Richmond/Southern Market Compensation

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Richmond/Southern Market Compensation

Post by Anonymous User » Thu Aug 20, 2020 8:54 pm

I am currently a mid level (soon to be senior) associate in a major market v20 firm. I toyed with the idea of applying to firms in a Richmond when I was a junior but ended up sticking it out in my larger city for personal/work reasons.

As I am gaining more seniority, I’ve started to think again about Richmond, where I have close family ties. I’ve also been thinking of other midsize cities in the south for lower cost of living and quality of life. Does anyone have experience or knowledge of what compensation at the senior associate class years looks at Richmond firms these days?

Since I was a law student, comp in major markets has gone up but I just have no knowledge of how those changes have translated in the Richmond area and in other midsize cities in the Southeast.

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Re: Richmond/Southern Market Compensation

Post by Anonymous User » Fri Aug 21, 2020 12:40 am

I work in Richmond as a senior associate and made $240,000 base pre-COVID. Salaries are very compressed and blackbox based on reviews (my firm has multiple rating levels with the top being pretty hard to get).
Compensation has gone up, but not as fast or as much and bonuses aren't that great even for high billers. I billed over 2,200 hours last year and got less than $50,000 bonus as a 6th year.

However, Richmond is awesome and I really think $240,000 in RVA goes ridiculously far, especially if you don't get locked into buying an expensive house and car.

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Re: Richmond/Southern Market Compensation

Post by Anonymous User » Fri Aug 21, 2020 9:23 am

OP here- thanks!! I was expecting a wider gap between Richmond and the major markets, but if 6th years are making around 290K (granted it sounds like you are at the higher end) that is great and not a major difference to NY market after taxes and COL adjustment.

If you don’t mind me asking, are you at one of Hunton or McGuire or one of the other big firms like Troutman or Williams Mullen?

If you had to guess what the typical 8th year makes all in, what ballpark do you think you’d be looking at?

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Re: Richmond/Southern Market Compensation

Post by Anonymous User » Fri Aug 21, 2020 12:29 pm

I'm at one of the big three (McGuire, Hunton, Troutman). Pay seems to be maybe a little better at Hunton and McGuire, but since the merger not sure about Troutman. As a 6th year, if I include the bonus from that year paid the year later, I made about $275,000, but that is definitely on the higher end since I get top bucket raises and bonus. Typical 8th year I have no idea, maybe about $275,000-$300,000 all in?

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Re: Richmond/Southern Market Compensation

Post by Anonymous User » Fri Aug 21, 2020 6:17 pm

OP here- thanks! Does it seem like most of the associates in your office and in Richmond generally are homegrown? Curious if there are barriers to success lateraling in from out of state firm (although I have spent a lot of time in the area).

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Re: Richmond/Southern Market Compensation

Post by Anonymous User » Fri Aug 21, 2020 6:54 pm

Anonymous User wrote:
Fri Aug 21, 2020 6:17 pm
OP here- thanks! Does it seem like most of the associates in your office and in Richmond generally are homegrown? Curious if there are barriers to success lateraling in from out of state firm (although I have spent a lot of time in the area).
I don't think there are barriers, they are always looking for good people with big-city experience from what I've seen, though definitely mostly homegrown people, or people from Virginia that worked in DC for a number of years. I'm the only person from the NE that I've met at my firm.

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