Law firms now demoting partners .

[Anonymous]

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."

[Anonymous]

^I wrote that.

--Senior associate

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

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

[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?

No, that's not the deal you took as a partner. You want to rest on your laurels? Clear out and go spend more time with your family instead of taking up space at the firm.

[Anonymous]

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.

[Anonymous]

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

Yes. Myself, lol. My husband works in law as a GC which is why I opened this thread. I've been making six figure bonuses since I started (but really, that's nothing to brag about in the industry - 100k is peanuts especially after taxes). I've been making 100% of my base since late twenties. Always made MUCH better money than DH even when he was back in BigLaw. Now I'm 35 and I shoot for 3x base (but my base is pretty low - 200k - so that's not exactly a crazy bonus). Still pretty good $$ for the hours. I work around 55 hours a week. Equity portfolio manager.

By the way, the underlined is really not true, lol. Lots of dipshits in this industry and they rarely get fired.

[Anonymous]

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.

[Anonymous]

Yes. Myself, lol. My husband works in law as a GC which is why I opened this thread. I've been making six figure bonuses since I started (but really, that's nothing to brag about in the industry - 100k is peanuts especially after taxes). I've been making 100% of my base since late twenties. Always made MUCH better money than DH even when he was back in BigLaw. Now I'm 35 and I shoot for 3x base (but my base is pretty low - 200k - so that's not exactly a crazy bonus). Still pretty good $$ for the hours. I work around 55 hours a week. Equity portfolio manager.

OMG, you are so rich and we are so impressed. Ok, moving on to discuss the actual topic of the thread ....

[Anonymous]

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

Yes. Myself, lol. My husband works in law as a GC which is why I opened this thread. I've been making six figure bonuses since I started (but really, that's nothing to brag about in the industry - 100k is peanuts especially after taxes). I've been making 100% of my base since late twenties. Always made MUCH better money than DH even when he was back in BigLaw. Now I'm 35 and I shoot for 3x base (but my base is pretty low - 200k - so that's not exactly a crazy bonus). Still pretty good $$ for the hours. I work around 55 hours a week. Equity portfolio manager.

By the way, the underlined is really not true, lol. Lots of dipshits in this industry and they rarely get fired.

Not to be a jerk, but an in house lawyer who isn't clearing a million isn't who people are talking about when they reference people in finance with huge bonuses.

Just saying.

Maybe you just wanted a chance to share how much you make.

[Anonymous]

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

Yes. Myself, lol. My husband works in law as a GC which is why I opened this thread. I've been making six figure bonuses since I started (but really, that's nothing to brag about in the industry - 100k is peanuts especially after taxes). I've been making 100% of my base since late twenties. Always made MUCH better money than DH even when he was back in BigLaw. Now I'm 35 and I shoot for 3x base (but my base is pretty low - 200k - so that's not exactly a crazy bonus). Still pretty good $$ for the hours. I work around 55 hours a week. Equity portfolio manager.

By the way, the underlined is really not true, lol. Lots of dipshits in this industry and they rarely get fired.

Not to be a jerk, but an in house lawyer who isn't clearing a million isn't who people are talking about when they reference people in finance with huge bonuses.

Just saying.

Maybe you just wanted a chance to share how much you make.

Sorry, typo. Meant to write the spouse making more than an in house lawyer.

[Anonymous]

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.

PP there's quite the falsehood in your statement and it also explain why kids go out there and load obscene of debt on themselves to secure MBAs hoping to become overnight millionaires . Contrary to popular belief $800k bonuses aren't rampant and plentiful in finance . You have to be at the very best and top of the field to start contemplating 7 figure bonuses .

[Anonymous]

Anonymous wrote:

Yes. Myself, lol. My husband works in law as a GC which is why I opened this thread. I've been making six figure bonuses since I started (but really, that's nothing to brag about in the industry - 100k is peanuts especially after taxes). I've been making 100% of my base since late twenties. Always made MUCH better money than DH even when he was back in BigLaw. Now I'm 35 and I shoot for 3x base (but my base is pretty low - 200k - so that's not exactly a crazy bonus). Still pretty good $$ for the hours. I work around 55 hours a week. Equity portfolio manager.

OMG, you are so rich and we are so impressed. Ok, moving on to discuss the actual topic of the thread ....

Lmfao

[Anonymous]

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