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Pyke

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Pyke last won the day on December 24 2016

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  1. Okay, whatever. They’re all making $10 million a year.
  2. In terms of your comp, are you basing that on total comp (i.e.: including bonus and various perquisites (pension/benefits))? As to the $190k figure - my statement, on the lower end of the range, included a discount because of the 10-20%ish pay cuts that I am aware of, and the point was to create a range.
  3. I mean look, I haven't surveyed all of my colleagues who partners at Bay Street firms. I'm sure there is a tremendous degree of variety. I'm sure some people are equity partners after six years and others are income partners after ten. I have friends who are senior associates and partners. Among those who I have discussed compensation with, their compensation is where I stated it to be. I am sure some other folks make more, and some other folks make less. I also did account for the 20% reduction in terms of the bottom end of the range - so that may have shifted the bottom-end a bit more than normal. But ultimately I'm just a guy on the Internet, so take it for what its worth, which is, not much. Fair enough if I misread. I mean, admittedly, depending on the firm, some big law associates would be making comparable compensation to some big law partners, particularly if those partners are income partners v. equity partners. There's a tremendous amount of variability in the amount compensation increases from year to year, not all firms are lock-step and not all lock-steps are equivalent. I was trying to paint a picture of a range to show that - even with a generous cut to Bay Street salary, I don't think it'd be close. I mean, I suppose a Step 11 LP-02 could make $178k or so in Toronto - that's impressive, but that would take 11 years + whatever time it took them to get into an LP-02 position... and most people are up or out in that span at a Bay Street firm, so I'm not sure that's a reasonable parallel if it's the compensation we're using for the 20% comparison.
  4. Nope - though I have friends who are senior associates too.
  5. I mean, I’m going from first hand accounts who are friends, who are also partners, at big national firms. I haven’t done a systematic survey - but my sources are pretty good.
  6. I'm not sure how you come up with this, if we're assuming "Big Law" to be Bay Street... The salaries at the top firms > government pay. The starting salaries can have a $30-40,000 gap (which is 30-50%), and that gap is maintained throughout. A partner at a Bay Street firm can expect to pull in a very strong six figure income (lets say, high 100s, low 200s, as a reasonable average benchmark). That's not even close to matched by government, where the equivalent pay band tops out around $140,000. Again, you're looking at a 30-50%+ difference. There are all sorts of reasons to not work on Bay Street, but pay is not one of them. A 15% cut to salaries isn't going to close the gap meaningfully (again, on compensation alone). My recollection was that you were incorrect (too high), although it appears you were incorrect (too low). This is a by-product of the circumstances. Anyway, Treasury Board has this information: https://www.tbs-sct.gc.ca/agreements-conventions/view-visualiser-eng.aspx?id=13 Step 1 is now $80,000 outside of Toronto for an LP-01. Its the same for Toronto. One thing about the Federal Government though, is because its a unionized position, you see percentage increases every year + the incremental increases. This is part of the reason why public sector wages are growing while private sector wages tend to be more stagnant.
  7. You know, it amuses me how often the media gets the essential details right, but the nuanced ones wrong.
  8. Did the poster consider the difference between an employee subject to a collective agreement v. not? Tends to be pretty fundamental difference too... There is also the general confusion about the difference between terminations on the one hand, and where permissible, temporary layoffs on the other... although I acknowledge that a temporary layoff may well be a termination at common law, there are circumstances it could be permissible. Also, someone quoted contract law principles of force majeure and frustration - the former has no real application in this context, and although i suppose there could be a novel frustration argument in some circumstances - I have serious doubts about its applicability here... There are a whole bunch of reasons for leaving these things to people who practice in this area... also probably why those of us who do are trying to stay out of it, to avoid the appearance of providing legal advice.
  9. I think the logic is that the gate keeping is different. I also think the bar exams are much harder in the US.
  10. From a legal perspective, in many industries and contractual situations, it is a distinction without a difference. Least: Labour and employment lawyers .... obviously. @Uriel: Think class action lawyers are going to be busy in the next few years?
  11. As an observation only, I would guess that their analysis was they had risk regardless of which option they pursued. Assuming they are rational actors, they probably selected the option which they felt was the lowest risk to their particular circumstances. Picking the best risk profile among a set of options, though, is not the same as saying there isn't appreciable risk in that particular option.
  12. Like any other test, the key is to study. It has been a long time since I was applying to law schools, but once upon a time, best was Power Score's prep books: https://www.powerscore.com/lsat/publications/ I agree with Hegdis that working on your English language skills may be valuable...
  13. Honestly I think that's skipping over the point I'm trying to make.
  14. I mean, I'm not going to dispute that there are arguments one could make in terms of quality of life or the costs associated with small town jobs. On the other hand, $100,000 in student loans remains $100,000 in student loans whether you're in Toronto or Thunder Bay.
  15. I wouldn't be surprised if there's lots of jobs at or under $50,000 in rural environments in Canada. Hell, I know of big cities where first year positions at smaller firms are paid at or below $50,000. I think the compensation comments in this thread are relatively high based on my observations of the marketplace. To be sure, there are places where first year lawyers make $75,000 or $85,000 (or $100,000+ on Bay Street), but that's not necessarily the norm.
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