Law firms now demoting partners .

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

What a racket for white people.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:As a counsel w $500k book and 2000 billables I say about time. I hate the 65YO billing 1400 with no book and making $800k.

+1.

Shouldn't you be able to "lean out" or back at sixty five though?! Rest on your laurels a bit? Won't you want to do that at 65? Or in the year or two before you retire for good?

Boomer entitlement at its worst. And people say millennials are lazy.

[Anonymous]

Are the finance people lost?

No one cares about your input. You don't know shit about law and this thread is about trends in law. Whether you are a director, the wife of a director, a director's favorite escort etc. is irrelevant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

We actually have a full time housekeeper. I consider myself retired. I devote my efforts to my children and proud of it. Who is watching your kids right now?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

We actually have a full time housekeeper. I consider myself retired. I devote my efforts to my children and proud of it. Who is watching your kids right now?

Nobody cares about your household. Are you unable to read? This thread isn't about you.

[Anonymous]

Can those who want to bitch at each other create throwaway emails and do it there?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

We actually have a full time housekeeper. I consider myself retired. I devote my efforts to my children and proud of it. Who is watching your kids right now?

Nobody cares about your household. Are you unable to read? This thread isn't about you.

You are right. I am wasting my time on this thread. Back to planning our winter ski trips and tropical destinations for winter and spring break. Have a nice day!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

We actually have a full time housekeeper. I consider myself retired. I devote my efforts to my children and proud of it. Who is watching your kids right now?

Nobody cares about your household. Are you unable to read? This thread isn't about you.

You are right. I am wasting my time on this thread. Back to planning our winter ski trips and tropical destinations for winter and spring break. Have a nice day!

Yes, go be a good little unpaid secretary to your husband. This thread is for those who still use their brains.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is this affecting your wachtells and cravaths?

This is an industry-wide trend. You think trends skip firms by vault ranking? "Oh, whoops, this one's a V10, let me go affect the V50."

wsj article posted by op said that the market is bifurcating into the ultra elite and the rest one could hypothesize that WLRK and others at the very top aren't seeing the hit in billings that perhaps lower v50 or v100 firms are

Oh, well since the WSJ said that, I guess it must be true. Has it occurred to you that the media only catches legal trends long after they take hold? The deequitization of partners has been a real problem since 2008, but the media is only now devoting real attention to it because Shearman & Sterling couldn't keep its business under wraps. By the time the media realizes this trend has spread to V10 law firms and is actually the norm industry-wide, another 5-10 years will have passed.

Your point is ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

I agree that it's tiring to hear women who comment on their husband's work experiences. But your gratuitous insults aren't needed to make the point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is not new. And yes, if it's really to non-equity they will get their capital back. There are some firms with partial equity tiers where they might only get a portion of capital back now.

The question isn't just if they get their capital, it's when. Most firms have partnership agreements that allow them to repay capital over a ridiculously long period of time. And if a partner is de-equitized for performance reasons, s/he isn't always eligible for the return of all his/her capital.

--Senior associate

It is more and more common for firms to delay return of capital for partners jumping to other firms. But I'd be surprised if firms played games with returning capital to de-equitized partners.

Lol. You're an optimist, aren't you? Do you know any de-equitized partners? I do.

--Senior associate

Well, you are clearly all knowing since you are "Senior Associate." I am sure heaps of de-equitized partners are pouring out their souls to "Senior Associate" and other partners are giving "Senior Associate" a copy of the partnership for his perusal.

NP here. Of course this happens. They are cut throat. Remember to the other partners, one who gets deequitized has been a financial drag for a while. In that environment, bitterness and resentment builds quickly, so it is easy for those who remain to feel that those kicked out don't actually deserve to be paid back and therefore interpret the contracts in the light least favorable (ie, in the same way as for those who jump).

Does it happen, maybe. Is it the norm, no. Biglaw certainly is more cut threat today, but it is not quite as Machiavellian as you are making it out to be. Firms are generally not so bitter at people being de-equitized that they are looking to further screw them. As hard as it is to believe, many people feel bad about taking this fairly drastic (if necessary) step and are not looking to pour salt in the wounds of people who will often remain at the firm, at least for some period of time.

And, ignoring basic decency, there are reasons not to act as you are discussing. Withholding capital greatly increases the chance of litigation, both over the specific issue of withheld capital and the de-equitization more broadly. (It is employment law 101 that when you take an adverse action against someone, if you do it in as human way as possible, you reduce the chance of getting sued.)

Finally, withholding capital would raise questions as to whether the firm was having financial problems, beyond simply trying to juice PPP by having fewer equity partners. As Dewey demonstrated, concerns about finances can spiral out of control and the firm would not want to send that signal to its partners or he market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:is this affecting your wachtells and cravaths?

This is an industry-wide trend. You think trends skip firms by vault ranking? "Oh, whoops, this one's a V10, let me go affect the V50."

wsj article posted by op said that the market is bifurcating into the ultra elite and the rest one could hypothesize that WLRK and others at the very top aren't seeing the hit in billings that perhaps lower v50 or v100 firms are

Oh, well since the WSJ said that, I guess it must be true. Has it occurred to you that the media only catches legal trends long after they take hold? The deequitization of partners has been a real problem since 2008, but the media is only now devoting real attention to it because Shearman & Sterling couldn't keep its business under wraps. By the time the media realizes this trend has spread to V10 law firms and is actually the norm industry-wide, another 5-10 years will have passed.

Your point is ?

How is it my job to read and think for you? Do you want me to come chew and digest your food for you too?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is not new. And yes, if it's really to non-equity they will get their capital back. There are some firms with partial equity tiers where they might only get a portion of capital back now.

The question isn't just if they get their capital, it's when. Most firms have partnership agreements that allow them to repay capital over a ridiculously long period of time. And if a partner is de-equitized for performance reasons, s/he isn't always eligible for the return of all his/her capital.

--Senior associate

It is more and more common for firms to delay return of capital for partners jumping to other firms. But I'd be surprised if firms played games with returning capital to de-equitized partners.

Lol. You're an optimist, aren't you? Do you know any de-equitized partners? I do.

--Senior associate

Well, you are clearly all knowing since you are "Senior Associate." I am sure heaps of de-equitized partners are pouring out their souls to "Senior Associate" and other partners are giving "Senior Associate" a copy of the partnership for his perusal.

NP here. Of course this happens. They are cut throat. Remember to the other partners, one who gets deequitized has been a financial drag for a while. In that environment, bitterness and resentment builds quickly, so it is easy for those who remain to feel that those kicked out don't actually deserve to be paid back and therefore interpret the contracts in the light least favorable (ie, in the same way as for those who jump).

Does it happen, maybe. Is it the norm, no. Biglaw certainly is more cut threat today, but it is not quite as Machiavellian as you are making it out to be. Firms are generally not so bitter at people being de-equitized that they are looking to further screw them. As hard as it is to believe, many people feel bad about taking this fairly drastic (if necessary) step and are not looking to pour salt in the wounds of people who will often remain at the firm, at least for some period of time.

And, ignoring basic decency, there are reasons not to act as you are discussing. Withholding capital greatly increases the chance of litigation, both over the specific issue of withheld capital and the de-equitization more broadly. (It is employment law 101 that when you take an adverse action against someone, if you do it in as human way as possible, you reduce the chance of getting sued.)

Finally, withholding capital would raise questions as to whether the firm was having financial problems, beyond simply trying to juice PPP by having fewer equity partners. As Dewey demonstrated, concerns about finances can spiral out of control and the firm would not want to send that signal to its partners or he market.

What a genteel place your law firm must be. I guess you've missed the spate of litigation by ex-partners against their law firms. Loss of capital is what these lawsuits are about, regardless of the actual legal theory being spun.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is really disconcerting in the sense that there's no really no incentive nowadays to want to rise to the top of your field.

Why is it disconcerting that there is little incentive for anyone with their eyes open to gun for partnership? There is still money to be made. After 9 years in big law, I have over 400k cash in savings, not including my retirement savings and shares of stock. All of it is mine and, because I'm an associate, the firm doesn't get to come askint for my money in the name of capital contributions. I'm applying to exit to the government or in house and, with the connections I've made over these 9 years, I'll be just fine.

--Senior associate

You know how easily you could have made that in finance? One year, one good bonus. Actually, depending on where you are and what you do, a lot of people wouldn't even call 800k a "good" bonus.

Why is there always an idiot who posts this tripe about finance? :rolleyes: No, this is not "easily" made in finance. You're talking about top, rare earners who work worse hours than big law and get fired way more quickly. Do you have any close relationships with anyone at a bonus-eligible hedge fund or investment banking job?

--Senior Associate

I should also add that, for the very rare few who make the bonuses you describe, those bonuses come with ridiculous years-long clawback and vesting provisions. Stop parroting nonsense you have read and don't understand firsthand.

What? No they really don't. How about YOU stop parroting nonsense you obviously know jack shit about.

NP for someone who apparently Knows more you haven't said jack yourself . The PP is right , this idea that finance is filled with mega bonuses is simply urban legend

Like I'm going to share my work history on a message board! Lol. I'm not insane. As for the bonuses, a 600k bonus is not "mega." The fact that you seem to think so and that it's rare is sad. I guess you need to tell yourself that to feel better about the piddling amount you make. I only commented in the first place because your bragging about stashing 400k away over 9 year period struck me as so sad and pathetic. It just reinforces for me the idea that going into law for the money is not a good idea.

You are cute, Senior Associate. I used to think I knew everything too when I was fresh out of Harvard. I thought all lawyers went into biglaw. I made six figure bonuses working in finance right out of grad school. I'm currently not working and raising our 3 children. DH bonused out $1.2m last year and we expect it to be $2m this year. I have friends who made millions in their 20's but not doing as well in this market. Most of our friends in finance do bonus out a few hundred grand each year. The ones who are killing it are making millions. DH's friend who is a computer whiz programs for a hedge fund and has been making tons of money consistently for over a decade. He often works at home in his pajamas.

The PP you're responding to is not the one self-IDing as senior associate. How are you finding it so hard to keep track of who you are responding to?

Also, am I the only one who doesn't care what non-working spouses have to say about the workforce? If you knew it all, you wouldn't be sitting at home poring over dirty diapers.

I spent 15 years working and was a managing director and SVP previously. I am only recently home. Having a third baby tipped us over.

Still don't care. Let your husband come here and talk firsthand. I am sick of SAHMs chiming in with secondhand, smug bullshit. Back to the kitchen with you.

We actually have a full time housekeeper. I consider myself retired. I devote my efforts to my children and proud of it. Who is watching your kids right now?

Nobody cares about your household. Are you unable to read? This thread isn't about you.

You are right. I am wasting my time on this thread. Back to planning our winter ski trips and tropical destinations for winter and spring break. Have a nice day!

I'm the OP who shared the WSJ article and I'd like to nicely suggest you stay on topic or kindly go self congratulate on your incredible lifestyle on another thread. Basic intelligence requires that if you have nothing meaningful to contribute to a topic , you listen or in this case read about what others who are actually in the field as either practitioners or clients have to say . Somehow you've told us you're a SAHM, you used to be VP, you're planning your winter/tropical vacations, you keep a full time housekeeper in your employ — none of your transparent attempts at bragging bring much to this debate .

Here's to hoping you actually use some common sense ( if you're ever had any ) to either buzz off and write something meaningful . I know it's hard for people like you to come to terms with this but it's always about you Mrs Me-too.

[Anonymous]

This is nothing new. It has been happening forever, with the first industry-wide de-equitizations coming in 1989/1990 and continuing through 1996.
People have short memories.