Lateral from Midlaw
Posted: Sat May 29, 2021 2:32 pm
I'm currently a 6th year associate in a midlaw firm (about 100 attorneys) and am thinking of lateraling to biglaw. I'd appreciate your thoughts on whether I'm suffering from "grass is greener" syndrome based on the circumstances below.
My practice is exclusively regulatory (e.g., healthcare, environmental, occupational safety, etc.). My firm is based in a relatively low-cost secondary market, but I work in a satellite office in a major market. The things I like about my firm are:
-Reasonable hours/schedule - Billable target is technically 1750 hrs, although they are lax about it. Frankly, I've only hit the target once. Rarely are there fire drills. Partners are specifically instructed not to give work to an associate after 3 PM and expect that it be returned that same day, unless it is an absolute emergency. And when it is a real emergency, partners are profusely apologetic and go out of their way to thank you for accommodating.
-Standing/work - Over the years I've built up a good reputation within the organization, and partners generally respect me and trust my work. I feel indispensable and secure in my current position. And I've been informally told by some partners that if I stick around for another 3 yrs or so, the expectation is I'll be made partner.
The main reason I'm considering leaving is the pay. My base salary is $155k, which seems low for a 6th yr in a large market. Bonuses are seldom >$5k, regardless of whether the billable target is met. Also there is severe compression in the pay scale, as 1st years make $135k. My understanding is junior partners make ~$200k, and established partners usually are ~$250k total compensation. These numbers seem really low to me for even a midlaw firm, especially while living in a major market. I hate comparing myself to others, but sometimes it is admittedly frustrating to think that 1st year associates in biglaw are making more than not only me, but even junior partners (although I certainly appreciate the work environment I'm in).
With this in mind, my questions are:
1) For those in midlaw, how does the pay scale I described above match up with your organization, both in terms of amount and compression? Obviously there will be a lot of variability based on location and practice, but any data points would be helpful.
2) For senior associates in biglaw specifically in a regulatory practice, what is your billable target, how strict is your firm on meeting them (considering that it's harder to bill hours in regulatory IMO), and how irregular is the work schedule. I'd imagine things would be rough for first years, but do things improve for senior associates? Again, I'm trying to focus on regulatory, since from what I've heard things are a bit different than for, say, litigation or M&A associates.
3) How viable of a strategy do you think it would be to lateral to biglaw with the stipulation of working on a borderline part-time basis (e.g., a 10% reduced schedule), obviously with reduction in pay?
4) Although I know everyone's opinion will vary based on what's important to them, just out of curiosity, considering the circumstances above, if you were in my shoes would you stay in midlaw or try to jump to biglaw?
Any other thoughts would be appreciated too.
My practice is exclusively regulatory (e.g., healthcare, environmental, occupational safety, etc.). My firm is based in a relatively low-cost secondary market, but I work in a satellite office in a major market. The things I like about my firm are:
-Reasonable hours/schedule - Billable target is technically 1750 hrs, although they are lax about it. Frankly, I've only hit the target once. Rarely are there fire drills. Partners are specifically instructed not to give work to an associate after 3 PM and expect that it be returned that same day, unless it is an absolute emergency. And when it is a real emergency, partners are profusely apologetic and go out of their way to thank you for accommodating.
-Standing/work - Over the years I've built up a good reputation within the organization, and partners generally respect me and trust my work. I feel indispensable and secure in my current position. And I've been informally told by some partners that if I stick around for another 3 yrs or so, the expectation is I'll be made partner.
The main reason I'm considering leaving is the pay. My base salary is $155k, which seems low for a 6th yr in a large market. Bonuses are seldom >$5k, regardless of whether the billable target is met. Also there is severe compression in the pay scale, as 1st years make $135k. My understanding is junior partners make ~$200k, and established partners usually are ~$250k total compensation. These numbers seem really low to me for even a midlaw firm, especially while living in a major market. I hate comparing myself to others, but sometimes it is admittedly frustrating to think that 1st year associates in biglaw are making more than not only me, but even junior partners (although I certainly appreciate the work environment I'm in).
With this in mind, my questions are:
1) For those in midlaw, how does the pay scale I described above match up with your organization, both in terms of amount and compression? Obviously there will be a lot of variability based on location and practice, but any data points would be helpful.
2) For senior associates in biglaw specifically in a regulatory practice, what is your billable target, how strict is your firm on meeting them (considering that it's harder to bill hours in regulatory IMO), and how irregular is the work schedule. I'd imagine things would be rough for first years, but do things improve for senior associates? Again, I'm trying to focus on regulatory, since from what I've heard things are a bit different than for, say, litigation or M&A associates.
3) How viable of a strategy do you think it would be to lateral to biglaw with the stipulation of working on a borderline part-time basis (e.g., a 10% reduced schedule), obviously with reduction in pay?
4) Although I know everyone's opinion will vary based on what's important to them, just out of curiosity, considering the circumstances above, if you were in my shoes would you stay in midlaw or try to jump to biglaw?
Any other thoughts would be appreciated too.