Highest Compensation / Partnership Prospects Boston Transactional Forum

[ThatWPGuy2017]

Current HLS 1L with decent (4+ years WE) looking to remain in the Boston market. I've had the chance to meet with all of the big shops (Ropes, Kirkland, Goodwin) as well as the local Boston (Choate, Mintz) and satellite (Skadden, Latham, Weil) offices. Looking to establish roots in Boston with my wife. Desire is transactional (PE/M&A/Capital Markets) with the highest comp. (i.e. market or above market bonus) without 2,500+ hours, as well as the ability to punch above my weight on deals, have a good chance for partnership prospects, not be in a firm with stealth layoffs, and if I want a Big Law career, it is obtainable. It seems like Ropes or Choate are the two biggest contenders, but both have wildly different growth models, deal size, and general office size. It also seems like Choate pays the most with their long-term bonus ($25K, $37.5K, $50K) program. If you had no desire to ever step foot in NYC, which option would you choose?

[Anonymous User]

If you have no desire to be stealthed and want decent promotion prospects, then immediately eliminate Kirkland and Skadden. My two cents. I've seen a number of Skadden "perma-counsels" who got pushed out after like 13 years of dedicated service and then wind up at lower tier firms in perma-counsel capacities.

[Anonymous User]

Both Ropes and Goodwin engage in stealthing, and Ropes has been aggressively stealthing corporate associates recently. You are more likely to get stealthed as a 2nd year than make partner at either firm.

Of the names mentioned, my picks would be Latham, Skadden or Choate.

[Anonymous User]

I’m not familiar with specific nuances of Boston offices or groups, but would go Latham. Latham’s growth and broad strength across almost every type of corporate work is impressive af, and it doesn’t seem like it came at the cost of their culture.

I think picking firms based on marginal differences in long term compensation is kinda silly though, whether bonuses or something else. What will make the biggest difference in the money you make is how long you can survive in biglaw, so would pick based on the people in each office’s group and how you feel about them, assuming no material differences in practice group strength.

[Anonymous User]

I’m not familiar with specific nuances of Boston offices or groups, but would go Latham. Latham’s growth and broad strength across almost every type of corporate work is impressive af, and it doesn’t seem like it came at the cost of their culture.

I think picking firms based on marginal differences in long term compensation is kinda silly though, whether bonuses or something else. What will make the biggest difference in the money you make is how long you can survive in biglaw, so would pick based on the people in each office’s group and how you feel about them, assuming no material differences in practice group strength.

Good point. Picking based on small differences in compensation is not quite picking based on firm offer and acceptance gifts but it’s kinda close.

[ThatWPGuy2017]

Thanks everyone thus far for your comments. One thing about the satellite offices is they vary considerably in size. Skadden is 60ish I believe, Latham closer to 40, Weil maybe closer to 30, while Kirkland, in just five years, is over 100. Choate sits at 220 or so in Boston, same for WilmerHale (maybe closer to 250) while Ropes and Goodwin exceed 500. Of course, Akin Gump just opened an office focused on Corporate/Life Sciences, and Covington just announced they are entering relatively shortly. In other words, in the relatively recent past, Boston has gone from 3 large and 2 mid-size firms to over 10, so not nearly as much data as other locations (I.e. NYC, DC).

[Anonymous User]

Thanks everyone thus far for your comments. One thing about the satellite offices is they vary considerably in size. Skadden is 60ish I believe, Latham closer to 40, Weil maybe closer to 30, while Kirkland, in just five years, is over 100. Choate sits at 220 or so in Boston, same for WilmerHale (maybe closer to 250) while Ropes and Goodwin exceed 500. Of course, Akin Gump just opened an office focused on Corporate/Life Sciences, and Covington just announced they are entering relatively shortly. In other words, in the relatively recent past, Boston has gone from 3 large and 2 mid-size firms to over 10, so not nearly as much data as other locations (I.e. NYC, DC).

Ropes and Goodwin are not where you want to go. Getting laid off as a junior is hard to bounce back from, and those firms won't hesitate to do that to you. Go with WilmerHale, Choate, or a satellite of a non-K&E V10. HTH.

[Anonymous User]

All else being equal, longevity tends to be longer at regional firms than biglaw firms. I don't know the Boston market, but it looks like Choate brought in 14 new associates and made 6 partners the last time they reported to Vault; you don't see those ratios at biglaw firms, especially in satellite offices where there are PPP headwinds to partnership.