If the goal is to make top dollar (long term), which practice areas would you recommend? Capital markets, funds, M&A, projects, banking and finance, litigation, international arbitration, or white-collar? I’m leaning towards international arbitration but not sure if this area allows one to make top dollar.

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Honestly whichever one that you like, you’re good at, and can tolerate long-term. M&A, for example, may be the most lucrative or likely to lead to equity partnership for a lot of firms, but if you hate M&A, you probably won’t last very long.

Don’t really know anything about international arbitration other than it’s not a thing at a lot of firms and think of it as a niche that’s hard to get into. I don’t think it would show up on most peoples’ lists of areas that command “top dollar”

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I hope this isn't taken the wrong way, but as someone who has been at this for going on 13 years, if you're purely looking at this from an economic perspective, you are thinking about it all wrong. I know everyone talks about retooling, but candidly it's hard to change lanes once you pick one. And picking an area you ultimately can't stand or has poor quality of life (M&A would be up there in that regard) will burn you out FAST. Let's face it, no one who works at a Big Law firm is hurting for money compared to the average American, and what's the point of having all that money if you can't find the time or mental bandwidth to spend it, enjoy life, make memories with your family, etc.? Just my 2 cents.

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For sure one of the transactional areas given billing rates

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Before partner, earnings will be identical unless you go to an above-market litigation boutique. Assuming you did make partner, there are a million variables but the answer is probably M&A, again unless you’re at an above-market lit boutique pulling in insane contingency fees.

But the data still suggest for $ M&A > lit botique. Really good corporate rainmakers at PE/Pubco oriented firms do as well or better than the likes of Susman and Quinn. If you want to make Joe Jamail/Mark Lanier $$$ you’ll need to make alternative arrangements to biglaw.

Don’t do international arb. You’ll have the least options as it’s a niche area. Corporate generally gives you a lot better options than litigation for moving in-house.

It's notoriously hard to make equity partner as a litigator unless you're in a specialty practice (not white collar, more like product liability or financial services). Most Big Law litigation practices are an up and out model with the expectation that only a small fraction of first-years will make partner at all, much less equity partner. It's very difficult to build a book of business and find repeat clients who are willing to pay Big Law rates for litigation. The exception is specialty lit practices like product liability or financial services where there are large, institutional clients with a predictable level of litigation annually. Even for product liability and financial services, clients are often paying flat or lower fees, so equity percentages/points will be lower.

Agree and I will add that in-house litigation exit options are extremely limited, especially if you stay in BigLaw long enough to be pushed out—you’ll be too senior for entry roles but too inexperienced for senior in-house roles.

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