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SlightlyObsessed

Toronto Raises 2020 (and 2021)

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A lot of what you chalk up to sucking about Bay Street is just what sucks about being a lawyer in general, which is why you come off as unhinged and unreliable on these topics, like griping about partners having more power than associates.

I'd welcome people talking about their frank experiences on Bay. I've done plenty of that myself over the years. I'm obviously biased as a successful, Type-A person that's on partnership track but there are plenty of posts in my history detailing my honest thoughts about Bay or various practices areas and firms on Bay, and I continue to do so. Part of the reason people are pretty Bay-neutral or positive is because that's the reality for a lot of people - it's a job like any other, it just pays better than most and gives people better opportunities than most.

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16 minutes ago, easttowest said:

I’d be very interested in hearing about the difficulties of making partner. That seems super useful and informative to a prospective applicant. In fact, I can think of few things more useful.

In any event, it seems that firms are going to try a one-off (yes technically two because the payment is divided) bonus event rather than raises this year. I suspect that might tide a few people over until next year who don’t really want to leave but might if it does end up being more of the same.

I mentioned it earlier but the partners generally don't want this state of affairs to continue nor do they expect it to, hence the one-off. I also understand from speaking to some in management that there is difficulty striking a balance at times - most of these firms have multiple offices, and not every office, and not every practice group within an office, has been impacted equally. I don't know that IP is bursting at the seams with work the same way capital markets is for example. Certainly the Calgary offices of most of these firms are not doing as hot as Toronto - oil & gas has taken a shit kicking besides just COVID. Mining goes in cycles so I can't speak to how Vancouver offices of some of these firms may be doing, though Vancouver, like Toronto, is likely bolstered by a big tech boom that's going on (though maybe starting to slow if Vendasta's IPO is an example). All that is to say, the partners expect it to tide people over, largely because they think this is a blip. We'll have to see if that is true - if hours continue like this for the entirety of 2021, they'll likely have to do something else or consider a more permanent solution like raises, which will in turn set a higher floor of expectations.

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1 hour ago, Rashabon said:

Go ask the soles on this forum if they think they have an insane amount of power relative to the risk/size of the business they take on.

YAY! This is about me!

1 hour ago, Rashabon said:

Then account for the fraction of the size of the business these soles have.

BOO! This is about me!

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2 hours ago, Mountebank said:

YAY! This is about me!

BOO! This is about me!

I feel your pain.

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On 4/12/2021 at 1:06 PM, Rashabon said:

I mentioned it earlier but the partners generally don't want this state of affairs to continue nor do they expect it to, hence the one-off. I also understand from speaking to some in management that there is difficulty striking a balance at times - most of these firms have multiple offices, and not every office, and not every practice group within an office, has been impacted equally. I don't know that IP is bursting at the seams with work the same way capital markets is for example. Certainly the Calgary offices of most of these firms are not doing as hot as Toronto - oil & gas has taken a shit kicking besides just COVID. Mining goes in cycles so I can't speak to how Vancouver offices of some of these firms may be doing, though Vancouver, like Toronto, is likely bolstered by a big tech boom that's going on (though maybe starting to slow if Vendasta's IPO is an example). All that is to say, the partners expect it to tide people over, largely because they think this is a blip. We'll have to see if that is true - if hours continue like this for the entirety of 2021, they'll likely have to do something else or consider a more permanent solution like raises, which will in turn set a higher floor of expectations.

Uninformed.

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1 hour ago, Chrysander said:

Uninformed.

Thanks for your opinion, champ.

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On 4/12/2021 at 3:06 PM, Rashabon said:

most of these firms have multiple offices, and not every office, and not every practice group within an office, has been impacted equally

I've heard the same with US firms and practice groups.

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On 4/12/2021 at 3:06 PM, Rashabon said:

 I don't know that IP is bursting at the seams with work the same way capital markets is for example. 

IP is bursting at the seams. 

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On 4/24/2021 at 7:10 PM, legallyexcited said:

Hey guys, on the topic of mortgages and $$$ does anyone know whether banks underwrite articling salaries?Dog Thank You GIF by MOODMAN

You mean, will the underwriters at a bank approve you for a mortgage as an articling student? Yes but the amount you get approved for will depend on many factors. How much debt do you have? Are you going to be the only person on title? Do you have savings? How many other outstanding credit accounts do you have open? What is your credit score? What is your debt ratio?

Articling student salaries on Bay Street are annualized to nearly six figures now  - that’s not an insignificant salary but there are other factors they will consider. 

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