Thoughts on Executive Compensation/Employee Benefits? Forum

[Anonymous User]

I'm currently in a tax LLM program (NYU/Georgetown). I found that most of the biglaw offers are from EC/EB, and only a few from general tax. I'm not sure I can get an job in general tax since it's so competitive. I'm just wondering which is better: EC/EB in biglaw, or tax practice in a mid-sized firm, or big4 tax group? I never had any experience in EC/EB so just have no idea.

[Wanderingdrock]

I am not in this area but I'm in Biglaw, and from what I can tell the EC/EB option is by far the best of the three you name. Obviously YMMV based on which practice area you prefer, but from what I've heard the EC/EB specialists love their work and have decent long-term job security/partnership prospects. Plus, they get paid the best by far of the three career trajectories you've named.

You can also always move from Biglaw to midlaw or Big Four. The other direction is much more difficult. (I know someone who tried to come over to my firm from the Big Four, with a general tax background, but our tax group wasn't hiring and she didn't have the qualifications to join any other practice group. She ended up at a boutique firm with a cool title and decent compensation, but just to illustrate my point.)

[Anonymous User]

I am not in this area but I'm in Biglaw, and from what I can tell the EC/EB option is by far the best of the three you name. Obviously YMMV based on which practice area you prefer, but from what I've heard the EC/EB specialists love their work and have decent long-term job security/partnership prospects. Plus, they get paid the best by far of the three career trajectories you've named.

You can also always move from Biglaw to midlaw or Big Four. The other direction is much more difficult. (I know someone who tried to come over to my firm from the Big Four, with a general tax background, but our tax group wasn't hiring and she didn't have the qualifications to join any other practice group. She ended up at a boutique firm with a cool title and decent compensation, but just to illustrate my point.)

Does ECEB partner make significantly less than a general tax partner?

[nealric]

I am not in this area but I'm in Biglaw, and from what I can tell the EC/EB option is by far the best of the three you name. Obviously YMMV based on which practice area you prefer, but from what I've heard the EC/EB specialists love their work and have decent long-term job security/partnership prospects. Plus, they get paid the best by far of the three career trajectories you've named.

You can also always move from Biglaw to midlaw or Big Four. The other direction is much more difficult. (I know someone who tried to come over to my firm from the Big Four, with a general tax background, but our tax group wasn't hiring and she didn't have the qualifications to join any other practice group. She ended up at a boutique firm with a cool title and decent compensation, but just to illustrate my point.)

Does ECEB partner make significantly less than a general tax partner?

I don't think that's necessarily the case. ERISA is one of those highly specialized areas that very few people do, but when they have someone who is doing it and is fully utilized they tend to keep them around. Fewer people seem to wash out of ERISA than general tax. It also has pretty decent in-house options down the line as most larger companies need at least one benefits specialist.

[Anonymous User]

EC/EB specialists love their work and have decent long-term job security/partnership prospects. . . . .

False

. . . they get paid the best by far of the three career trajectories you've named. . . . .

True

[Wanderingdrock]

I am not in this area but I'm in Biglaw, and from what I can tell the EC/EB option is by far the best of the three you name. Obviously YMMV based on which practice area you prefer, but from what I've heard the EC/EB specialists love their work and have decent long-term job security/partnership prospects. Plus, they get paid the best by far of the three career trajectories you've named.

You can also always move from Biglaw to midlaw or Big Four. The other direction is much more difficult. (I know someone who tried to come over to my firm from the Big Four, with a general tax background, but our tax group wasn't hiring and she didn't have the qualifications to join any other practice group. She ended up at a boutique firm with a cool title and decent compensation, but just to illustrate my point.)

Does ECEB partner make significantly less than a general tax partner?

As poster above already said, not necessarily, but generally speaking Biglaw partners will make more than midlaw partners, and I was commenting specifically on the three career trajectories described by OP.

[Anonymous User]

Aside from ERISA, what kinds of issues are handled by EC/EB lawyers?

[milkisforbabies]

Aside from ERISA, what kinds of issues are handled by EC/EB lawyers?

It depends on what the firm / practice focus is, and broadly whether you fall more on the EC vs. EB side of things.

Exec. comp-focused practices tend to be closer to deal specialists who might handle negotiating the comp-focused sections of deal docs, putting together employment agreements, and drafting equity plans / award docs.

Employee benefits-focused practices tend to deal more with day to day operational and (tax, fiduciary, etc.) compliance issues for benefits plans.

But there are a lot of flavors and sub-practices that fall under the EC/EB umbrella.