As others have pointed out, just because partnership tells him he's doing well and ontrack does not mean it's fated, and just because someone makes partner at a small firm does not mean all of a family's financial needs are set. |
I'm also not sure why this is shocking. Everyone knows this is the case. OP, you need to figure out exactly how much money you can accept (I'm guessing a LOT less than you think) and PRAY you get considered for a fed or in-house job that pays that. Your husband is about to make partner? Is this your first kid? |
This does sound wonderful. But $350k/year for 2 feds seems like a really unusual salary... so you both are extremely lucky to have such high paying fed jobs... |
No, not our first. |
I find these pay-cut posts interesting. If a departing biglaw associate wanted to maximize her earning, even at the expense of hours and interesting work, how much could she realistically hope to make in her next job? |
There is no clear-cut answer to this question. As mentioned above, the Biglaw salaries are not the norm in any profession (someone right out of school with little to no real world experience making upwards of 200k including bonus?!?!?). Everyone who goes into it knows they'll likely take paycut coming out. It's often done to pay off loans and/or get good work on your resume, though those who want to go in-house often find they're competing with applicants who have more real-world legal experience and are therefore more sought after. |
There's no one number. I know people who've been able to break in house at investment banks (NYC) and pharma companies (NJ) for 200k+ -- all senior associates and actual in house legal, not compliance. I know people who've gone to the fed gov't for 160k and 2 yrs later are making 180k (non GS obviously - pay and raises are different). I've known people who've gone to regional law firms (Long Island/NJ) for 150k. But then there's all the others -- 80k offers at small firms; 60-70k at non profits; gov't jobs in the 110k-130k range with GS agencies; I can't imagine these people wouldn't have wanted the 150k+ jobs -- it's often about what's available at the time you're looking in addition to your ability to relocate if your city is saturated/slow -- which DC is right now esp due to the gov't freeze. |
I was in the same situation as you about 2 yrs ago and landed at a gov't agency -- non GS, making 1st yr associate money (w/o the bonus). You must have realized that the biglaw pay scales have gotten way way out of whack and no other part of the industry is going to move their scale the same way bc biglaw did? I started way back in the day at 125k, within 1 yr the scale had shifted up to make 145k as first yrs, then 2 yrs later 160k; then the crash comes and a few yrs later 180k. Did you not find that crazy? Esp. given the fact that MOST (not all) firms are just not that busy -- not like they were in 2005-2007 pre-recession -- they just haven't gotten back to that level of work and probably never will, but they are driving up their rate, trying hard to hold onto clients -- sometimes successfully, sometimes not -- but feeling pressured to pay more bc Cravath has had no struggle finding work and raising its rates and can pay more, so Akin and Orrick think they must. Now I'm at a point though where every once in a while I'll have a discussion re in-house and I have to think twice bc in some cases, it would be a pay cut from my gov't salary. |
+1 This is ridiculous. |
Maybe this is just my small sample size but a few in house interviews I've had -- I've found that in house outside of DC appears to pay more than in DC. Kind of expected that from NYC finance driven companies esp given the higher NYC COL, but that was even true at a place I considered in Richmond and a friend had the same experience when leaving NYC biglaw to go in house in Memphis Tenn. I wonder if it's just a supply/demand issue -- all jobs were at HQ of major companies and all were positions open to former biglaw litigators. |
This would not surprise me. One thing I've learned from DCUM is that the DMV has a glut of lawyers like OP, who feel stuck here, but no longer want to do BigLaw for family reasons. So, Memphis has to pay more to lure her to move, while DC can bet on her spouse's job and the feeling of being in the center of the world to make her take less. |
I’m loving all these “just go be a fed” words of advice lol. Take it from someone doing hiring as an an attorney for a federal agency, nobody wants to hire some entitled, no experience, I command 200k salary noob. If you wanted public service then you better show you’ve been dedicated to public service. |
I have lots of very solid experience including many deps and tons of pro bono work, but Fed isn't hiring anyway so what does it matter. |
Yet NYC is the center of the world and they don't expect you to take less? Though I wonder if at their COL they realize that if they underpay, people including those with DHs salary will walk bc it takes 2 larger salaries for a certain standard of living there. |
1. That's NY. COL is a lot higher. 2. It would not surprise me to find out that there are MORE lawyers per available position in DC than in NY. The federal gov't is here. 3. My friend, who got out of BigLaw in NYC, lives like the academics I know, except that she owns her two-bedroom apartment in Brooklyn rather than rents. She is clearly not making NYC-lawyer bank. 4. I would guess that the stratosphere of law money in NYC is higher than it is here in DC, thus making high, but normal, salaries seem more reasonable. What's it like in SF? Similar COL to NY, but not in lawyer central, despite Boalt and Standford. |