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prospective

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prospective last won the day on February 2 2014

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  1. What negative tax consequences? Presumably you are almost always better off under corporate tax rate?
  2. If your goal is to get hired back at the law firm, you should play the politics and maximize exposure to the group that will line up the right votes. You should also try and get a sense of whose voice matters and how decision making is done regarding hirebacks at your firm. If your goal is to build a practice that you find meaningful and rewarding, and you are relatively confident you can see a good fit for you in your present practice area, and not the practice area of that senior partner, then stay in the practice area you like. The difference is whether you go with what resonates with you the most or whether you play the game to get hired back only to switch out as a lateral associate or spend the rest of your life hating your job and probably leave law entirely. I ultimately did not get hired back for a similar reason (non-committal on practice groups—open to anything) and that was the best thing that happened. It clarified my values and direction and gave me drive. I ended up at a better firm, with a better fit in practice area, as well as better culture, prestige, compensation, etc., all without skipping a beat. Your mileage may vary but be sure and confident of who you are and what you bring to the table. Life does not turn on articling hirebacks.
  3. I am responding to the general sentiment on this forum that the "seven sisters" moniker is unhelpful, outdated, and used only by hyped up law students. The term still holds fairly well as a general proxy for firms who regularly work in the top tier and charge top rates (which also impacts the type of clients those firms can take on). Of course there are exceptions, but as a matter of branding, the term still has some weight and meaning, and the COVID paycuts / layoffs are a case in point. That's why your post came up as a quote.
  4. There is a difference between tier 1A "sister" firms and 1B firms. The layoffs / paycuts point to this dynamic - to my understanding, no sister firm moved forward with pay cuts or layoffs; the partners simply ate the cost by not taking draws for a few months (and promptly made it up with significant file activity for the balance of the year)…and I have to believe maintaining image and prestige are substantial considerations. Reputationally, a pay cut would send negative signals about the state of a "sister" firm, and in retrospect, the ability for these firms to stay busy during the pandemic point to a slice of the market segment that other, typically "non-sister" firms do not have ready access to. Same goes with matching other sister firms on COVID subsidies, matching payscale raises, etc., with caveat for the Davies outlier.
  5. There’s a difference between “at work” and “working”.
  6. Ideally, you should docket 100% of the time you actually work. More time on files, less time around the water cooler Difference is between hours docketed, hours billed, and hours recovered. At some firms, target is based on hours docketed. Your mileage may vary.
  7. 40-50 hours a week on Bay Street is not unrealistic. Assuming you can bill 80% of the hours you work, at 50 hours, assuming a 50-week year, your annual billing will be 2,000 hours. By comparison, Bay Street target is around the 1800 hour mark. The key is finding a practice area in which you are indispensable, and your value is not based fundamentally on service metrics like how quickly you can turn things around, how available you are at all times of the day / night, etc., but rather, for quality of work, expertise, insight, etc. That way, you are more in control of your time, and what "drives" your time is simply making your target to ensure there is some quantitative basis for keeping you around.
  8. I did landlord and tenant - and I still use some of the basic understanding of the substantive law in my practice. honestly, just take whatever courses you want or find interesting. In my experience, you learn much more on the job through immersion than through a course in school. for me, this looked like spending 2L and 3L on Kantian and Hegelian legal theory.
  9. This post hasn't aged well. Had taken both and hate to admit it, but can't seem to remember anything from either course or clinic. Osgoode's Intensive Trial Advocacy Workshop, on the other hand...
  10. A 5th year at Bay Street lockstep makes just under $200,000 before bonus. A junior equity partner at the same type of firm could be around $300-600k, depending on the firm. So a counsel role (or non-equity partner) would be somewhere between those two goalposts. Edit: unless you can structure your affairs for tax efficiency, the increase on non-partner track is rather incremental and hampered by the tax burden.
  11. I have a significant volume of files that I have to stay on top of and push forward. I have found Getting Things Done to be a lifesaver in managing these projects. I use OmniFocus as my app to implement GTD.
  12. For those who are WFH with kids—particularly in biglaw—share your schedule, tips, and hacks for how you milk out those 6-8 billable hours per day to stay relatively on target while shepherding the chaos at home (and happy Mother’s Day!)
  13. Taking out a HELOC does not prevent you from taking advantage of the appreciation in the value of the house. If you borrow $2,000 against your house, and your house appreciates by 4% annually, what you owe is $2,000 + interest. The amount owed through a HELOC does not grow proportionate to the appreciation of the house...am I missing something? Is it really that hard to find a moderately conservative investment that returns better than a bank's prime lending rate?
  14. where else can you get a line of credit at a rate of 2.45%??
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