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Does this logic work for lawyers? "Biglaw" firms are similar to FAANG in that it is a handful of companies that offer very high comp (235k for first year). Ther
by steviesands 4y ago
Does this logic work for lawyers? "Biglaw" firms are similar to FAANG in that it is a handful of companies that offer very high comp (235k for first year). There is a deluge of folks that apply from all universities to biglaw but generally they primarily hire from top tier law schools and even then not all make it.
Similar for Big 3 consulting firms (BCG, Bain, McKinsey) in that there is a huge application pool for positions but they are difficult to get and provide high pay.
- adam_arthur 4y agoYeah, for sure. But in those cases the number of jobs is much more limited than was the case in tech in recent years. Finance is a similar example. Bankers get paid a lot, but the number of them has been pretty static.
- steviesands 4y agoInterestingly revenue per employee (1.2 - 1.8 mil per employee) at biglaw companies is similar to FAANG although i'd guess biglaw margins are higher as you have less other costs (infra). https://www.law.com/law-firm-profile/?id=178&name=Latham-%26-Watkins-LLP/&slreturn=20221007131421 https://www.law.com/law-firm-profile/?id=178&name=Latham-%26...