for, but, a study from just a few years ago showed that the average compensation for a non-equity partner at a large law firm (AMLAW200/NJL350) is around $350k. At the same time, the average non-equity partner compensation at the 10 most profitable firms averaged just under a million dollars per year.

Based on this, and other information, I'm estimating that if you're not in a major market, you probably won't break $250k without making equity partner. If you're in biglaw in a major market, but not in the top 50 firms by PPP, you'll probably max out at around $500k

Not sure AMLaw200/NLJ350 is really all that helpful if you are talking true Biglaw. Most firms below Amlaw/NLJ 100 are getting into the "Midlaw" territory.

You also need to be a bit careful as "counsel" can mean different things. It can be a super-senior associate, a law professor who works part time, or a niche practitioner who can't make their cost structure work as a partner. A super-senior associate would expect to be paid like a senior associate, the latter two is going to be very dependent on what they bring to the table.

What is the 2018 Skadden counsel chart?

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:27 am

What is the 2018 Skadden counsel chart?

https://abovethelaw.com/2016/06/whats-u ... -salaries/

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:27 am

What is the 2018 Skadden counsel chart?

As someone who knows a Skadden counsel, the salary & bonus info for x year Counsel is as follows (according to them for 2019):

1st Year: $360,000 salary, $120,000 max bonus opportunity
2nd Year: $365,000 salary, $120,000 max bonus opportunity
3rd Year and above: $370,000 salary, $180,000 max bonus opportunity

In addition, Skadden counsel receive a 401k match that is almost $9,000 per year.

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:49 am

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:27 am

What is the 2018 Skadden counsel chart?

As someone who knows a Skadden counsel, the salary & bonus info for x year Counsel is as follows (according to them for 2019):

1st Year: $360,000 salary, $120,000 max bonus opportunity
2nd Year: $365,000 salary, $120,000 max bonus opportunity
3rd Year and above: $370,000 salary, $180,000 max bonus opportunity

In addition, Skadden counsel receive a 401k match that is almost $9,000 per year.

Interesting. I'm at Skadden and a counsel once told me "salary is a little higher than when I was an associate, and bonus is complicated but higher ceiling than when I was an associate" --- this seems to check out with that. Some associates (really just in M&A) just skip counsel and go right to partner if they're really killing it, but generally counsel is a needed step on way to partnership.

Any idea what goes into this max bonus opportunity thing? I'm interested -- perhaps you don't know either.

Anonymous User wrote: ↑

Fri Sep 18, 2020 1:05 pm

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:49 am

Anonymous User wrote: ↑

Fri Sep 18, 2020 11:27 am

What is the 2018 Skadden counsel chart?

As someone who knows a Skadden counsel, the salary & bonus info for x year Counsel is as follows (according to them for 2019):

1st Year: $360,000 salary, $120,000 max bonus opportunity
2nd Year: $365,000 salary, $120,000 max bonus opportunity
3rd Year and above: $370,000 salary, $180,000 max bonus opportunity

In addition, Skadden counsel receive a 401k match that is almost $9,000 per year.

Interesting. I'm at Skadden and a counsel once told me "salary is a little higher than when I was an associate, and bonus is complicated but higher ceiling than when I was an associate" --- this seems to check out with that. Some associates (really just in M&A) just skip counsel and go right to partner if they're really killing it, but generally counsel is a needed step on way to partnership.

Any idea what goes into this max bonus opportunity thing? I'm interested -- perhaps you don't know either.

Yes. First, they allegedly stop considering hours after 1,600/year. So you can get the max working only that much. I'm not sure how pro bono hours and administrative (non-billable) hours are factored in, if at all. They also somehow factor in work quality and extracurriculars.