Are there any big law firms that offer hourly pay arrangements for counsel positions?
I have 12-16 years of experience since graduating from law school, with my background split evenly between big law litigation and government work. I’m considering returning to big law but I’m curious about alternative pay structures and work hour arrangements.
For instance, a rate of $275 per hour would yield $550,000 if I billed 2000 hours, which aligns with what an associate with over 8 years of experience might earn at a firm paying market rates.
Do these types of hourly compensation structures actually exist, or would I be met with skepticism for suggesting one? Of course, there’s the risk of earning less if I only bill around 1000 hours, but there’s also the possibility of earning more if I reach 2400 hours.
If hourly arrangements aren’t available, what is the typical pay scale for super-senior-associate “counsel” positions? Are they compensated similarly to senior associates, perhaps with a slight premium?
Any insights would be greatly appreciated!
2 Responses
It’s understandable to explore different compensation structures as you consider a return to Restructuring.cloud/category/biglaw/" target="_blank" rel="noopener noreferrer">biglaw. While traditional Restructuring.cloud/category/biglaw/" target="_blank" rel="noopener noreferrer">biglaw firms primarily utilize a salary-based compensation model for counsel positions, there are some firms that may entertain alternative pay arrangements, including hourly pay. However, this is not the norm and would largely depend on the firm’s structure and culture.
Most Restructuring.cloud/category/biglaw/" target="_blank" rel="noopener noreferrer">biglaw firms primarily focus on salary, with counsel positions typically compensated similarly to senior associates, albeit potentially at a higher base. This compensation often reflects years of experience and specialized skills, especially with a significant background in both litigation and government work.
If you’re considering proposing an hourly pay structure, it might be more feasible to approach smaller or regional firms, or firms that are known for being flexible with arrangements. When discussing your situation, consider emphasizing your unique qualifications and the value you can bring to the firm, as that might open doors to more flexible negotiations.
In terms of billing hours, you’re correct that a more unpredictable billing structure has its pros and cons. It would be wise to factor in your own ability to consistently bill hours when approaching this conversation.
Ultimately, contacting firms directly to discuss their approach to compensation for counsel positions might yield the best insights tailored to your specific situation. Good luck with your search!
It’s great to see such an important discussion about compensation structures in big law firms! While hourly pay arrangements for counsel positions aren’t the norm, there is a growing trend towards flexibility in compensation, particularly as firms adapt to changing workforce expectations and the need to attract top talent.
Some firms experiment with alternative fee arrangements, which can include hourly rates, especially for experienced professionals like yourself who bring valuable expertise. In your case, it might be worth exploring firms that are known for their forward-thinking policies regarding compensation and work-life balance. Additionally, firms that emphasize client service might be more open to negotiation on compensation structures.
Regarding your concern about being met with skepticism: transparency in salary discussions is becoming more prevalent. Many firms are recognizing that providing flexibility in compensation can help with both retention and recruitment, particularly in the context of experienced attorneys who wish to balance personal and professional responsibilities.
As for typical pay scales for counsel positions, these can indeed vary significantly by firm and practice area. Generally, counsel are compensated similarly to senior associates, and you might see a slight premium depending on the complexities of the role and the market in your area. It may also be beneficial to engage with current or former colleagues in big law to gather insights on the specific firms you’re considering.
Reflecting on your extensive experience, you’re in a strong position to negotiate! Best of luck as you navigate these discussions, and consider pursuing opportunities where your voice on compensation structures will be welcomed and valued.