Job Responsibilities
I work part-time as an associate in the commercial real estate
and secured lending department. I draft loan or loan
modification documents for loans up to $500 million, review due
diligence related to property being mortgaged as collateral, have
conference calls with clients, their borrowers and their counsel
to negotiate provisions in the documents. I also handle loan
administration matters for the larger syndicated loans, which
includes processing releases of property, reviewing contracts,
leases, etc. Time each week on each task varies significantly
depending on the number of closings pending, how much the loan
is, and stage of the closing process.
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Job Requirements
To get a position here or at any equivalent level lawfirm, you
have to have graduated from top 40% of your class if at a law
school ranked in the top 10%; top 25% of class if at law school
ranked 11 to 31; top 20% if at law school ranked 32-50; and top
10% of class if at a law school ranked lower than top 50.
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Uppers
Money is the upper part of a job as an attorney with a good lawfirm and respect
from others which comes from the title of attorney is probably second.
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Downers
Hours required of full-time associates keeps getting higher and
higher to the point quality of life can be very low because all
time is spent at the office. Expectations of partners and clients
can also be bad, because they can have unrealistic expectations.
You get paid well, so they expect you to devote all your time,
energy, and focus to them, leaving little room for other
activities and responsibilities outside work, unless you go part-
time/reduced hours (which results in lower pay, less respect and
not being on the partnership track)
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Lifestyle
Lifestyle varies significantly depending on the type of lawfirm and whether you
are on partnership track. Attorneys on partnership track at high-profile law
firms travel a good bit, be involved in a lot of "social" events for client
development, recruiting and the like, but work long, grueling, high pressure
hours. Amount of travel can also depend on type of practice area--litigators
tend to travel more, and have more unpredictable hours. In my position, I do not
travel much because I have made known my desire not to travel due to young
children at home. Dress code is business casual--no jeans but suits not required
unless there's a client meeting, a closing, court appearance, etc. I wouldn't say
the law profession is very diverse but it's getting more diverse and in larger
cities, you find more diversity than in smaller areas.
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Compensation
Base salary can be as high in Atlanta for starting attorneys as
$100,000 and the range from that to what partners make varies
tremendously. For senior partners with top clients, they can
make over $1 million at many firms. Associates qualify for
bonuses for meeting billable hours from the range of $5,000 to
about $10,000 and some firm also have merit bonus options which
vary considerably depending on level of experience, client base,
hours, quality of work, nonbillable work for the firm such as
community service, pro bono, recruiting, etc.
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Advice to Jobseekers
I think quality attorneys will always be in demand to a certain
extent with fluctuations in the various specialities depending on
the economy, i.e., real estate, technology, mergers and
acquisitions will be in demand when economy is booming;
bankruptcy and creditors rights when economy is bad. My advice
is to manage your expectations. People think it's all glitch and
glamour and excitement in the law profession because of what they
see on TV, but TV paints an unrealistic picture. My young
attorneys who think this is the dream job and go full force with
high expectations of making partner and becoming rich and
powerful get sadly disappointed when faced with the realities of
practicing law. Lots of attorneys burn out and move on to other
professions after just a few years of practicing. Having said
that, if you manage your expectations and keep your priorities in
life in focus, you can manage to make a decent living and it does
open doors for you that would otherwise be closed shut.
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