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No, you don't make as much in compliance. The only law worth doing right now is very competitive, otherwise known as BigLaw. This includes firms like Skadden, Sullivan and Cromwell, Latham, Cravath, Watchell, etc. They pay a base 160k and slow rises. You don't really make big money there either until you become partner which is a MUCH lower chance than being MD/Partner at an investment bank OR at a PE/HF.
Most lawyers at the T14 (the only schools worth going) will tell you that banking/finance > law, even Biglaw.
For more information, www.xoxohth.com
Be warned, they are even more sarcastic, vitriolic, and intolerant of newbies than this site is.
What is the bonus like? Goldman's average is at $700k
I dont believe the average person at goldman is getting 700k.. ive worked there...just because the bonus pool / number of workers might = 700k, that does not mean the average worker is walking away with that since its def skewed at the top...if there is a three person firm... and one gets 13 million and the other two get 1 million.. would you consider the average working making 5 million?
if you make it to the top law firm from the top school... youd start off making more than lets say an associate... but the growth of your income in finance would quickly overcome the growth in law.. bottom line.. law higher starting salary.. slower growth as compared to banking..
The high base is there to compensate for taking on the massive amount of debt required to get through 3 years of school, not to mention the opportunity cost.
yea, I agree
Much more lively community than wso but very different. Not for everyone. They've had a ton of legal problems; everything from being sued for defamation by two yls girls (moderator of site was a upenn law student who lost his biglaw offer over the scandal) to starting the uc hastings law evacuation. But yeah, here are numbers for biglaw:
http://www.businessinsider.com/cravath-bonuses-half-of-what-they-were-i…
A few other Vault 10s came out to match these numbers recently.
In good years wachtell used to pay 165 base + 165 bonus but they were always way out on the tail end of the curve; much more of an anomaly than 2nd year premba associates at kkr who made 400k in 06.
But yeah, there's more money in banking, not to say there aren't a ton of lawyers who make big bucks and high level mds who have jds
finance is def more lucrative AND more risky than practicing law. but some lawyers make more than most finance guys. do yourself a favor, dont focus so much on pay. especially when comparing 2 professionals that have similar potential compensation, yet are completely different. depends more on what YOU want, not so much how much more whoever makes.
xoxo is kind of pathetic and scandalous, but true in some cases...just like this website.
I heard LeBron was pulling in 16M base + bonus pre-undergrad. I don't know what Cleveland does for his exit ops, but I bet he's ballin over there with that cost of living ...
^Does the bonus include his 90 M deal with Nike?
You can make a lot of money as a lawyer but its a hard road and requires a lot of work. What a lot of people don't realize is that there are basically two classes of partners. There are salary partners and full equity partners. After you've slaved for 6-8 years you've got a small shot at becoming full equity which entitles you to the real money.
Just had this conversation with a bunch of bankers and BigLaw associates after being crammed together into a conference room for 40 out of 48 hours, this was the conclusion:
BigLaw: - As bad or worse hours - Doesn't pay as well (especially when you get more senior) - Often times much more stressful / high pressure
People will probably get their panties in a bunch over this but many many BigLaw attorneys I know would rather be bankers and view banking as the sexier side of the table to be on.
^ Good summary. Agree 100%, /End thread, blah blah blah etc.
PS: As hard as it is to believe, Biglaw is even MORE boring and grinding on the soul than banking. Most lawyers want to be bankers (aka xoxo).
The top guys do very very well. Getting a fast start at a top firm is very important.
I have friends and relatives at Big Law Firms (think Skadden, Paul Weiss, Cravath). 1st year Associate in Corporate M&A Law is set to walk away with 165k base + at most a 15k bonus. This has been a tough year for law firms. There has been cutting across the board. The growth is incremental, but it doesn't amount to much in the end until you make partner. It may take up to 11 years in which case you still only make ~$300-360k depending on your firm/group/economy. Partners make on average (i say that with caution b/c it can vary) like $1.5mm.
Law: $ (Originally Posted: 06/08/2009)
Hi all,
I'm aware I'm not posting in exactly the right forum but you guys may have data points nonetheless. I'm currently working together with a few "magic circle" corporate lawyers (i.e. big firm) and one just told me about the new Ferrari he's gotten himself. That got me slightly worried that he may be earning more than I will once at his level of seniority in my firm. Can somebody quickly outline what the salary progression is for corporate lawyers? How does this differ by specialisation? What's the 'investment required' i.e. how long is school, how much does school cost etc?
Thanks, m2
God you are a fucking tool and so are the people in your "magic circle." Some people also refer to your "magic circle" as a circle jerk. Hope you brought your swimming goggles.
Haha.
I find it strange that it would "worry" you. you know there are always entrepreneurs selling their successful ventures and inheritances to widows and idiot sons, don't you?
I think this is a legitimate question though it could have been phrased slightly better.
I am curious if certain types of corporate lawyers outearn bankers. I'm sure there are always going to be certain individuals that do great in their respective fields, but I am curious if there are certain types of corporate lawyer that outearn bankers for a comparable level of seniority and effort put into their career.
Blumie, is that you??
"New York firm Wachtell, Lipton, Rosen & Katz, the mergers and acquisitions powerhouse, has generated larger profits during the last several years, earning profits per partner of $4,945,000 in 2008".
Err sorry ladies I wrote this on the fly while working can somebody with information please respond?
Also apologies Halberstram, "magic circle" defines a set of law firms in London. Probably different in Dallas (you work in Dallas, don't you?)
Also sorry for the sarcasm (yes, the worrying bit) -- should I have put a footnote there? Font size 8? 7 perhaps?
.
I'm still a bit shocked that someone from London is trying to talk shit.
Your a consultant and you're in London? Jesus, the things people admit behind the mask of anonymity.
Ok probably not the first time this happened here huh...
Sorry what? Is that still English? Sorry?
m2,
I know some of the more senior partners at the large law firms (not the Wachtells of the world) are pulling in substantially more than $1,000,000/year. One of the nice things about being a partner at a law firm is that the more you work, the more you earn. If you want to bust ass and work 100 hour weeks, you will make substantially more money as you build your book of business.
Now, the same can be said somewhat of bankers as well, but it isn't as direct a correlation.
~~~~~~~~~~~ CompBanker
Marcus_Halberstram you are one annoying dick. if I met you in person I don't know if I could resist punching you in the face.
Riiight.
The only thing you've ever punched is a hole in another man's anal lining. That is how they do it at UPenn, right?
that wachtell number is the average profits per partner. so in reality, there are some making more, some making less. obviously, pulling in 5-10 mm per year isn't too shabby
for all the shit law gets on these boards, it's not the worst profession in the world, and you can make serious cash
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