Edit War: Winston & Strawn

Posted in Uncategorized on February 18th, 2010 by bl1y

Imagine you’re a law firm’s client and that firm is asking you to pay $50 an hour more for an associate’s time than you did the previous year.  Pretty normal, as lawyers become more skilled their time becomes more valuable.  But let’s say you asked that firm if they were paying the associate more and the firm said no.  Wouldn’t you ask why you should pay more for the associate when the firm isn’t paying more?

Now, imagine you’re an associate at that same firm.  You find out that your time brings in more money to the firm but you’re compensated the same amount.  Won’t you be pissed?  Won’t you be more pissed if you found out that the firm’s collection rate on its bills had jumped from 52% to 58% bringing in another $7 million?  That’s not a 6% increase, it’s a 12% increase.  It’s 6% of what the firm asked for, but it’s a 12% increase over what they were previously bringing in.

You bring in more money for the firm, the firm collects more on its bills, and you don’t see an extra dime.  Way to go, assholes.

List of Wiki Raids:

Bingham McCutchen

Cadwalader

Curtis, Mallet-Prevost

Fish & Richardson

Latham

Morgan Lewis

Nixon Peabody

Paul, Weiss

Pillsbury

Wilmer Hale

Winstead

Winston & Strawn

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Reason Not to Go to Law School #22

Posted in Reasons Not to Go to Law School on January 26th, 2010 by bl1y

Salaries to be named at a later time.

A bit of a shocking trend has started in Texas, as firms are giving students offers to start work upon graduation, but without specifying what the salary for the position will be.  At least nine of the largest firms in Texas have made such offers, and students are expected to make a decision whether to accept months before they will have any idea how much the job pays.

Many of the more profitable firms across the country have already given their associates 10% pay cuts (or 15-20% if you count cuts in bonuses as well), and it’s unclear how this will translate to large firms in secondary markets.  I suspect it will be in the 10-15% range, but only time will tell.  This is particularly rough on students who are planning to move (either to the city where they’re working, or just out of their law school dorm) and have to create a budget based on an unknown salary.

But, despite having no idea what they’ll be getting paid, acceptance rates at these firms are up.  That’s just how bad the economy is.  Law students are even more eager to accept their job offers now, despite having no idea what they’ll be getting paid.

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