<p>Is anyone familiar with it? I'm getting ideas about those who work transactional and litigation confused. I've surfed 43920483290 sites about it but they don't really distinguish which they mean when describing the lifestyle. I'm hoping to ask someone who's in possession of a clearer POV. For example, transactional (mostly big firm with high salary)- we looking at the typical 80+ hours? When ppl say appealing court room small bankruptcy bar in the city area, exciting and interesting workload, they must mean litigation then? What's the typical salary for those working mainly in litigation
(must be less than the 125k big firm transactional guys)? And does this mean they work mainly consumer bankruptcy? This is confusing because then another site says it's boring fairly identical work day in day out, while one said that litigation bankruptcy lawyers' cases were exciting and fun. Thanks for any help!</p>
<p>I work in-house for a corporation, and am not a bankruptcy attorney, although I did manage our collections issues for a few years, and worked closely with outside bankruptcy counsel in that connection. Most bankruptcy attorneys go to court fairly regularly, but it's more like "law and motion" practice than trial work. There are no juries; judges decide issues of fact as well as law. The attorneys go to court when they're asking a judge to issue a ruling of some kind. I'm not surprised that some find it interesting, while others find it boring. "One man's meat is another man's poison."</p>
<p>Bankruptcy attorneys tend to be very busy at precisely those times when their colleagues have a lot of time on their hands. It's the ultimate counter-cyclical practice.</p>
<p>Hi Greybeard-</p>
<p>Thanks for the good information. If you don't mind my asking, how did you decide you wanted to be in-house counsel? Do the bankruptcy lawyers you know enjoy their job of choice? Is the work intellectually stimulating for bankrupty lawyers?</p>
<p>Also, a bit unrelated; is it true that law schools really looks almost exclusively at GPA and LSAT? Is that still true for top tier schools, and if not, then what are considered good ecs for undergrads? Ahhh, I can't believe I'm already contemplating another 4 year trial-by-fire rat race of admissions when I'm not even done with undergrad admissions! :)</p>
<p>LSAT and GPA (in that order) are the most important grades (although sometimes GPA is on an even kiel with LSAT or in rare cases, even weighted more). </p>
<p>Essays count (especially for Yale, the Why Penn essay etc.) and letters of recommendation are good, especially if you can get them from someone who is a "big shot" (i.e. University President, Senator etc..)</p>
<p>Internships/Work Exp. = Not really. Thats more for a MBA degree</p>
<p>In conclusion, Law schools are very numbers driven.</p>
<p>I've worked in-house the last nine years after twelve years of small-firm practice. I was growing restless with the type of practice I had, and wanted to do something different. My own career path has been extremely unusual, and is something of a testament to the notion that following one's interests and being willing to surrender to serendipity are more effective keys to happiness than long-range career planning.</p>
<p>Categorizing attorneys as transactional, litigation, and bankruptcy, and then trying to generalize about hours worked and pay is an exercise in futility. For example, you have those who specialize in individual bankruptcies, much of which is a routine practice where the same kinds of filings are made for every case, usually some short hearings on motions and status before the case is done. Those attorneys are often in small firms, may work anywhere from 35 to 50 hours a week, make anywhere from $50,000 to well over $150,000 depending on practice, location, experience and client base.</p>
<p>On the other end of the spectrum, you have bankruptcy attorneys in large firms who start their associates at that $125,000 figure (now actually at $135-140,000 in large city firms as increases started again this year), who handle bankruptcies for large corporations like United Airlines. They can work 60 to 80 hours a week for two to three years on such a case, have many hearings, have actual bench trials on numerous matters, spend huge amounts of time researching and writing legal memoranda and briefs, take lots of discovery including depositions, and more or less carry the same kind of work load as others in the firm who are in litigation.</p>
<p>Likewise, you can have transactional/general practice type of attorneys in small firms handling transactions for mostly individual and small businesses who may or may not work long hours and earn within a large range from the tens of thousands into the hundreds. Then you can have a transactional attorney in one of those large firms handling the intial public offering of Google who about the time it happened probably spent numerous 20 hour days trying to get eveything done and any needed corrections made. Litgation can have the same widespread between what attorneys do and earn.</p>
<p>If you are just now entering college, you are a long way from law school and considering what type of lawyer you might be. Frankly, a lot of lawyers, the majority, end up specializing in an area of the law as a result of serendipity. The new lawyer joins a firm as an associate, on some matter, that the associate knows little or nothing about, he is the one who happens to be available to be assigned, he does a good job on that matter and gets another like it, the process continues and he wakes up one day as a specialist in that area of the law and it is very often something he never even considered when he went to law school. Moreover, if you are thinking of law school and your main thought is "I am looking for something where I can work short hours but make big bucks," you should likely consider some other career because that thought process is not one conducive to becoming a good lawyer.</p>
<p>Also, I agree with above that LSAT and GPA are the two most important factors for admission, but I disagree that work experience is not. Many law schools, including your high ranks, give a plus factor to people who have been out of college and working for two or three years before they apply, and some like Northwestern actually highly prefers such applicants.</p>