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Conversation Starter
Are there any ARD Facilitators in this group?
Anonymous User
Conversation Starter
Red red red
Community Builder
Anyone up to case this weekend?
Additional Posts in Big Law
Enthusiast
Thoughts on Quinn Emanuel in Houston or Dallas?
Mentor
Coach
Mentor
Enthusiast
Mentor
Mentor
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Don’t worry about it. You are far too junior too worry about efficiency. Realization rate also depends on more than just your own efficiency. Even at big firms, mega revenue clients (such as PubCos) can negotiate for discounted rates that aren’t generally available. It may also have to do with deals the firm struck (such as alternative fee arrangements) to get work in the door.
You also don’t know if your realization rate is real or transitory. So, for instance, if a bill goes out and it’s unpaid - it probably hits your realization. But it might be the case that no one expects that bill to get paid until closing a transaction. And then, suddenly, your realization on that matter jumps from zero to 105% or more. In other words: It also has to do with accounting and how firms tabulate realization.
What you should worry about is doing your work well. People don’t get pissed at this stuff until you are more senior - and even then, it also often has to do with work product. Is it annoying when someone kills your bill as a partner? Yes. But it’s usually a midlevel or senior associate and it’s only really annoying when their work product is terrible. I still remember when a senior associate (five years ago) billed 20 hours to turning a purchase agreement and the agreement was total shit and I had to pull an all-nighter fixing it. That’s the kind of stuff that people get bent out of shape over.
It’s also helpful to me as a reminder of how neurotic and fearful I used to be. I very much remember the experience of being an associate and remember all sorts of stress that I no longer really feel. Today, I tend to get stressed once or twice a year about stuff that really matters. Back then, it was daily. I literally had nightmares about this job. While fear is a powerful motivator and worked for me, it’s not the easiest or necessarily best way to learn.
The reason I am on the app is to remember all the specifics of what I used to freak out about so I can be more attuned to my team.
I would also say this: The reason all the associates appreciate this forum is also often because they don’t feel safe having these conversations with partners. I find that even with my own team. I am scary and am perceived differently because I have a title and some modicum of power. But, I am not a fundamentally different person and I am far from inhuman. I have high expectations but I also train myself hard to be patient in managing people up to meet those expectations. So, while you definitely need to pick the right ones, there are more partners looking to be mentors than there are assholes. My favorite part about this job is learning and my second favorite part is teaching and making the road of those under me easier than my own. Find those people in your firm and soak up everything you can. Relationships are going to be as important to your career as technical skills. And always remember: Partners are people too. Because I like someone - it doesn’t mean the requirements for partnership change, but, I will move heaven and earth to try and help someone who is hungry and is a genuine and kind person.
Subject Expert
70%?
Mentor
As a first year, be happy if the firm is able to collect on anywhere near 50% of the value of your time.
Coach
It should be in the range of 80-99% for a fully competent mid level attorney and above. For a first year, could be 50-70%, but always be trying to learn and get more efficient to get it higher.
Subject Expert
how do I find out my realization rate
Subject Expert
Some firms share it on the platform where you can find yours hours breakdown.