Biglaw Counsel or Of counsel positions

[Anonymous]

I am looking to learn more about Counsel positions at Biglaw.

The way I understand them at Biglaw is that if you transition from Associate to Counsel/Of counsel/Senior Counsel after x number of years a the firm, it means they like your work and don't want you to leave, but you don't have a book of business to be a partner, or that you've made it known that you do not want to do the work/have the responsibilities of being a partner?

Do they function like a partner in terms of autonomy/independence in cases or do they still Cneed to run everything by a partner?

Lastly, I know all pay is different, especially at this level, but I am wondering what being Counsel at Biglaw pays these days, assuming this is not an IP /Patent law positions?

[Anonymous]

To the best of my knowledge, Of Counsel pay in Biglaw varies by firm, but I have been told that it is typically above $500,000 per year. This makes sense as an 8th year associate on the Cravath scale makes $415,000 base and is targeted for a $115,000 bonus which totals $530,000. However, Of Counsel status certainly can come with negotiated compensation and duties. Last year, I was told by one Of Counsel in Biglaw that he earned $480,000 to $500,000.

[Anonymous]

There are also a lot of Of Counsel who come from the outside, like former govt officials. Advise on various matters, have expertise and connections that the form wants, but no existing book of business. Some want to be partners and are in that track, others may work part time for personal reasons etc. Seems to vary a ton.

[Anonymous]

Agree with the previous post re salary. In terms of autonomy, counsel typically can run their own matters, file in court and with the government without partner sign-off, etc.; I think they are more like partners than associates in that regard.

[Anonymous]

My husband is of counsel in big law. He earns 500-550k. It works for us.

[Anonymous]

Wife is counsel in big law. Has complete autonomy and basically functions like a partner. Pay is between 500-600K.

[Anonymous]

Anonymous wrote:Wife is counsel in big law. Has complete autonomy and basically functions like a partner. Pay is between 500-600K.

I am a biglaw of counsel. This is generally correct. Some years I make a bit more.

[Anonymous]

Varies a lot by firm.

I would say most firms traditionally reserved counsel positions for SMEs that were valuable, more so than a generic senior associate, but didn’t have the aptitude or ambition for partner. Closely related: government laterals with expertise but no clients or record of building a practice. It was NOT a path to partner, and was a very different role. You were trusted to do and manage work, but no relationship obligations.

I think at many firms that has changed some the last 5 years or so. As senior EPs are hanging on longer and longer, associate comp and bonuses have gone through the roof, counsel (like IP) has become a weigh station where firms can give you some status, nominally more money (though post bonuses and taking into account insurance and such, that’s questionable), and ask you to deliver for 3-10 years without really getting paid (equity).