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kindersuprise

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  1. There are two main ways to solve this from my perspective: increase salary dramatically or reduce billable hours requirements. I personally think if the main issue is about jealousy of US salary, the former is the better solution but it needs to be substantially higher than currently to keep the loyalty for those who have received opportunities elsewhere (aka US or tropical islands) Now, if the main issue is about mental health, then the latter seems like the best solution because when you increase salary, you still don't get to the root cause of employees feeling "burnt out, unhappy, and overworked". Instead, you indirectly now say "we are paying you more so work harder". Unless it's US salary (converted to Canadian rate), those who are strong enough candidates to move to the US can still get poached. Also, let's say salary does increase to US levels, client expectations will more likely follow as rates are more likely going to increase. Hence, work expectations will most likely also increase, further perpetuating these symptoms. Now if Bay Street reduced billable hours and bonus requirements to let's say 1450 hours while maintaining salary, we wouldn't need to work as much to hit our targets + bonuses. Hence, we won't get burnt out as much and will have more time for leisure/family activities. This enables us to see that biglaw can provide a good lifestyle with a very stable income (remember, we are still one of the top paid professions in Canada, especially in Biglaw). As a result, we are more likely to stay cuz we are not "burnt out, unhappy, and overworked" which will improve firm retention. Now in order to do this, big law would probably need to hire an additional lawyer for every 2/3 currently. That extra cost however is most likely going to balance the cost of having the high turnover rates and disorganization/loss of team cohesion that follows as recruiting and training takes time and costs a considerable amount of money. It may also help boost firm culture and improve employment rates for articling/junior lawyers.
  2. Expect a mix of both. With mostly virtual at the beginning and progressively more in person as the year goes on. If you are thinking of getting a rental condo downtown, I would definitely start looking soon as prices are already increasing and the trend will continue as September rolls around.
  3. A week before articling ends? Yikes. Glad you got the bonuses though.
  4. I know BCG and Bain gave a raise recently. Not sure if McKinsey matched. I do think reserved stock units should be included. Its like employer rrsp matching. Goes towards overall compensation (free money that even if you don't hit bonus, you get)
  5. Can always count on you with the scoops. You are like reality Steve.
  6. To be a Doctor its 8 years minimum. For consulting, you need to go to MBA school for 2 years to climb up typically. https://docs.google.com/spreadsheets/d/1h1N6rrvLRmapN2fwreSBL45I89azg2tsrwoQ1iEN8f0/htmlview#gid=0
  7. Interns in Goldman's NY were also given their own name tag and plastic chairs to carry from desk to desk, and floor to floor according to my friend
  8. Just to give some perspective, other professions can be just as bad. For example, investment banking hours its not unusual to be working 16 hours for five days, and 8 hours on the weekend. Especially because Sundays are spent usually preparing for when the market opens. For consulting, 12 hours is typical, not including the travelling which takes a huge toll. Right before a deliverable, it's not uncommon to work from 8am-5am for an 8am presentation. For accounting, during tax season, 16 hour days and staring at numbers are your life For medical profession, 12 hour shifts are the norm, with lots of overtime. For business, if you are a senior manager or director, 12 hours is also common. War rooms which can occur at least once/twice a year can involve 16 hour days for two-three weeks. If you want a prestigious job and the chance to win the pie eating contest where the prize is more pie, you got to hustle, hustle, hustle.
  9. Any other big firms not giving out bonus?
  10. What your describing is the same in almost all companies in almost all industries in North America: You grind when your young cause you don't have a ton of experience. Your salary is based on your value and as someone newly minted, your value pales compared to others who have been there longer. Once you prove your value then you get paid more and get to be on top. Or you can leave and be a solo practitioner/ entrepreneur. I'm all for better working conditions but I also know that we have come so so far from when my dad was an articling students and when my older friends were articling students.. For me, I'd rather same pay for less hours instead of more pay for more hours. I think that would improve retention tbh because then I get more support/more leisure time so it becomes more of a doable lifestyle... especially when I start a family. Typically, when you get increase pay, you get increase expectations/responsibilities/pressure and I already know in a few years I'll be making in the 95%+ of the population assuming I stay.
  11. This just means we get some of the pay back that we thought we were gonna get before articling got shortened to 35 weeks, right?
  12. Then go to NY... your problem is solved.
  13. Yea it might be higher.. Honestly though don't get me started on the real estate...its a huge issue in itself that needs to go higher than our employers to fix...aka the government (but doubt it will). How on earth are we young ones suppose to buy something in Toronto on our own, who knows
  14. If you think the hours aren't sustainable and you are gonna burnout, I don't think increasing the salary is necessarily the answer. For sure for the next few years it might be but once you start wanting to settle down with family, you will find that you start measuring your happiness/sanity/motivation/burnout in leisure hours rather than $$$. A 2018 study was done that found that: 'The ideal income point for individuals is $95,000 for life satisfaction and $60,000 to $75,000 for emotional well-being. When people earned more than $105,000, their happiness levels decreased." ...adjusted for inflation and Toronto rate I believe that number is higher but it's not as simple as US to CAD currency conversion since everything around us is measured in CAD. Either way, if your making Bay Street rates, increase salary isn't what's gonna get you a fulfilling life, instead more time with loved ones, cool experiences will. I really think to reduce burnout/turnover rate in big law, firms should reduce the hour requirements and hire more associates to support instead of just simply increasing pay and indirectly increasing expectations to unsustainable and unsatisfactory levels. I'm sure if you do a cost benefit analysis of lowering billable hours (and subsequently lower burnout rates) vs the cost to replace/train a new person everytime someone decides to quit because they have had enough, it will even out.
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