Back in the winter months, we surveyed Biglaw associates about working on the MLK Day and President’s Day holidays. Well, over half of respondents said they still clocked in on those holidays. But now that the weather is warmer, the barbecue grills are up and running, and partners are on vacation, surely more of you took Independence Day off, right? Take our short survey, brought to you by Lateral Link, and let’s find out.
As always, your responses are kept completely confidential. Stay tuned later this week when we reveal the survey results. For more information on vacation policies, check out the updated law firm profiles at the Career Center, hosted by Lateral Link.
I know that all of you have been anxiously awaiting the results of the salary survey. I had envisioned the results post to be equal in excitement to the results shows for American Idol or Dancing With The Stars. Indeed, in anticipation of this monumental post, I commissioned a group of MIT grad students to perform a regression analysis, do a double-blind sampling, and make colorful pie charts. Unfortunately, that dream cannot be realized today. I take partial responsibility for the survey design, but going forward please include salary information if you chose to participate in a salary survey and designate your location with specificity (e.g. not “the South” or “California” or “an NFL market”).
It is not all bad news for you. I have some good news.
The good news:
• A few trends emerged;
• The majority of respondents were unhappy with their compensation (maybe not good, but consistent);
• I can tell you with high accuracy the salary information for a few third year associates in various cities; and
• I learned a few new curse words.
Now that I have successfully managed expectations, let’s look at the results after the jump.
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 throes of the recession, many Biglaw firms jumped on the bandwagon to kill lockstep compensation in favor of a more merit-based system (though some have already fallen off the bandwagon). With a variety of compensation models currently in use among firms today, we want to hear from you about how you get compensated at your firm — and how you prefer to get compensated.
Please take our short survey, brought to you by Lateral Link, and tell us how you are compensated at your firm. Then check back later for the survey results. As always, your survey responses will be kept completely confidential.
If work is slow and you need a good chunk of hours to meet your billable target or to be eligible for a bonus, what’s your best bet for boosting your billables?
According to the 884 respondents to Tuesday’s survey, pro bono work. About 68% of respondents say their firms give billable credit for at least some pro bono hours. On the other hand, only 12% of respondents say that their firms count client/business development activities as billable time, although another 15% report that these hours may affect bonus decisions.
What are some of the other popular billable activities?
Lately, many of you have been quite the busy billers, even working on MLK Day and Presidents Day. What undoubtedly keeps most associates on the clock on holidays (and pretty much every day of the year) is client billable work.
But are there other kinds of activities for which your firm will give you billable hour credit? Take our short survey, brought to you by Lateral Link, and tell us what counts as billable time at your firm. Then check back later this week for the survey results.
Thank you for all your responses (or attempted responses) to this week’s Career Centersurvey on whether or not you worked on Presidents Day. We received 715 responses before the flood of respondents managed to take the survey offline.
Based on the responses we did receive, the majority of respondents – 73% – reported working on Presidents Day, up from 66% who reported working on Martin Luther King, Jr. Day. Almost half of these respondents indicated that their firm does not recognize Presidents Day as an official firm holiday, and 38% said that although no one asked them to do work, they had stuff that needed to get done.
What were some of the other reasons given for working on Presidents Day?
Last month, we reported that 66% of survey respondents had to work on Martin Luther King, Jr. Day, with 32% of respondents’ firms not even recognizing it as an official firm holiday. In today’s Career Center survey, brought to you by Lateral Link, we want to find out whether you were on or off the clock on Presidents Day.
Check back later this week for the survey results.
In Part 1 of the Career Center survey results on debt, we reported that 85% of the 3,700 survey respondents have outstanding student loan debt, with more than half of them owing $100,000 or more. We also found that 75% of respondents considered their debt at least as much as other factors when deciding on where to work. Today, we’ll take a look at a further breakdown of these numbers by job sector and amount of debt.
But first, let’s examine the extremes: respondents with the most debt, and respondents with no debt….
We received an overwhelming number of responses – 3,700 – to last week’s Career Center survey on debt and how it contributes to your decision on where to work. We will introduce an overview of the results today, and present a more detailed analysis later in the week.
Overall, 93% of respondents report being in some kind of debt. And for the vast majority of them, that debt plays a role in their decision on where to work:
38% of respondents said they considered debt about as much as other factors.
37% said they considered debt more than any other factor.
24% said debt contributed very little or did not contribute at all.
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.
The JOBS Act created new tools for companies to publicly advertise securities deals online. As a result, thousands of new deals have hit the market and hundreds of millions in capital has been raised, spurring a wealth of new business development opportunities for attorneys.
Fund deals, startup capital raises, PIPE deals and loan syndicates are just a handful of the transactions benefiting from the JOBS Act. InvestorID FirmTM is a platform designed to help attorneys equip their clients with the workflow, marketing and compliance tools to publicly solicit a securities offering online. By providing clients with the tools to painlessly navigate the regulatory landscape of general solicitation, InvestorID FirmTM helps attorneys add value above just legal services.
The Jumpstart Our Business Startups Act (JOBS Act) went into effect in 2013 and permits Regulation D offerings of securities to be advertised publicly. This means that funds and companies can now use social media, emails and web sites to market transactions to new “accredited” investors.
However, with these new powers come new pain points. InvestorID FirmTM provides a secure, fully hosted, cloud-based platform with a breadth of tools for your clients, including: