Back in 2009, when killing lockstep was all the rage, a number of large law firms announced that they would be moving to some form of a merit-based compensation system. Now that we’re a few years into those systems, how many firms have stuck with the plan? And which systems do associates prefer?
Of the 86 distinct Biglaw firms at which survey respondents work, 63% of the firms pay base salaries on a lockstep system, and the remaining 37% of firms use a merit-based system or hybrid-lockstep system for paying base salaries. The vast majority of respondents, 70%, say they prefer the lockstep model for base salaries because of its transparency and predictability.
For year-end bonuses, 70% of the firms utilize a merit-based or hybrid-lockstep system, while 30% have a lockstep system based either on class year or billable hours. According to 62% of respondents, the most preferred type of year-end bonus allocation system is a merit-based or hybrid-lockstep system.
After the jump, find out how various combinations of compensation systems measure up against market.
In the first part of our Career Center “Tip of the Day” series, focused on helping you to achieve a work-life balance in your daily schedule, we provided tips aimed at managing your work to help free up time for your personal life. Today, we feature tips aimed at helping you maintain your personal life. Striking the right balance between your personal life, professional life and social life is essential to leading a successful and comfortable life.
On to the tips for maintaining your personal life…
Coming off a successful year in which some firms even saw record-setting revenues and profits, many Biglaw associates are now the busiest they have been in recent memory. While this uptick in work may initially be a welcome relief for some, in the long run associates often find themselves struggling to balance an increased workload with life outside the firm.
Today’s Career Center “Tip of the Day” features advice on maintaining work-life balance. Despite what you may have heard, work-life balance isn’t just a program for new mothers. Sure, many law firms aim their work-life policies — like parental leave, reduced hours schedules, and flexible working arrangements — at parents. But the fact is that everyone needs to balance work and life, regardless of whether or not you have kids and whether or not you work at a firm that promotes work-life balance, if you plan to make a career out of Biglaw while staying relatively happy and sane.
We collaborated with Biglaw associates to provide practical tips for helping you to achieve a work-life balance in your daily schedule. The first set of tips is aimed at managing your work to help free up time for your personal life. Next week, we will feature tips aimed at helping you maintain your personal life. Of course, these tips come with the caveat that the nature of Biglaw means that at times the “life” portion of the equation can be non-existent. For example, if you are on trial or closing a deal, you may be expected to work around the clock. But eventually your trial will end or you will complete your deal, and you will have the opportunity to regain some semblance of a life. These tips are geared toward helping you do that.
In the first four parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation, assessing what the new firm is offering, analyzing the counteroffer of your current firm, and considering the ramifications (both tangible and intangible) of accepting the counteroffer and reneging on the new firm. Our final tip focuses on recognizing buyer’s remorse for what it actually is: fear of the unknown.
In the first, second and third parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation, assessing what the new firm is offering, and analyzing the counteroffer of your current firm. It is now time for you to consider the ramifications, both tangible and intangible, of accepting the counteroffer and reneging on the new firm.
In the first and second parts of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation and assessing what the new firm is offering you, to determine whether it addresses the issues/shortfalls of your current firm. Today we’ll discuss how to carefully analyze your firm’s counteroffer to see if it is really better than the new offer.
In the first part of our Career Center “Tip of the Day” series, focused on how to evaluate a counteroffer, we covered the importance of re-evaluating your current employment situation to remind yourself of the reasons why you began your job search in the first place. Today we’ll discuss how to assess what the new firm is offering you, and how to determine whether it addresses the issues with or shortcomings of your current firm.
The current installment of the Career Center “Tip of the Day” series focuses on helping associates evaluate the counteroffer. Since most law firms have trimmed the “fat” and reduced the number of attorneys on their payrolls, associates have been working harder and billing record hours. It is not surprising that many associates will be searching for jobs at new firms — and some will be fortunate enough to secure new positions. For the first time since the recession began, firms may actually be disappointed when one of their associates gets hired at another law firm, and are more likely to present these associates with tempting counteroffers.
We all know the studies and employment reports: it costs a firm more to hire new employees than to retain current employees. This fact is especially true for firms operating with fewer associates and an increased amount of work projected in 2011. It is important to be prepared and know how to react when presented with a counteroffer.
These tips will assist you in case you are ever put in the unenviable (or maybe enviable?) position of dealing with a counteroffer from your current firm. Now, on to the first tip….
In the first four parts of the Career Center “Tip of the Day” series, focused on how junior associates can become more indispensable to their law firms, we covered the importance of taking ownership of your work, becoming an expert in your field, developing effective management strategies, and the knowing the local rules of court and the judge’s chambers rules.
Today’s final tip focuses on developing relationships with clients….
In parts one, two and three of the Career Center “Tip of the Day” series, focused on how junior associates can become more indispensable to their law firms, we covered the importance of taking ownership of your work, becoming an expert in your field, and developing effective management strategies. Today, we’ll discuss a point that sounds obvious but has some subtleties: following the rules.
These tips are provided by the experienced recruiters at Lateral Link, who, in addition to providing sound career advice, can advance your career by consulting with you on the hundreds of law firm and in-house positions they have in their network.
Watch to find out what some of our subscribers received in their May box!
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We currently have a number of active openings for associate roles at US and UK firms in HK / China, Singapore and two new in-house openings. As always, please feel free to reach out to us at email@example.com in order to get details of current openings in Asia, as well as to discuss the Asia markets in general and what we expect for openings later this year. Our Evan Jowers and Robert Kinney will be in Beijing the week of March 25 and Evan Jowers will be in Hong Kong the week of April 1, if you would like to meet them in person.
The US associate openings we have in law firms are in the usual areas of M&A, cap markets, FCPA / white collar litigation, finance, and project finance. The most urgent of our top tier (top 15 US or magic circle) law firm openings in Asia (among many other firm openings that we have in Asia) are as follows:
• 2nd to 5th year mandarin fluent M&A associates needed in Beijing and Hong Kong at several firms;
• Korean fluent 2nd to 4th year cap markets associate needed in Hong Kong;
• 2nd to 5th year Japanese fluent M&A associates needed in Tokyo;
• 4th to 6th year mandarin fluent cap markets associate needed in Hong Kong;
• 2nd to 4th year M&A / cap markets mix associate needed in Singapore.
The last time I flapped my wings your way, I tried to make at least enough noise about your mobile phone to make you more than a little bit uncomfortable. I hope I did. If enough of us become anxious enough about the known and unknown unknowns and knowns in our mobile phones, then we can start making wise decisions about how to manage that information and its resultant investigations.
Today, I’d like to put a finer point on the last installment’s topic by asking a question that seemed to catch most attendees off-guard at a conference panel that I moderated last week: is there discoverable personal information in a mobile app? Our panelists’ answer was a uniform “yes” with one stating that, if he had to choose only one type of data that he could discover from a mobile phone, he’d choose app data. Why? Because there’s simply so much of it and because almost all of it is objective – not just user-created like an email – but machine-tracked like GPS, usage duration, log in and log out times, browsed web addresses, browsed actual addresses. Also, most of us seem to have the idea that data doesn’t actually “stick” to our mobile devices the way it “sticks” to our hard drives. Maybe there’s a disconnect based on the fact that our phones are mobile so we assume the data is mobile to?
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