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Friday Wordle 314 2/6
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If you think there isn’t a war on teachers, and education in general, have a look at this article. (Not to mention the ongoing war on people of color as well) It’s downright chilling. https://www.salon.com/2022/07/12/we-dont-need-no-education-now-arizona-says-teachers-dont-require-college-degrees/
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I think they’re willing to add your name to the firm for anyone willing to sign on rn.
Can confirm NEPs being underpaid 😂 (and treated like sh**). Although I don't know if that was rolling down from up above. EP I worked with claimed he was getting "yelled at," although I assumed he meant scolded. Would be curious to know how much he was getting paid off of everyone else's work while acting like G-d's greatest gift and refusing to treat people with any level of respect or decency.
LBBS has somewhere between 120 to 180 equity partners out of the 1600-1700 lawyers in the firm. Traditionally the equities are the highest billers and highest originators, though that’s somewhat a self fulfilling prophecy as each offices managing partner typically is the main conduit for file assignments. To make equity there, you are going to need a book 1.5 mil consistently, and be generally liked by the partners voting. My guess is that the lower end of the equity partner pay scale is 450ish, with many equities making 7 figures.
Also remember that LBBS is really a conglomerate of insurance defense firms under one umbrella so rates are vastly different than other AM 100 firms. There are not many lawyers there with an avg billing rate in excess of 300 and the vast majority falling south of 250.
They have very few equity partners and typically they are people who have been with the firm 15+ years.
I used to work there. All the equity partners I knew in LA were in this position. Maybe different for smaller offices.
In my market no legitime attorney would take a partner role with LBBS. It's a joke, even before the recent drama. I have to imagine culture has something to do with it...
This is a very legitime comment.
This all gels with what I have seen so far. NEP and associates salaries aren’t at all comparable at least to other AmLaw 100 firms. And also very very few equity partners comparatively. I’m trying to get some sense for the equity partner pay scale from the perspective of recruiting lateral partners given all the LB fallout from recent events. It seems like LB equity partners could be making multiples of what they would make at comparable AmLaw 100 firms given the low NEP and associate pay. But I don’t think the fallout is over yet at LB and the equity partners may be left holding the bag at the end of the year. So interested in whatever other insights people have!!
It's glorified insurance defense. Compensation is comparable. Met with several partners over the years looking to come to my firm (also AmLaw100) and the issue is usually lack of portable business, but never comp.