<p>Any know the comp level's for big law?
1st year?
About 5 years out?
10 years out?</p>
<p>In NYC market:</p>
<p>1st year - 160k plus bonus
5th year - 230k plus bonus
10th year - you either make partner or you’re gone from BigLaw.</p>
<p>Note - amount of bonus depends on the specific firm you work at. For example, Wachtell has almost 100% bonus of its base pay, while other firms may pay 10k bonus.</p>
<p>Second, BigLaw has ‘up or out’ policy, meaning, if you don’t make partner after 7/8th year, you are asked to leave the firm. (most ppl won’t make partner)</p>
<p>^ Thanks, I didn’t know the bonuses were so large in law. Law is kinda like banking with base + bonus. What percentage of people make partner ? I know some people burn out because the hours but how many people who just keep on chugging along make it to partner?</p>
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<p>The general consensus is that banking bonuses blow law bonuses out of water. Bonuses at Wachtell may be an exception to the rule.</p>
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<p>Very, very few will make partner at large NYC Vault ranked-firms. I am talking maybe 3-5 associates making partner each year at each large firm. In bad economy, even that is not guarantee. In 2009, Cravath didn’t promote any associates to become partners. Although, partnership prospects may differ depending on each law firm.</p>
<p>Many leave BigLaw due to work/life balance issue. However, many others also leave BigLaw because they know that they have no shot whatsoever in making partner. So, there is some degree of self-selection there. </p>
<p>However, making partner is based on one’s individual merit. Hence, it is impossible to judge the probability of one making partner on individual basis. Partnership depends a lot on one’s ability to play politics - being able to kiss partners’ a$$, one’s rainmaking potential, play good politics with important clients, and working like a maniac. </p>
<p>Overall, big law firm partners are very driven people who hold tremendous sales skills and know how to play politics well. They many not be the most gifted or talented lawyers in the sense of technical skills - it all comes down to your ability to play politics. In the end, the partners at your firm need to really like you and feel that you will contribute to firm’s revenue growth to vote you to partnership ranks.</p>
<p>thank you. How hard is it to get a jobout of UG at wachtell? If 3-5 people ge partner a year, how many are there trying to get one of those spots?</p>
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<p>You mean get Wachtell out of law school, right?</p>
<p>Wachtell is the most prestigious law firm in the world. It is very hard to get a job there.</p>
<p>I’d say that outside of Top 6 law school, you don’t stand a chance. Even coming from Harvard Law, you’d need to be close to top 10-15% of the class + law review to be competitive in my estimate. Along with Williams & Connelly, Sullivan, and Cravath, it is in the very top tier law firms in terms of selectivity and prestige.</p>
<p>Also, Wachtell’s class is very small, unlike its peers. I hear that once you make it to Wachtell, your chances of making partner is close to 40% - the highest percentage of all law firms. At Wachtell, they hire people that have partnership potential from the start, and hire very few. Hence, the partner to associate leverage is very low, for NYC BigLaw standard. I’d say that winning your ticket to Wachtell is a jackpot and would beat out any other jobs, including Goldman IBD, McKinsey, Blackstone, etc.</p>
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<p>I hear about 50% of associates are gone from BigLaw 5th year into the job. Although, it would really depend on which firm you are talking about. Some firms, such as Skadden, has a very high rate of turnover. On the other hand, Wachtell, doesn’t. I’d say many people who stick it out in BigLaw for 6+ years are gunning for partnership.</p>
<p>“I’d say that winning your ticket to Wachtell is a jackpot and would beat out any other jobs, including Goldman IBD, McKinsey, Blackstone, etc.”</p>
<p>Everything else LazyKid wrote is true as far as I know. Getting into Wachtell is significantly harder than getting into Goldman IBD, McKinsey, etc. At Wachtell, you can make close to $300,000/year as a 25-year-old. I wouldn’t say getting into Wachtell is harder than getting into Blackstone PE though, since it’s very hard to get into Blackstone PE as well.</p>
<p>^</p>
<p>Is getting Blackstone really that hard?? I don’t know too much about finance… because I never worked in it. Is it significantly harder to get than BB IBD? </p>
<p>I am just curious because many friends of mine from college were always talking about Blackstone.</p>
<p>"Is getting Blackstone really that hard?? I don’t know too much about finance… because I never worked in it. Is it significantly harder to get than BB IBD?</p>
<p>I am just curious because many friends of mine from college were always talking about Blackstone."</p>
<p>Blackstone does three major lines of work: private equity, M&A advisory and hedge fund fund of funds.
M&A at Blackstone is not harder to get into than Goldman IBD; getting into BX M&A is as hard as getting into IBD at Lazard, Morgan Stanley, JPM, etc. According to Vault’s ranking of banking employers, BX M&A ranks #2 in prestige after Goldman.
Private equity at Blackstone is almost impossible to get into even if you are a top student at Harvard or Wharton. Overall, at the post-MBA level, it’s significantly harder to get into private equity than to get into investment banking or consulting. BX PE often takes top investment banking analysts from Goldman IBD.</p>
<p>^</p>
<p>Thank you for your detailed answer. Sounds like Blackstone is a very intensive place… Last year I submitted my resume there for M&A full time interviews, and did not even get an email back saying they received my app. I went to a lower tier Ivy and graduated with ~3.7 GPA, but, was unable to cut it in IBD at major firms. </p>
<p>I am very interested in knowing better about finance. I will be attending Columbia Law in near future, but, due to my growing interest in IB and private equity, I am toying with the idea of doing V10-V20 NYC corporate M&A law for few years after law school and then try to leverage that experience to get into IBD associate position or private equity. Would you say that this is doable?? Do you have any advice to a person who is in my situation??</p>
<p>What is your opinion on mega funds such as PIMCO or Citadel, in terms of selectivity and overall compensation, compared to IBD at BB or private equity. And, I am curious as to how much associates at Blackstone or other reputable PE shops make for total comp.</p>
<p>Thanks in advance.</p>