Deciding whether to leave

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Guest

Deciding whether to leave

Post by Guest » Tue Feb 27, 2018 4:40 pm

Help me choose.

Current firm:

Midlaw.
1900 hours preferred (still get bonus if I miss it, just less)
Great chance to make income partner down the road, maybe 8-10 years out
Pay is about 20k less than market (secondary market) to start, and compressed scale raises/bonuses after
Interesting work, but nothing extraordinary
Doubtful exit options.

Potential firm:

Biglaw, V50 (one of the biggest/most prestigious in this city)
2000 hours required to get bonus, probably will end up being more like 2400
Difficult to make partner, if it happened it would be year 7/8
Market pay, market raises/bonuses, so much more $ over time
Industry-leading complex work
Good (but not necessarily great) exit options.

Any thoughts?

lolwat
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Joined: Mon Jan 29, 2018 2:06 am

Re: Deciding whether to leave

Post by lolwat » Wed Feb 28, 2018 6:40 pm

Some questions and thoughts.

Do you think you can handle, and be happy with, another 500 billable hours every year for however many years you believe you might stay at the biglaw firm? If you have a family or even just a SO to consider, that's a huge amount of additional work. Even if you're really efficient at billing the time you spend at work, that's still probably another 550-600 hours you're working over a year!

What year are you currently now? I would not lateral to a biglaw firm as a mid-level, but if you're like 1 year in, maybe that's fine.

How do you like working with the people at your midlaw firm? I think one of the most commonly under-appreciated considerations is the people at the firm.

Why are exit options doubtful at the midlaw firm and what kind of options might you be looking at exiting to? I find that many exit options are often open to people who take the time to network and get to know people in positions to open those options; those options aren't only open to those who have the name of a biglaw firm on their resume. And are you actually thinking of staying at these firms for 8-10 years or are you working towards an exit?

Finally, are either or both firms up-or-out firms?

omegaweapon
Posts: 116
Joined: Sat Feb 10, 2018 12:44 pm

Re: Deciding whether to leave

Post by omegaweapon » Wed Feb 28, 2018 7:49 pm

Do you want to make income partner? If that's something you care about a lot, that's obviously a huge advantage at your current firm. If you plan to go in-house or government lit or something in a few years it doesn't matter at all.

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Fantastico
Posts: 29
Joined: Thu Feb 01, 2018 6:16 pm

Re: Deciding whether to leave

Post by Fantastico » Thu Mar 01, 2018 3:19 pm

Guest wrote:
Tue Feb 27, 2018 4:40 pm
Help me choose.

Current firm:

Midlaw.
1900 hours preferred (still get bonus if I miss it, just less)
Great chance to make income partner down the road, maybe 8-10 years out
Pay is about 20k less than market (secondary market) to start, and compressed scale raises/bonuses after
Interesting work, but nothing extraordinary
Doubtful exit options.

Potential firm:

Biglaw, V50 (one of the biggest/most prestigious in this city)
2000 hours required to get bonus, probably will end up being more like 2400
Difficult to make partner, if it happened it would be year 7/8
Market pay, market raises/bonuses, so much more $ over time
Industry-leading complex work
Good (but not necessarily great) exit options.

Any thoughts?
are you me?

User avatar
Fantastico
Posts: 29
Joined: Thu Feb 01, 2018 6:16 pm

Re: Deciding whether to leave

Post by Fantastico » Thu Mar 01, 2018 3:20 pm

lolwat wrote:
Wed Feb 28, 2018 6:40 pm
Some questions and thoughts.

Do you think you can handle, and be happy with, another 500 billable hours every year for however many years you believe you might stay at the biglaw firm? If you have a family or even just a SO to consider, that's a huge amount of additional work. Even if you're really efficient at billing the time you spend at work, that's still probably another 550-600 hours you're working over a year!

What year are you currently now? I would not lateral to a biglaw firm as a mid-level, but if you're like 1 year in, maybe that's fine.

How do you like working with the people at your midlaw firm? I think one of the most commonly under-appreciated considerations is the people at the firm.

Why are exit options doubtful at the midlaw firm and what kind of options might you be looking at exiting to? I find that many exit options are often open to people who take the time to network and get to know people in positions to open those options; those options aren't only open to those who have the name of a biglaw firm on their resume. And are you actually thinking of staying at these firms for 8-10 years or are you working towards an exit?

Finally, are either or both firms up-or-out firms?
how do you get the 500 hour difference? its difference of 1900 vs 2000. maybe 120 desk hours.

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Danger Zone
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Joined: Thu Jan 25, 2018 2:34 pm

Re: Deciding whether to leave

Post by Danger Zone » Thu Mar 01, 2018 3:52 pm

He says in the OP "more likely 2400"

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BlendedUnicorn
Big Tent Energy
Posts: 13696
Joined: Thu Jan 25, 2018 3:13 pm

Re: Deciding whether to leave

Post by BlendedUnicorn » Sun Mar 11, 2018 5:22 pm

Are you happy at your current job?

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Mr. Peanutbutter
Posts: 4595
Joined: Thu Jan 25, 2018 4:34 pm

Re: Deciding whether to leave

Post by Mr. Peanutbutter » Sat Mar 17, 2018 8:55 pm

BlendedUnicorn wrote:
Sun Mar 11, 2018 5:22 pm
Are you happy at your current job?
no.

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SmokeytheBear
Posts: 1055
Joined: Mon Jan 29, 2018 2:26 am

Re: Deciding whether to leave

Post by SmokeytheBear » Sun Mar 18, 2018 1:38 am

What year are you?

Guest

Re: Deciding whether to leave

Post by Guest » Wed Mar 21, 2018 2:35 pm

This is OP. Thank you all for your comments, you gave me some great things to think about.

I decided to make the plunge, and took the new job, for a few reasons:
  • The hours will be a jump, but last year I pulled 1800 fairly easily amid some personal issues that won't happen this year. The bonus level is 2000, but I'm anticipating more hours. So, if it's 2400, I'm mentally prepped for it (and the correspondingly large bonus), and if it's less, even better.
  • I've been networking well, and have a friend or two at many of the F500s in my secondary market, but moving from a mid-size no one has heard of to one of the top 2 most prestigious firms in my city will really help my resume. I'm a little older, and I feel that if I'm going to go in-house one day, I need this type of firm on my resume.
  • I'm moving from lit to transactional, in a somewhat niche practice, which should be really interesting. I'm looking forward to the work.
  • Neither firm is up-or-out.
  • I definitely like the people I work with, but have friends at the new firm and have heard from multiple people that the new boss is a good guy.
  • I'm certainly not unhappy where I am, but I wouldn't say I was particularly happy. This way, I'll work towards partner at this place, and if I don't get it I should be able to move in-house fairly easily (or so I hope).
  • The money 3-5 years from now should be significantly more.
So, wish me luck!

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Mr. Peanutbutter
Posts: 4595
Joined: Thu Jan 25, 2018 4:34 pm

Re: Deciding whether to leave

Post by Mr. Peanutbutter » Wed Mar 21, 2018 2:45 pm

Good luck!

lolwat
Posts: 714
Joined: Mon Jan 29, 2018 2:06 am

Re: Deciding whether to leave

Post by lolwat » Thu Mar 22, 2018 3:44 am

Sounds like you made the right choice. Thanks for the update, congratulations on the new job, and good luck!

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