ATTN: Biglaw people

[Anonymous]

Anonymous wrote:Non Biglaw folks tend to underestimate how much money the Biglaw partners at the top firms are raking in. It's a lot.

I remember reading in the NYT that Skadden partners make 20 million a year.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Non Biglaw folks tend to underestimate how much money the Biglaw partners at the top firms are raking in. It's a lot.

I remember reading in the NYT that Skadden partners make 20 million a year.

Certainly not all of them.

[Anonymous]

baker hostetler is not a V10 (more like a V65), but i made partner there in 2018. in 2022, i was making about $370k. just goes to show that when you get below V30 or so, "biglaw" doesn't really have much meaning.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Non Biglaw folks tend to underestimate how much money the Biglaw partners at the top firms are raking in. It's a lot.

I remember reading in the NYT that Skadden partners make 20 million a year.

Maybe 10 people; maybe less. Also similar numbers over 10 million.

[Anonymous]

Anonymous wrote:baker hostetler is not a V10 (more like a V65), but i made partner there in 2018. in 2022, i was making about $370k. just goes to show that when you get below V30 or so, "biglaw" doesn't really have much meaning.

Wow - surprising and interesting.

[Anonymous]

I make 950k as a non-equity partner at a V3 firm.

[Anonymous]

Not a lawyer - what does "vX" mean?

[Anonymous]

3.2 last year as a 3rd year, expecting >4.5 this year.

[Anonymous]

Anonymous wrote:Not a lawyer - what does "vX" mean?

Vaults national ranking of the most prestigious firms

https://vault.com/best-companies-to-work-for/law/top-100-law-firms-rankings

[Anonymous]

Anonymous wrote:I make 950k as a non-equity partner at a V3 firm.

That's Cravath then as Wachtell and Skadden don't have NEP.

[Anonymous]

Anonymous wrote:3.2 last year as a 3rd year, expecting >4.5 this year.

A 40% bump? Must be some part eat what you kill then, no?

[Anonymous]

Only law students care about vault rankings. I don’t even know what mine is, but we are around amlaw 30. 4th yr ep could be anywhere from $1 to $5m. Largely dependent on book, though that’s not the only metric, and the way origination credits are tracked is a complicated and non-transparent thing

[Anonymous]

Anonymous wrote:Only law students care about vault rankings. I don’t even know what mine is, but we are around amlaw 30. 4th yr ep could be anywhere from $1 to $5m. Largely dependent on book, though that’s not the only metric, and the way origination credits are tracked is a complicated and non-transparent thing

Is there a better descriptor than just "one of the top most prestigious firms"?

[Anonymous]

Anonymous wrote:Only law students care about vault rankings. I don’t even know what mine is, but we are around amlaw 30. 4th yr ep could be anywhere from $1 to $5m. Largely dependent on book, though that’s not the only metric, and the way origination credits are tracked is a complicated and non-transparent thing

This. Am non equity partner at amlaw 25-ish.

Non equity comp starts around $400 or so (I could be off by $100k either way) to $1.3m. The starting non equity partners are at the low end, while those who are well liked, busy and within a few years of equity promotions are in the $700-850 range. Higher than that is for special cases like diamond cutters or partners with a lot of their own business.

Our equity partners have a guaranteed floor of something like $1.3 or $1.4. No one ever quite knows. From there, like the pp says, comp is a non transparent decision that ties to how many hours you directly work, how many hours you are the direct originator for (whether you work them or have someone else work them) and how many hours other partners split you in on their matters (acknowledging that you were a key driver in the bd on those matters). Comp for non equity starts low for a few years because they want to see a consistent upward growth trajectory. After a few years, most equity partners seem to be in the 2-3mm range. And after 5-10 years equity, I think that’s when you start to see some partners be super successful and that’s when the 3m and much more comp packages start. But that comp is completely tied to your business and hours and originations - direct or split.

[Anonymous]

I am a first-year equity partner (at a firm with no non-equity partnership) and anticipate around a million in my first year. I actually have no idea what the progression in draw looks like.