Associates May Have Have Higher Pay Rates but Counsels Tend to Have More Job Stability
[00:00:00] Are there any good sources of counsel pay out there?
I've heard figures like $700,000 for Davis Polk Waddell, but I don't know if it's bogus.
No, that's probably accurate. May even be higher.
It's not much higher than a senior associate pay at my firm. Is it true? Why is it so close?
The idea about a council pay is council paid that law firm can pretty much pay whatever they want.
Most council, they assume don't have business. So they're really paying you a percentage of your hours and that's typically how they're making money. That to me sounds like fairly accurate. What a firm like that would pay, is a lot of money. May not be much more of an associate, but the nice thing about council roles, is counsel roles do have a little bit more stability to them as opposed to an associate role. And, counsel can stay in that role for 20, 30 years. Whereas, if you're an associate, you may be able to stay in some large law firms. But, typically, for an associate, it's much easier to lose your job.
Some firms will pay even more than that, to counsel. But I think that those folks numbers are pretty accurate depending on the market. And council could be as low as 150. It depends on the market.