{ "media_type": "text", "post_content": "Why exactly is it that lifestyle firms do not exist (at least more prevalently/explicitly)? I know many people who would do 75% of the biglaw work for 75% of the biglaw pay—or some ratio like that. I think a firm that made that kind of option an explicit part of its recruiting, and actually stuck to it, would be able to attract some very talented associates who would not burnout so easily and be able to provide much higher quality work product.", "post_id": "61da67b7e78c9b002e19fc8e", "reply_count": 23, "vote_count": 14, "bowl_id": "5df70ed2f7169f002b172d3f", "bowl_name": "Big Law", "feed_type": "bowl" }

Why exactly is it that lifestyle firms do not exist (at least more prevalently/explicitly)? I know many people who would do 75% of the biglaw work for 75% of the biglaw pay—or some ratio like that. I think a firm that made that kind of option an explicit part of its recruiting, and actually stuck to it, would be able to attract some very talented associates who would not burnout so easily and be able to provide much higher quality work product.

likefunny
Posting as :
works at
You are currently posting as works at

Most firms are willing to accommodate this already, but people don’t ask for it because they don’t realize it’s possible. If they do, then they still often don’t ask for it because it means giving up income, giving up on partnership, and sometimes it means a less prestigious title as well. Also people expect the firm to enforce the 75% for them which is not how it works, as you have to enforce it yourself, which requires very strong boundary setting skills to make it work. If you’re interested in this you should inquire with your partners and HR department. I’ve been on this type of arrangement at a V50 for many years.

likesmart

Agree with this 100%. Also there are a surprising number of folks at big firms that are reduced time.

For the same reason communism doesn’t work

like

Lmaoooo A2

like

Overhead isn’t just pay and elements other than pay are marginally more significant as salary decreases. The firm that does this is less profitable. This leads to a loss of rainmakers and a downward spiral. Also, those who want something like this are less likely to do the nonbillable stuff and to be responsive and dedicated enough to be strong enough assets long term as associates and partners. Someone has to deal with the weekend work and fire drills, even if hours overall are less crushing. You can have some people like this but not a whole firm of them. Also, most of the best associates are gunners or, at least, start out that way.

likesmart

Starting with your own professional development to training those more junior than you (updates to laws, innovation in techniques and technology), reviews and evaluations, invoicing (because in some practice areas you cannot just write « pls pay 500k »), budget control on the matters you lead on, pitches and other pre-work discussions with clients, client development (everything from writing articles and participating in panels to taking them and other business professionals in your industry for lunches, drinks, dinners), and I am sure I just forgot half of it.

like

They actually do exist. I work at one. It’s not 75% but ppl bill around 1800ish. It seems to me The biggest obstacle is that the rain maker partners will be tempted to take their business to a firm where they can extract more money. But there are some partners out there who value a collegial workplace and are willing to be a little less profitable in exchange.

like

How part time is part time? Is salary truly a pro rated ratio? Do people in those positions really get the part time benefit or does work get stacked up anyway?

like

Basically because of clients.

like

Because it’s an industry problem, not a firm problem. Clients that give you that sophisticated work also expect you to be able to turn around a document quickly, even at night or over the weekend. Good luck pitching to a client that the deal will last twice as long because you refuse to work after 7pm.

like

Then my week could look like the week between Christmas and New Year (where half my deals went silent): I have work from 9-noon, nothing to between noon-2pm, an e-mail at 2pm, nothing until 4pm, a few emails between 4 and 6pm, nothing until 9pm and then “a few fires” to put out by midnight.

Firms want to scale, take on more work and become more profitable. If you set a cap on how much folks are going to be working, then you’re going to be limiting that accordingly. For firms with limited geographical/industry/etc. scope, can get away from this more but your model doesn’t work in biglaw and particularly not with the volume of deals flowing right now.

like

Because clients want responsive service and partners want to make money. It’s a rare person who has clients and accepts far less than he/she could make elsewhere. This business just isn’t a 9-5 job.

like

OP, P1 is right. This doesn’t happen for the same reason that many small and midsize firms try to act like large profitable firms—most people always want to make more money. And it’s often the case that people want more more money than they desire other things in their lives.

Bc bro like idk lol.

There are lifestyle firms. I worked at two firms like that. One firm was in a secondary market and paid big law salary of that market. The other is in the primary market and paid about 75% of the market. Both involved pretty consistent 9-5. Occasional late nights and weekend work are unavoidable. Both were litigation boutiques.

Additional Posts

In terms of positioning vs competitors - particularly strategy focused firms like MBB, could our leading Operational expertise can be coupled with the strategy practice to differentiate us?...

Holy shit! Been talking to a few friends and the housing market to rent is crazy. Is everyone struggling to find a decent place? Or is everyone shelling out lots of $$?

like

Any estimate on when recruiting will take place for people who want to start in PE in 2023?

like

Anyone work at Jet.com in New York? How is it?

Which big4 still provides sponsorship for tech roles? I am working as software developer . I passed all the CPA exams. I want to find a job in tax technology. It’s very very difficult to find jobs that provide sponsorship. I feel like I am at a dead end. Need some advices. I want to be in technology, but I need the cpa work experience.

like

How much does a Team Lead earn at Novartis? It would be great if any team leads in the group can directly give the number

Anyone use an au pair and can recommend an agency?

like

I work at a startup company in the United States joining at the Seed Funding stage. I have been provided a number of shares and do not understand the timing, tax implication of exercising options, and ultimate payout if/when the exit strategy takes place. Who am I supposed to speak with and/or what resources are available for me to start to understand how to maximize my benefits related to shares.

like

Hi Friends, can anyone help me salary of an Oracle Database Developer (SQL and PL/SQL) having 10 years of experience for Sweden location....!!!

like

Was contacted by Amazon for a creative role. I passed the first hurdle (the screener) and now up to the hiring manager phone interview but honestly not feeling the STAR method shenanigans and the 6 hour interview. Tbh it sounds like a cult… but a highly paid one 😐. Wwyd?

like

Young professional seeking guidance on different ways to get certified as an HR Professional - I have about a year of experience as the HR coordinator for a start up and I have taken a few courses through Cal Chamber and SHRM…any pointers or guidance on next steps?

like

Is experience in big4 (pwc for example) really more valuable than other (bdo for exemple) ?

like

Been lifting heavy 5x a week for about a year now but have recently developed some lingering shoulder pain. Any tips on how to heal while still maintaining gains?

like

Why are we auditing to Net Income when our PE clients make all decisions based off of EBITDA? The bank covenant is half EBITDA as well. Seems like a waste of time and we are just checking the boxes.

likehelpful

I have a job offer from a boutique investment bank at an associate level on their credit advisory team and from EY as a senior consultant. Both are significantly higher salaries than I am earning at the moment. Which job would be more fulfilling; financially and successfully in the long run?

like

In a fit of lunacy I shared with my spouse that I feel I’m punished for expressing negative emotions It’s been a week now, and every day I’m backed into her tearful accusations that she now feels insecure and unstable in our relationship. Keep your mouths shut, fellas

like

How can I break into CSR? There don’t seem to be many roles at the associate level

like

My kiddo is special needs (therapies and doctor appts) and husband is activity duty military (lots of solo parenting going on over here) and the balance of being a present parent with PR agench life isn't going as I had envisioned. Anyone have great articles on working parents to kiddos that can be used in convos with higher ups? I'm also the only teammember w/kiddo and only military spouse

like

I’m a designer, just over 3 yrs experience working after undergrad, 1.5 yrs w/ my current firm, and over 10 yrs w/ Adobe programs. I find that in my job, senior designers will often give me direction by explaining how to use software (Eg.—“make a new layer, copy XYX onto that layer, go to master pgs and add XYZ, etc.”). I want conceptual/high level feedback, but I feel like it’s rude to say “I know how to do that.” How do I respectfully get design direction that also respects my competency?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
Download Fishbowl to see what others are saying
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the Fishbowl app

Get realtime notifications and see
what's happening in your industry
from the palm of your hand.

For account settings, visit Fishbowl on Desktop Browser or

General

Legal