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I’d say your hunch is correct, but with the caveat that the BL partners who left might have gotten over the craziness. I think comp information matters here for a risk-benefit analysis. If the boutique pays market, above market, or close to market, then it might be worth a shot. If it’s nowhere near market, then I’d be cautious, but it could still be worth it for opportunities or work sophistication.
Boutiques that pay market usually require as much or more work than BL
Hard to draw conclusions from the info. Lots of BigLaw partners form smaller firms so they can keep lower-paying clients, or they want a lighter workload. The top-heavy partners likely means many are service partners (no clients of their own), or everyone has just enough work for themselves plus a little bit more (thus the handful of associates).
If anything, the BigLaw pay scale suggests they might require at least some BigLaw crazy hours. They have to bill you enough to at least cover your expenses.