If you had to do it again...Big Law Partner or SEC/Financial regulator path?

[Anonymous]

Basically a question on if you did Big law, are you envious of those with work life balance and a good salary at SEC etc? Or if at SEC, are you jealous of the huge pay days? What would you tell your junior attorney self?

[Anonymous]

You need to go back and forth in DC IMO. Ideally: 3-4 years at firm as associate
4-5 years at SEC or whatever your alphabet agency is
Back to firm as service partner or maybe senior counsel go build book.
From there you can either stay at firm and just make cash or go back to agency as a political appointee.

There was a study that suggested this route actually maximizes income over just staying at at firm.

[Anonymous]

I'm glad I did the law firm first. I saved enough to pay off my loans and have a downpayment on a house and a good savings buffer. I don't need more money and I value time more than material goods so I'm happy with the path I chose. I vividly remember how stressed, tired and use happy I was in biglaw I can't imagine doing it on top of parenting.

[Anonymous]

As a new partner, how much would you set your *actual* pay relative to a fed gov position like the SEC (in other words, taking into consideration paying into form, self employment taxes, no 401k match, maybe not as good insurance, etc.) Just trying to see how to compare beyond just the high salaries we see in Big law partners to do more of an apples comparison.

[Anonymous]

Anonymous wrote:As a new partner, how much would you set your *actual* pay relative to a fed gov position like the SEC (in other words, taking into consideration paying into form, self employment taxes, no 401k match, maybe not as good insurance, etc.) Just trying to see how to compare beyond just the high salaries we see in Big law partners to do more of an apples comparison.

If you are a service partner at a firm with a relatively good securities practice you should be looking at a two year guarantee in $600k-$700k range.

[Anonymous]

SEC/Fin Reg all day -- big law is so unhealthy for all involved.

[Anonymous]

I am glad I started at a firm but I have no desire to go back.

[Anonymous]

You're basically trying to skip the worst years in big law. If you can swing it, gov't then go back in as a fourth / fivth year + associate. Tougher to pull off though.

[Anonymous]

I love how these are the only options.

[Anonymous]

Like others, I am glad I started in big law and happy that I saved aggressively during the big law years. By 40, I could live off investment income alone, including kids' college, though I'm still working because I no longer hate work.

[Anonymous]

Anonymous wrote:I love how these are the only options.

FWIW in terms of firms there are very few smaller law firms that do SEC work, it's almost entirely biglaw firms. Ellenoff comes to mind but they're not that good of a firm. Ruskin Moscou is decent and there's one more that I can't recall at the moment.

I would be curious if there are any folks here that do securities work in-house and what the comp, work and hours look like. When I worked on deals as both company and underwriter's counsel it seemed like the law firms were doing most of the work there although some of the periodic reports seemed to originate in-house and then were sent to outside counsel for review.

[Anonymous]

Worked in Big Law litigation for 7 years and now at the SEC (took a 50% pay cut pre-bonus). I have meaningful work, lots of responsibility and autonomy, a healthy work-life balance, way less stress, and I work with smart (but kind!) people. Of course I miss the money, but my lifestyle doesn’t require the excess, and I value my time. I now have time to work out, cook, spend time with my kids, and I don’t feel guilty about not working during my free time. Would never go back.

[Anonymous]

Anonymous wrote:Basically a question on if you did Big law, are you envious of those with work life balance and a good salary at SEC etc? Or if at SEC, are you jealous of the huge pay days? What would you tell your junior attorney self?

Do both. Leave a law firm as a junior or midlevel. Return as a service partner / counsel.

[Anonymous]

Anonymous wrote:I love how these are the only options.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:I love how these are the only options.

+1

I'd be interested in learning about other career options for attorneys in the capital markets space.