Banking and finance lawyers

[lawnut]

What’s the market looking like for banking lawyers in Toronto and Vancouver. Currently articling and trying to get a sense of whether they are demand as I know other groups have slowed down due to the market conditions 

[lawnut]

7 minutes ago, lawnut said:

What’s the market looking like for banking lawyers in Toronto and Vancouver. Currently articling and trying to get a sense of whether they are demand as I know other groups have slowed down due to the market conditions 

Talking big law 

[JackoMcSnacko]

Your best bet is to ask a recruiter in the local market.  Asking lawyers will result in anecdotes only.

[Jaggers]

3 hours ago, JackoMcSnacko said:

Asking lawyers will result in anecdotes only.

And it would still be better than asking random people on the internet!

[Cool_name]

Are you currently in big law and trying to stay in big law? What area are you doing now (or just rotating through)?

 

I don’t know the answer, but know these questions make a difference 

[canuckfanatic]

Did banking work in Vancouver BigLaw until Q4 2023. We were the busiest group in the firm in 2023. While my friends in M&A and Securities had lots of slow stretches, every associate in banking was flying past their targets (on pace for 2200+ hours).

I ultimately left to go in-house for a financial institution.

[Lawstudents20202020]

30 minutes ago, canuckfanatic said:

on pace for 2200+ hours

And this is why I work in the interior at a mid sized firm.

[99problems]

1 hour ago, canuckfanatic said:

Did banking work in Vancouver BigLaw until Q4 2023. We were the busiest group in the firm in 2023. While my friends in M&A and Securities had lots of slow stretches, every associate in banking was flying past their targets (on pace for 2200+ hours).

I ultimately left to go in-house for a financial institution.

Could it be because the your group had fewer associates?

[canuckfanatic]

2 hours ago, 99problems said:

Could it be because the your group had fewer associates?

Definitely contributed. My group was in a catch-22, where the associates were burning out because we were understaffed, but nobody wanted to join us because they saw how burnt out we were.

My counterparts at other firms were similarly quite busy in 2023.

Edited February 2, 2024 by canuckfanatic

[WhoKnows]

Like CanuckFanatic said, it's busy. I don't work in either of those cities, but am regularly opposite counsel from there. Deal flow is up given interest rates, and I don't see signs of slowdown at this point. I know our group out west is busy. 

Market for juniors is "meh", IMO. Generally speaking biglaw banking groups want a couple years of experience because the practice is a little...shall we say...different? They want to know you actually like the work. That being said if it stays this busy they'll need to hire juniors to staff files, so it would be possible to find a fit. 

Edited February 2, 2024 by WhoKnows

[Cool_name]

15 hours ago, canuckfanatic said:

Did banking work in Vancouver BigLaw until Q4 2023. We were the busiest group in the firm in 2023. While my friends in M&A and Securities had lots of slow stretches, every associate in banking was flying past their targets (on pace for 2200+ hours).

I ultimately left to go in-house for a financial institution.

Any idea the size of bonus those hours would get you? 

[frankconners]

1 minute ago, Cool_name said:

Any idea the size of bonus those hours would get you? 

Upwards of $70,000 in my experience, but if you're regularly working those types of hours it might be worthwhile to consider US BigLaw jobs.

[canuckfanatic]

2 hours ago, Cool_name said:

Any idea the size of bonus those hours would get you? 

Based on my understanding of how the firm calculated bonuses, and my base salary at the time, somewhere around $50,000 CAD. 

[Cool_name]

1 hour ago, canuckfanatic said:

Based on my understanding of how the firm calculated bonuses, and my base salary at the time, somewhere around $50,000 CAD. 

I prefer Frank’s answer(purely because I hope the associates are getting paid more), but this is helpful. All things considered $50,000 (around 30%) seems quite low.

Edited February 2, 2024 by Cool_name

[canuckfanatic]

1 hour ago, Cool_name said:

I prefer Frank’s answer(purely because I hope the associates are getting paid more), but this is helpful. All things considered $50,000 (around 30%) seems quite low.

That's based on a formula that I was given second-hand by another associate, it could be totally off.

[99problems]

7 hours ago, frankconners said:

consider US BigLaw jobs.

How hard is it to move?

[Cool_name]

2 hours ago, canuckfanatic said:

That's based on a formula that I was given second-hand by another associate, it could be totally off.

Bonuses are always one big black. There is only one certainty with bonuses, disappointment 🤣

 

25 minutes ago, 99problems said:

How hard is it to move?

Depends, as a solicitor, not too bad, but it’s harder as a litigator 

[JackoMcSnacko]

5 hours ago, Cool_name said:

I prefer Frank’s answer(purely because I hope the associates are getting paid more), but this is helpful. All things considered $50,000 (around 30%) seems quite low.

Not Vancouver, but 30% seems typical for those kinds of hours in Toronto.  I've seen 50% for higher hours.