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Can you expand?
Yeah I don't think this is right. With bonus + base salary I think you're in the ballpark of $650-700k right away.Anonymous User wrote: ↑Thu Jan 12, 2023 4:27 amI don’t think LW associates promoted to counsel make $700s. Maybe all in and after 10 years as career counsel.
Hard to imagine... I don't know the bonus component, but your base increase from associate level is pretty minimal and continues to be each year. If you assume similar or just a little above current top-line associate bonuses, then I'd expect just below $600 all-in starting as year-1 counsel.Anonymous User wrote: ↑Thu Jan 12, 2023 12:18 pmYeah I don't think this is right. With bonus + base salary I think you're in the ballpark of $650-700k right away.Anonymous User wrote: ↑Thu Jan 12, 2023 4:27 amI don’t think LW associates promoted to counsel make $700s. Maybe all in and after 10 years as career counsel.
I’m in a similar situation. If I get promoted to counsel in my practice area, I’m expecting just a small increase to my total comp (so just under $600s, I think), but on 2 occasions when I’ve inquired with some friends at other firms who’ve made partner in my practice, they’ve indicated that their respective firms can offer $700 base if I lateraled (with total comp just under $900).Anonymous User wrote: ↑Thu Jan 12, 2023 3:28 pmThanks all. I'm the original poster.
I'm curious because $700kish comp lateraling into counsel would be a substantial boost to what I believe I would be offered for counsel at my current firm if I stayed (probably high $500s all in) so wanted to just get ballpark figures right.
What year is counsel at the firms you're talking about? $700k at Y7 (which is when my firm makes counsel) is way above market, but it sounds like you're talking about positions after the typical associate track.Anonymous User wrote: ↑Thu Jan 12, 2023 5:48 pmI’m in a similar situation. If I get promoted to counsel in my practice area, I’m expecting just a small increase to my total comp (so just under $600s, I think), but on 2 occasions when I’ve inquired with some friends at other firms who’ve made partner in my practice, they’ve indicated that their respective firms can offer $700 base if I lateraled (with total comp just under $900).Anonymous User wrote: ↑Thu Jan 12, 2023 3:28 pmThanks all. I'm the original poster.
I'm curious because $700kish comp lateraling into counsel would be a substantial boost to what I believe I would be offered for counsel at my current firm if I stayed (probably high $500s all in) so wanted to just get ballpark figures right.
The best year 1 counsel comp I’ve heard of in my practice is $700 base with $300 bonus.
Mind sharing the firm via pm? In a similar situation at a Latham-peer firm in NY.Anonymous User wrote: ↑Thu Jan 12, 2023 5:48 pmI’m in a similar situation. If I get promoted to counsel in my practice area, I’m expecting just a small increase to my total comp (so just under $600s, I think), but on 2 occasions when I’ve inquired with some friends at other firms who’ve made partner in my practice, they’ve indicated that their respective firms can offer $700 base if I lateraled (with total comp just under $900).Anonymous User wrote: ↑Thu Jan 12, 2023 3:28 pmThanks all. I'm the original poster.
I'm curious because $700kish comp lateraling into counsel would be a substantial boost to what I believe I would be offered for counsel at my current firm if I stayed (probably high $500s all in) so wanted to just get ballpark figures right.
The best year 1 counsel comp I’ve heard of in my practice is $700 base with $300 bonus.
It varies, but the top number above is at a firm that makes you counsel at Y9 (in levfin).Anonymous User wrote: ↑Thu Jan 12, 2023 8:05 pmWhat year is counsel at the firms you're talking about? $700k at Y7 (which is when my firm makes counsel) is way above market, but it sounds like you're talking about positions after the typical associate track.Anonymous User wrote: ↑Thu Jan 12, 2023 5:48 pmI’m in a similar situation. If I get promoted to counsel in my practice area, I’m expecting just a small increase to my total comp (so just under $600s, I think), but on 2 occasions when I’ve inquired with some friends at other firms who’ve made partner in my practice, they’ve indicated that their respective firms can offer $700 base if I lateraled (with total comp just under $900).Anonymous User wrote: ↑Thu Jan 12, 2023 3:28 pmThanks all. I'm the original poster.
I'm curious because $700kish comp lateraling into counsel would be a substantial boost to what I believe I would be offered for counsel at my current firm if I stayed (probably high $500s all in) so wanted to just get ballpark figures right.
The best year 1 counsel comp I’ve heard of in my practice is $700 base with $300 bonus.
Cahill?Anonymous User wrote: ↑Thu Jan 12, 2023 8:26 pmIt varies, but the top number above is at a firm that makes you counsel at Y9 (in levfin).Anonymous User wrote: ↑Thu Jan 12, 2023 8:05 pmWhat year is counsel at the firms you're talking about? $700k at Y7 (which is when my firm makes counsel) is way above market, but it sounds like you're talking about positions after the typical associate track.Anonymous User wrote: ↑Thu Jan 12, 2023 5:48 pmI’m in a similar situation. If I get promoted to counsel in my practice area, I’m expecting just a small increase to my total comp (so just under $600s, I think), but on 2 occasions when I’ve inquired with some friends at other firms who’ve made partner in my practice, they’ve indicated that their respective firms can offer $700 base if I lateraled (with total comp just under $900).Anonymous User wrote: ↑Thu Jan 12, 2023 3:28 pmThanks all. I'm the original poster.
I'm curious because $700kish comp lateraling into counsel would be a substantial boost to what I believe I would be offered for counsel at my current firm if I stayed (probably high $500s all in) so wanted to just get ballpark figures right.
The best year 1 counsel comp I’ve heard of in my practice is $700 base with $300 bonus.
Also, no idea how to PM to an anon ... I'm a total luddite. My impression is there's more leeway for negotiation when lateraling in levfin, especially when a firm is looking to build out capacity (and this was during the boom years of '20 / '21 fwiw).
Have you considered lateraling into a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 12:35 amI’m counsel in a Levfin practice at a NY market paying firm, class of 2013. Salary 415K (flat from 2022 to 2023) 2022 year end bonus was 115k. May have to look into lateraling if these figures folks are posting up thread are still available in current market. I know for at least one peer firm counsel receive a partial 401K match up to about $20K/year.
what’s a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 1:39 amHave you considered lateraling into a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 12:35 amI’m counsel in a Levfin practice at a NY market paying firm, class of 2013. Salary 415K (flat from 2022 to 2023) 2022 year end bonus was 115k. May have to look into lateraling if these figures folks are posting up thread are still available in current market. I know for at least one peer firm counsel receive a partial 401K match up to about $20K/year.
Assuming JPM. Lateraling into JPM as BigLaw Finance Counsel may give you a better salary than what you're getting.Anonymous User wrote: ↑Sun Jan 15, 2023 3:47 amwhat’s a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 1:39 amHave you considered lateraling into a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 12:35 amI’m counsel in a Levfin practice at a NY market paying firm, class of 2013. Salary 415K (flat from 2022 to 2023) 2022 year end bonus was 115k. May have to look into lateraling if these figures folks are posting up thread are still available in current market. I know for at least one peer firm counsel receive a partial 401K match up to about $20K/year.
From your current gig as counsel into a junior partnership at another firm.Anonymous User wrote: ↑Sun Jan 15, 2023 11:41 amAssuming JPM. Lateraling into JPM as BigLaw Finance Counsel may give you a better salary than what you're getting.Anonymous User wrote: ↑Sun Jan 15, 2023 3:47 amwhat’s a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 1:39 amHave you considered lateraling into a JP?Anonymous User wrote: ↑Sat Jan 14, 2023 12:35 amI’m counsel in a Levfin practice at a NY market paying firm, class of 2013. Salary 415K (flat from 2022 to 2023) 2022 year end bonus was 115k. May have to look into lateraling if these figures folks are posting up thread are still available in current market. I know for at least one peer firm counsel receive a partial 401K match up to about $20K/year.