<p>How long does it usually take an associate to make partner in a large city firm? What kind of pay does the average big city M&A lawyer make?</p>
<p>"How long does it usually take an associate to make partner in a large city firm?"</p>
<p>I'd say 5-9 years. Top firms will pay $125,000 first year base salary plus signing bonus plus an hour-based bonus. Very ambitious 1st year lawyers can make ~$300,000 (including signing bonus). Partners at the most prestigious M&A firms--and hence the most prestigious law firms--(Caravath, Wachtell) make $2-3 million a year.</p>
<p>Faithfully Submitted,
Cesare de Borgia</p>
<p>Wow. When you first see those numbers (i.e. making $125,000/year in your late twenties) it sounds like a lot, but the cost of living in a city can take a chunk out of those numbers. Is it worth the long hours?</p>
<p>Your damn right it is. In NYC or LA $125,000 to start might not seem like much, but these salaries are essentially the same in midwestern cities such as Cleveland, Columbus, Indy, etc where the cost of living is dirt cheap and you can live like a freaking king. When I worked security for a law firm, the only lawyers that stayed past 7p every night where the real estate ones. I never saw a partner stay past 5p.</p>
<p>Thanks for answering my question. It probobly looks as though im only interested in the money, but the truth is I've been researching a career in corporate law fairly extensively and I was having trouble finding anything on salaries. Again thanks.</p>
<p>What happens to lawyers who have worked 5-9 years but don't become partners?</p>
<p>They just stay as Associates, start working for another firm, or go into practice for themselves. Its not like they reach a high year of tenure or something, some attys have worked as associates for 20 some odd years before making partner, its all on how motivated you are.</p>
<p>Check nalp.com</p>
<p>Run a search for employers (such as NYC corporate) and NALP will list starting salaries, average # of associate hours billed, and how long you need to work to be reviewed for partner. One firm said 10-11 years.</p>
<p>actually, in the last 20 years law firms have come to realize that while not every associate will be a partner, losing senior assocaite created a huge gap in the labor force. Thus, they established sveral devices to deal with the problem, including such designations as "non-equity partners," and "senior associates" that enjoy some of the perks of partnership, car allowances, greater pay, etc, but do not share in the profits as do the equity partners.</p>
<p>For some this worked out well, such as those that did not really want the responsibility of "rain-making" and holding the hands of clients at dinners, and on weekends. Some feel it created a second-class lawyering tier within the firm, and would opt to move on.</p>
<p>What other perks are provided to partners? (Excluding salary.)</p>
<p>gym memberships, car allowance and gas, just to name a few.</p>
<p>Most lawyers do not work for large firms in big cities. Thus, many of the comments in this thread to not apply do the typical lawyer. All you have to do is look in your local yellow pages and you will see that most lawyers work in firms with merely a handful of lawyers. If you wish to work for a large firm in a big city, you will have to be at the top of your law class if you are at a regional law school or at least in the middle of your class at an elite law school. You won't know how you will rank until you get to law school. I suspect most students entering law school (mistakenly) believe they will be at the top of the class.</p>
<p>how does one become a partner? what skills or qualifications are needed?</p>
<p>working hard, and making lots of "rain," i.e. a bring in a good book of business.</p>