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PSA to Biglaw clients: If you have a small, uncomplicated deal
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Date: September 2nd, 2010 12:05 AM Author: Drunken Community Account Stead you should hire a midlaw firm. if you don't, you're going to pay high rates for a know-nothing midlevel, or worse, a junior to run it. you could probably get a midlaw partner to do it for the same price, or less.
hth. |
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Date: September 5th, 2010 10:03 AM Author: Duck-like Shrine Bbw Many biglaw firms (even legit ones) will impose fee caps in order to get the business ITE. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15968993) |
Date: September 2nd, 2010 12:06 AM Author: mahogany dog poop selfie what do you consider small (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15944530) |
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Date: September 2nd, 2010 12:08 AM Author: Drunken Community Account Stead idk, anything <100MM for sure. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15944545) |
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Date: September 2nd, 2010 1:34 AM Author: vigorous dopamine bawdyhouse but uncomplicated too? (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945317) |
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Date: September 2nd, 2010 12:06 PM Author: Cracking trailer park Um, we had a fund that did nothing but these (20-100MM) deals, despite a fairly large capitalization. It was far more effective to use us than a mid-law firm. We were full service, regardless of the deal. Tax, environmental, labor, etc. Our mid-levels were smarter and more motivated than mid-law partners and more than willing to be on shitty calls on NYC or LA or UK time.
I would hire the PE chick who sat next to me at BIGLAW 1,400 times before I would hire some 13 lawyer shit-law shop. |
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Date: September 2nd, 2010 12:07 PM Author: Light Milk Psa your firm is midlaw. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947250) |
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Date: September 2nd, 2010 12:09 PM Author: Cracking trailer park Do you know where I work? (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947265) |
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Date: September 2nd, 2010 12:10 PM Author: Light Milk Within a narrow range of firms. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947277) |
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Date: September 2nd, 2010 12:15 PM Author: Cracking trailer park It would be hard to define where I work as midlaw. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947308) |
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Date: September 2nd, 2010 12:19 PM Author: Light Milk Rates are 30% below the true biglaw M&A firms. Ppp is well under half (more like a third and that is after increasing almost 50% from 2006 to now).
Frankly, you firm is a lot cheaper than true biglaw.
This applies to all of the firms you could possibly work for. |
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Date: September 2nd, 2010 12:29 PM Author: Cracking trailer park First statement depends on the office of my firm. They charge biglaw rates in NYC, DC, etc. A fact which is, in and of itself, hilarious.
But I suppose I take your point, FRIEND. |
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Date: September 2nd, 2010 12:35 PM Author: Light Milk Yes, FRIEND. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947435) |
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Date: September 2nd, 2010 12:42 PM Author: Cracking trailer park Hurry up and find me a job, asshole. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947479) |
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Date: September 2nd, 2010 12:51 PM Author: Light Milk Most big firms will run a background check which rules them and corporations of any decent size out. I would start going to aa and networking there and spam 2-20 sized litigation shops in your jurisdiction. You seem to have gotten decent experience. Can you say you argued in court, done deps, done trial crosses and directs? The biglaw litigators (outside of certain niches) that have made that move all seem to be the ones who can pitch the I want more courtroom work and I can do it becuase I have done I before. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947557) |
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Date: September 2nd, 2010 12:56 AM Author: Drunken Community Account Stead (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945061) |
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Date: September 2nd, 2010 12:56 AM Author: Pea-brained old irish cottage den (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945062) |
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Date: September 2nd, 2010 1:33 AM Author: Razzle kitty potus shhhh (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945309) |
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Date: September 2nd, 2010 1:39 AM Author: brass cerebral state boltzmann cr (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945361) |
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Date: September 2nd, 2010 2:12 AM Author: Jade gaped death wish Biglaw isn't particularly good for much of anything other than massive cases and deals. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15945526) |
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Date: September 2nd, 2010 11:37 AM Author: bull headed geriatric boistinker stage ITT: A lawyer invites a client to take business AWAY from his firm.
Future Thread: MY TTT FIRM JUST STEALTH'D ME! |
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Date: September 2nd, 2010 11:42 AM Author: Green persian trust fund TCR, plus LMAO at < 100 million being a small deal. There's a zero in there that shouldnt be.
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Date: September 2nd, 2010 11:49 AM Author: Electric opaque factory reset button pretty sure $100 million company is the exact figure cited in the latest slate article about "death of biglaw" as a sweet spot for midlaw (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947150) |
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Date: September 2nd, 2010 11:50 AM Author: Dun Excitant Sweet Tailpipe welllllllll if SLATE said so! (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947155) |
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Date: September 2nd, 2010 11:51 AM Author: Electric opaque factory reset button i have no idea if that's right but $10 mil company sounds like they should hire shitlaw steve instead (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947160) |
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Date: September 2nd, 2010 5:11 PM Author: soul-stirring plum house (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15949382) |
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Date: September 2nd, 2010 11:52 AM Author: Swashbuckling tan psychic lololol. a $10 million dollar deal nets the firm....what...$300K?
LOL @ the small/midlawyersttt ITT |
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Date: September 2nd, 2010 11:55 AM Author: Nubile exhilarant patrolman oh look, an xo poster scoffing at $300,000. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947172) |
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Date: September 2nd, 2010 4:44 PM Author: bonkers maize parlour quadroon No way the firm gets 300k. Try 100k. I do $500M deals that don't net the firm 300K. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15949139) |
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Date: September 2nd, 2010 4:53 PM Author: red godawful telephone wagecucks He was using net to mean pull in (aka gross). For a $10M 300K would be a steep bill, but it's plausible if there is a lot of complexity to the structure, a lot of clean up required and a lot of specialists' input required (which is why you would want to use a biglaw firm). If it's a standard issue stock purchase then it could easily be done for under $100K, and a midlaw firm could probably do it for under $50K, but more than likely the biglaw firm hands it off to some mid-level who putzes around with a junior and balloons the bill as much as they can (to $100K +). That's the deal you want do with a midlaw firm. The problem is that sometimes it's hard to tell how complex a deal is from the outset. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15949233) |
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Date: September 2nd, 2010 12:01 PM Author: Smoky base pervert $2K DWI retainer is a BIG DEAL (steve) (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947219) |
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Date: September 2nd, 2010 12:10 PM Author: Dead Claret Sneaky Criminal Library lol (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947279) |
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Date: September 2nd, 2010 11:53 AM Author: laughsome maniacal gunner school cafeteria biglaw is a festering, crumbling, bloated corpse of an institution. i for one look forward to watching its ttt metamorphosis (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947164) |
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Date: September 2nd, 2010 11:55 AM Author: Chestnut gas station antidepressant drug Nah, you mainly just wish you were in biglaw. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947176) |
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Date: September 2nd, 2010 12:04 PM Author: laughsome maniacal gunner school cafeteria i do but that doesn't mean i'm wrong (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947230) |
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Date: September 5th, 2010 9:56 AM Author: Balding bronze step-uncle's house mad cow disease + 1 (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15968964) |
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Date: September 2nd, 2010 12:19 PM Author: Ebony deranged indian lodge legend I just hope the ship stays afloat long enough for me to hop in some partner's lifeboat when he leaves to start his own firm, or until I can get into a boutique somewhere. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15947320) |
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Date: September 2nd, 2010 5:43 PM Author: silver goal in life This is some laughable shit. Thanks. (http://www.autoadmit.com/thread.php?thread_id=1412125&forum_id=2,#15949585) |