Law School

[henche]

Wouldn't that depend on what the bonus is?

At the current Cravath scale.

[Ergel]

Even if you are in the class of 2010?

[EJB]

There's a firm in my field that calculates your bonus as 50% of your billings above your target. So, if you bill 2100, have a goal of 1800, and your average charged rate is $250, you'd take home $75k.  I think that's a good system in a field where billings are important.

[henche]

There's a firm in my field that calculates your bonus as 50% of your billings above your target. So, if you bill 2100, have a goal of 1800, and your average charged rate is $250, you'd take home $75k.  I think that's a good system in a field where billings are important.

I'd like that! I'd bill 3k on that system.

[skyguy918]

There's a firm in my field that calculates your bonus as 50% of your billings above your target. So, if you bill 2100, have a goal of 1800, and your average charged rate is $250, you'd take home $75k.  I think that's a good system in a field where billings are important.

Wouldn't it be half of $75k? Or is the $250 number already halved?

[henche]

Even if you are in the class of 2010?

I think so, yes. Base salary is already a lot, and I don't think the 80k is worth your nights and weekends.

[eliteflyer]

Every time I read things like this it makes me sad

On the positive side, the bonuses are still lower than they were in 2007. Can't say the same for law school tuition.

[EJB]

Wouldn't it be half of $75k? Or is the $250 number already halved?

I meant $500 charge rate. Not sure what the big firms charge

[CS91]

I meant $500 charge rate. Not sure what the big firms charge

~$450 for a first year associate (at least in NY).

[EJB]

~$450 for a first year associate (at least in NY).

Not a bad guess

[Slims]

Anyone have any thoughts on the do's and donts of a 1st year associate at a V40 firm in NY?

[CS91]

Anyone have any thoughts on the do's and donts of a 1st year associate at a V40 firm in NY?

Do ALWAYS take a notebook and pen with you when you're going to a partner/senior associate's office to get an assignment.

[Slims]

When you get your first assignment (Ill be in the corporate/transactional group, btw), where do you start? Particularly if you have no background in area of the law the transaction is dealing with...how do you issue spot when you cant recognize an issue?

If you guys can provide some insight on your personal experiences starting as an associate in Big Law that would be awesome...

[CS91]

When you get your first assignment (Ill be in the corporate/transactional group, btw), where do you start? Particularly if you have no background in area of the law the transaction is dealing with...how do you issue spot when you cant recognize an issue?

If you guys can provide some insight on your personal experiences starting as an associate in Big Law that would be awesome...

Were you ever a summer associate? From my understanding, the assignments as a first year will be very similar to SA assignments. Won't be any issue spotting – not a law school exam. The assigning attorney will know that you don't know anything and will point you in the right direction (assuming he's a decent human being).

[Slims]

Were you ever a summer associate? From my understanding, the assignments as a first year will be very similar to SA assignments. Won't be any issue spotting – not a law school exam. The assigning attorney will know that you don't know anything and will point you in the right direction (assuming he's a decent human being).

I will be a summer associate this summer (at a firm which has a 100% offer rate for the last 3 years)...
Is there anything that you recommend to prepare?

[CS91]

I will be a summer associate this summer (at a firm which has a 100% offer rate for the last 3 years)...
Is there anything that you recommend to prepare?

Congrats! I was just a SA this past summer. They know (and make it clear that they know) that we don't know anything coming out of school. As long as you're not sending poorly written emails riddled with typos to the other attorneys, you'll be fine. Enjoy it. It'll be the best summer of your life.

[EJB]

Congrats! I was just a SA this past summer. They know (and make it clear that they know) that we don't know anything coming out of school. As long as you're not sending poorly written emails riddled with typos to the other attorneys, you'll be fine. Enjoy it. It'll be the best last summer of your life.

FTFY

[CS91]

FTFY

Ha. How about a compromise? Best AND last.

[jj1000]

FTFY

Lol, true for most jobs though. Unless you are a teacher or something there isn't much of a difference summer or not...

[churnbabychurn]

Lol, true for most jobs though. Unless you are a teacher auditor or something there isn't much of a difference summer or not...

ftfy