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      July 1, 2018

      Update July 1, 2018 - Cravath, who has traditionally been the first mover who sets the market, has now raised the bar for 2018 associate raises. They have announced a new pay scale that matches Milbank for junior associates and exceeds it by $5,000 for midlevel associates and by $10,000 for senior...

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    An Associate Facing A Tough Choice

    Challenge

    A 9th year corporate associate attorney with the Dallas office of one of the 10 largest firms in the world had worked very hard to develop a sizeable book of business. His work product was fantastic and his reviews were great. When he met with firm leadership about his partnership prospects, they advised him that the economics of his local office would not allow it to support another partner in the corporate section. However, they would fully support him for partnership if he moved the firm’s New York office and worked exclusively on one of the firm’s largest institutional clients. In doing so, he would have to reassign the clients that he had developed to other attorneys in Dallas.

    He knew that if he wanted to be in control of his career moving forward he could not give up the clients he had worked so hard to develop. Without his own clients, he would become completely dependent on his firm and their institutional clients.

    Solution

    He knew he needed to act quickly. If he turned his current firm down on their offer of partnership then he would probably be asked to leave. He knew he had to evaluate his partnership opportunities outside of his current firm quickly. We helped him understand the options that he had in the marketplace. He evaluated over 20 different firms before deciding on 3 he wanted to target. We were able to secure him an interview with all 3 firms that he was targeting. He evaluated offers from 2 of the firms and in the end accepted an offer to join an AMLaw 50 firm as a partner with compensation similar to what he would have received as a partner at his former firm without having to uproot his life, lose his clients and move to New York.

    Less than 18 months after he switched firms, the institutional client that he would have been assigned to had declared bankruptcy and his former firm had to lay off a large number of attorneys. This was almost immediate validation that it is always best to be in control of your career!