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setto

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setto last won the day on January 7

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  1. setto

    How much does a new lawyer make???

    If you want some meaningful input on this thread, you need to be more specific. What type of practice? A criminal lawyer can make less at the start of their career than a corporate lawyer. What size firm? a corporate lawyer will make more at a larger firm than at a smaller firm. What jurisdiction? a large, full service firm in Toronto will pay more than one in Edmonton. And the "tax rate" you speak of will vary based on province. What is the bonus structure of the firm? Some firms will pay you a reasonable salary then drop a fat bonus on you at the end of the year based on the income you've brought into the firm. Others will pay you more on a day to day and then give you a modest (though still significant) bonus. Of course, these are all generalizations. Some pay/commission structures in Criminal law or small firm practices will be more lucrative that working in a larger full service. Some boutiques will pay more than much larger firms. Some branches will equalize salaries for all of their branches, etc. Basically, "average" salary statistics aren't much help and provide little information.
  2. setto

    Salary Negotiation Tips

    For the record, when I referred to biglaw as a pyramid scheme I was i) exaggerating and ii) expressing my frustration over what appears to be some associates and partners who just seem to broker work and not actually do anything (including business development). Of course, when I look closer, I see that they are doing all sorts of work that I'm not privy to. Why would I be? I'm an articling student.
  3. setto

    Salary Negotiation Tips

    This is pretty common in some eat what you kill firms. There are also many firms out there that convert a % of your billables over a certain number into a bonus which is effectively a commission model based on purely what an associate earns on files.
  4. Well it can also be a $400k monthly payment if you amortize the whole thing over a one month period... But with even a modest 5% down, aren't you looking at something significantly lower than $2800 if you amortize over 25 years? Or even 20 years?
  5. 1. I used to feel the same way. But then I realized after considering the condo fees, maintenance, special assessments, taxes, closing fees, inspections, and (eventually) realtor fees, that I would be lucky to match the cost of inflation in the market I live in. Especially when some condo fees are roughly what I'm paying in rent. But I haven't completely written-off the concept of home-ownership, I guess I would just prefer to have my money elsewhere right now. 2. I think this is a solid reason. I don't really like my entire home being under the control of someone else.
  6. I’m curious why owning a home is so important to some people around here. Is it the investment opportunity? Some personal goal? Not being beholden to a land lord?
  7. setto

    Online Courses in Tax Law

    Like, a basic overview of Tax law and how it works? Or a particular aspect of tax law? You could maybe scoop up a book on Canadian Income Tax Law. Or a CAN from a law school website. As @Mal said, tax is more of a "getting exposure in practice" kinda thing. You could maybe look for a smaller tax firm and see if they will take you on. Though I disagree that a tax LLM is academic. Tax LLMs tend to be more practical than other graduate programs which is why they are considered one of the more useful LLMs for practice. Edit: Don't most Tax graduate studies require experience in tax?
  8. setto

    Law school "success" guide

    I never noticed this. Most people by 3L realize that it's a cash grab. Anything substantive that you need to learn will be picked up in practice. The people I know who caught onto that and basically just focused on exams did just as well as some others. I'd argue that all the medalists from my class focused on the exam rather than exploring the actual content of their courses.
  9. setto

    LLM Criminal Law

    lol. That's OP's thread and I really hope this was on purpose.
  10. setto

    LLM Criminal Law

    I was under the impression that LLMs in Canada are akin to those in the US: if it's not in Tax or some other niche field, it's not all that useful for private practice. Having said that, this was just from my own research and I've never actually been told this by someone who practices.
  11. Agree based on the city. The salary to condo cost ratio for an Edmonton lawyer is very reasonable and purchasing a home is doable. Bigger firms pay first years about 75-80k, can get a nice condo downtown for 300-400k with about $500 condo fees. The question is whether or not, in the long run, investing in a home is a better move than investing your money elsewhere. I can afford to buy a house but have opted not to. I have a reasonable rent and my money is working way better for me in the market.
  12. setto

    Have I ruined my chances?

    A lot of psych programs (or at least the ones I know of) have two streams: BSc and BA. The former focusing much more on neuro-anatomy and physiology.
  13. setto

    Salary Negotiation Tips

    Interesting. Do they not track hours in PI? What if the client wants to jump ship to different counsel, how would you bill them for services rendered?
  14. setto

    Salary Negotiation Tips

    I'm an articling student with a larger full service firm. From my understanding, there isn't much leeway with negotiating salaries until you are in the 4th year-ish range as they stick firmly to lockstep. You take what they give you for the chance to participate in the delightful pyramid scheme that is a national firm. Having said that, I've had considerable business experience before law school. But like I said before, the legal world can be weird sometimes and is a market I've never participated in before law school, so please consider that before taking any of my advice.
  15. setto

    Salary Negotiation Tips

    I've never negotiated a legal salary, but from my experience in past positions, I would not give a proposed range. If you went into a store to buy a TV and the salesperson said: "Yep. This model right here? Ooof. It costs between $1000.00 and $2000.00. So, how much do you want to pay?" You'd likely be walking out of the store $1000.00 lighter.
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