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"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.",
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Mentor
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.
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
Lmaoooo A2
Mentor
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.
Mentor
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.
Coach
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.
Coach
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?
Subject Expert
Basically because of clients.
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.
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.
Coach
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.
Subject Expert
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.
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.