Where Lawyers Can Make Big Bucks, Y'all
Speaking as a former Houstonian who couldn't wait to escape the Lone Star State, I've always thought no amount of money could make me stay there. But perhaps I spoke too soon.
July 24, 2018 at 05:43 PM
4 minute read
From what I've observed, people go into law for one of two reasons: The money, or some unfathomable desire to do good. And if they're really lucky, those two factors somehow mesh in perfect harmony.
Let's get practical and just focus on those of you in it for the bucks. While the going rate at major firms won't impress your hedge fund or private equity friends, it's enough to make your life reasonably comfortable, like not having to think twice about paying full price for stylish clothes, eating at trendy restaurants and splurging on exotic vacations.
But as your career Sherpa, let me remind you to focus beyond such momentary pleasures. Here's how to squeeze every drop from your paycheck:
If you want to make (and keep) a lot of dough: Go to Texas! Speaking as a former Houstonian who couldn't wait to escape the Lone Star State, I've always thought no amount of money could make me stay there. But perhaps I spoke too soon.
I mean, did you see that list of Texas firms that are paying associates New York salaries? (That would be $190K for beginning associates—as if you needed reminding.)
Those firms include Akin Gump, Bracewell, Haynes and Boone, Baker Botts, Thompson & Knight, and Vinson & Elkins—and that's not even counting those obscenely lucrative Texas-based boutiques such as Ahmad, Zavitsanos, Anaipakos, Alavi & Mensing and Susman Godfrey, which, of course, are paying even more.
Making $200,000 (that's with bonus) as a know-nothing first-year associate is sweet anywhere, but especially sweet in a place such as Texas, even if it doesn't jibe with your aesthetics, political leanings or cultural taste. And that's because the cost of living is peanuts compared to New York or the Bay Area. Consider this: Your salary of $190,000 in Houston is the equivalent of $334,311 in New York. And remember, there's no state income tax in Texas!
Another fun fact: The median home costs $175,700 in Houston, while in New York it's $662,100—and that's for a nice studio or not-so-nice one-bedroom. (Don't even ask about Silicon Valley; you'll be lucky to get a swanky mobile home.)
So what can you do with all that money in Houston or Dallas? The best part is that you can afford to hop on a plane on a whim and get the hell out of town. And, if you learn to love Texas, you can save up for a manse in Highland Park or Tanglewood, where you can review documents while floating in your giant pool. Plus, you can blast the AC to your heart's content.
How to make big money in-house. If you're just starting your career and have no idea what practice to go into but think you'll eventually want to go in-house, here's something to chew on: General counsel in bio-tech and life sciences and the tech area are making the most money, according to the Association of Corporate Counsel. ACC's latest survey, which looked at compensation data of over 5,000 in-house counsel in 65 countries, finds that GCs in the top 5 percent of those sectors make at least $3.3 million.
The other areas where GCs are cleaning up? Well, not far behind were GCs in the accommodation/food services area in which the top 5 percent made $3.1 million. That's followed by agriculture/forestry/fishing/hunting at $2.3 million and consumer goods/consumer services at $2.1 million.
Of the hot industries for GCs, I'd personally pick hospitality. Think of the perks: You can eat fabulous meals and get upgrades on your hotel accommodations all over the world.
Of course, you can't assume you'll work for Four Seasons or Aman Resorts. You could end up GC of Motel 6.
Contact Vivia Chen at [email protected]. On Twitter: @lawcareerist
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