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Old 01-25-2009, 02:03 PM   #61
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Someone may have brought this up already, but with a starting salary of $120k per year, you will almost certainly be working for a large law firm. You should consider the attrition rate. The larger the firm (and salary), the more hours you're expected to bill, and the harder it is to take vacation time. Many people get burnt out after a year or two. Of those who stay, very few will make partner. In a nutshell, you may be in a position where you have to take a pay cut to maintain your health, sanity, friendships, etc... Just something to think about.

Edit: Also, will you be paid as a W-2 employee or a 1099 contractor? If you're a 1099, you will pay double Medicare/FICA tax and will probably file quarterly estimated taxes.
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Old 01-25-2009, 02:33 PM   #62
Recycles dryer sheets
 
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Originally Posted by segfault View Post
Someone may have brought this up already, but with a starting salary of $120k per year, you will almost certainly be working for a large law firm. You should consider the attrition rate. The larger the firm (and salary), the more hours you're expected to bill, and the harder it is to take vacation time. Many people get burnt out after a year or two. Of those who stay, very few will make partner. In a nutshell, you may be in a position where you have to take a pay cut to maintain your health, sanity, friendships, etc... Just something to think about.

Edit: Also, will you be paid as a W-2 employee or a 1099 contractor? If you're a 1099, you will pay double Medicare/FICA tax and will probably file quarterly estimated taxes.
W-2. I haven't heard of too many 1099 positions offered to associates. In order to be covered under the firms 'malpractice insurence policy' I am pretty sure you have to be a W-2.

Also, I believe (could be wrong) that to be considered an associate you have to be a W2 employee.
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Old 01-25-2009, 09:22 PM   #63
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W-2. I haven't heard of too many 1099 positions offered to associates. In order to be covered under the firms 'malpractice insurence policy' I am pretty sure you have to be a W-2.

Also, I believe (could be wrong) that to be considered an associate you have to be a W2 employee.
The malpractice thing may be state specific, but I think in any state, the firm is the named insured.

My sample set is pretty limited. My last job was a W2 with no benefits (and extremely limited expense reimbursement). The current job is a 1099 with no benefits, but the firm pays for everything other than health insurance and a retirement plan (I have my own 401k through Vanguard). In both cases, I was and am considered an associate.
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Old 01-26-2009, 10:16 AM   #64
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landonew, that sounds like a pretty good plan to me. Your priorities make sense. Good luck!

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