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We used to have ~4 mid-senior associates in my group (one of the hot practice areas right now). Secondary market. We’ve been getting absolutely crushed for a long time, like for 2+ years now. We were all pretty tight and the mid-senior crew held on for probably longer than it should have without attrition, but in the last 4 months every other mid-senior associate has fled (half to other firms, half in house). It’s now just me (a 5th year) and a handful of 1Y/2Y juniors who don’t know what they’re doing, servicing the work of 3 partners that had too much work when we had the full squad of mid-senior folks still here (everyone, including partners, were at ~2500 last year and some the year before too). They say they’re trying to recruit a lateral ASAP but, realistically, my firm has a bad sweatshop/stingy reputation and I don’t see anyone taking an offer here anytime soon with how hot the market is (and it’s not a particularly sought after secondary market either).

I’m deciding whether I should stick around for the absolute hell that is coming my way (already getting copied in on deals previously handled by other associates), or lateral. I was a summer here and have only ever worked at this firm, so weird loyalty is probably overweighted a bit in the calculus here. I was planning to go in house in a couple years (targeting FAANG), since the partners I work for have not made partnership look appealing in any way.

Do I have any leverage here that’s actually worth anything? Should I ask for a class year bump? Anything? The partners gave some wink wink overtures about my “path to partnership being cleared” when telling me which deals I needed to step in on when the last other senior left earlier this month, but obviously that’s pretty worthless for me not least because that’s 5 years out minimum.

Not sure how common a situation this is.

Is a class year bump and/or money going to be enough to get you through the shit storm? I’m in a similar situation and I don’t think my firm can afford to pay me what it would take to wreck my life for the next 18 months, especially bc we are a secondary market and compressed pay scale so a class year bump won’t render me much more money ($5-$7k) compared to the responsibility I’m taking on.

Anonymous User wrote: ↑

Thu Apr 15, 2021 2:01 am

Is a class year bump and/or money going to be enough to get you through the shit storm?

We’re on NY market scale here so I guess 5th to 6th year would be an all-in bump of ~$42k + whatever value being able to brag that I was given a class year bump in my FAANG in-house interviews might be worth. Legit not sure if it’s worth it.

On the one hand, you don’t owe this firm a thing. I know you feel like you do, and I’ve felt that way about jobs as well. But if the tables were turned with respect to workload, they likely wouldn’t hesitate to kick you to the curb.

This being said, you should think about how much you want partner and also when people at your firm in your group typically get it. To your point, 5 years is a really long time. And vague promises plus that kind of timeline is very difficult to rely upon. What if your practice area folds due to macro economic circumstances in 4 years? I don’t think that vague promise should be enough to keep you.

So, similar to a prior post, I think the real question you need to ask yourself is how bad are thing really for you...and can money/a class bump really fix them for you...and is there any real chance they’ll get better in the next few months.

If it were me I’d be looking to lateral. If you ask for a bump and they say yes (which they may) then you’re obviously kind of obligated to stay for a while no matter how bad it gets.

My 2 cents.

Ask for a bump and/or a retention bonus (beyond the covid bonuses that will be paid out).

I don’t really see why you’re not walking into that firm and demanding named partnership. You’ve been in the trenches; you’ve seen your comrades fall one by one, but each time you’ve pushed yourself up from the muck and mire under heavy fire and executed your duty, soldier.

Chain of command means jack when you’re the last man standing in the breach. You held that practice area against all odds. This firm owes its survival to you, and the least they could do is give you a commendation and slap your name on the website banner.

I'm in a similar situation and am applying for inhouse roles. I will tell them I have an offer and let them respond how they respond.

Realistically, even a $100k retention bonus may not be enough if I get the inhouse role I want and I cannot imagine them offering even that.

No way I want to be a partner the rest of my life so that dangling carrot isn't going to work.

Prudent_Jurist wrote: ↑

Thu Apr 15, 2021 10:20 am

I don’t really see why you’re not walking into that firm and demanding named partnership. You’ve been in the trenches; you’ve seen your comrades fall one by one, but each time you’ve pushed yourself up from the muck and mire under heavy fire and executed your duty, soldier.

Chain of command means jack when you’re the last man standing in the breach. You held that practice area against all odds. This firm owes its survival to you, and the least they could do is give you a commendation and slap your name on the website banner.

OP here. I'm guessing you're trying to say it's presumptuous to be thinking about using the situation to ask for something?

Anonymous User wrote: ↑

Thu Apr 15, 2021 11:07 am

Prudent_Jurist wrote: ↑

Thu Apr 15, 2021 10:20 am

I don’t really see why you’re not walking into that firm and demanding named partnership. You’ve been in the trenches; you’ve seen your comrades fall one by one, but each time you’ve pushed yourself up from the muck and mire under heavy fire and executed your duty, soldier.

Chain of command means jack when you’re the last man standing in the breach. You held that practice area against all odds. This firm owes its survival to you, and the least they could do is give you a commendation and slap your name on the website banner.

OP here. I'm guessing you're trying to say it's presumptuous to be thinking about using the situation to ask for something?

No, I’m feverish right now due to my second COVID shot, and the “last man standing” language filled me with poetic vigor. I’ve got no substantive advice for you.

The situation sounds untenable to me. My advice would be to gtfo. But if you're not going to do that, then at least get some more money.

When all the rats are leaving a sinking ship, you don't ask to be promoted to be first mate.

Brave anon use

I'd ask for a retention bonus. I am aware of a midlevel in an absolutely drowning group who told her V10 she was lateraling. The partner in charge came back the next day offering her 50k to stay.

objctnyrhnr wrote: ↑

Thu Apr 15, 2021 6:55 am

If it were me I’d be looking to lateral. If you ask for a bump and they say yes (which they may) then you’re obviously kind of obligated to stay for a while no matter how bad it gets.

I don't agree with this necessarily; it might be frowned upon but I wouldn't think of it as a major bridge-burning incident to get a class year bump and subsequently lateral.

Prudent_Jurist wrote: ↑

Thu Apr 15, 2021 10:20 am

I don’t really see why you’re not walking into that firm and demanding named partnership. You’ve been in the trenches; you’ve seen your comrades fall one by one, but each time you’ve pushed yourself up from the muck and mire under heavy fire and executed your duty, soldier.

Chain of command means jack when you’re the last man standing in the breach. You held that practice area against all odds. This firm owes its survival to you, and the least they could do is give you a commendation and slap your name on the website banner.

I won’t lie, this fired me the hell up.

Anonymous User wrote: ↑

Thu Apr 15, 2021 11:39 pm

I'd ask for a retention bonus. I am aware of a midlevel in an absolutely drowning group who told her V10 she was lateraling. The partner in charge came back the next day offering her 50k to stay.

I heard as high as 200K (and not referring to Apollo; this was a V100 6th-ish year in 2015-ish), but this person actually had and had already "accepted" an offer elsewhere.