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Investment bankers clothing - Page 3

post #31 of 34
Actually, that's exactly what I was cautioning about earlier, though my example setting is very specific and non-I-bank. Perhaps you have to understand the economics of large law firms to understand my example. Many partners are still bitter about the fact that during the tech boom, associate salaries were driven through the roof, allowing associates to buy significantly nicer cars, gadgets, and clothes. When a partner with a Patek Philippe on his wrist and a distinctly Neapolitan suit complains that associates 2 years out of school are buying things he couldn't afford until he made partner, query whether you want that guy thinking about your fancy threads when he's making bonus recommendations ("screw him, he's got plenty of money"). Or whether he wants a young associate who habitually wears very nice clothes to be the one to meet with the client's very important, but underappreciated and underpaid in-house attorneys who complain about the firm's rates every month ("damn, now they're REALLY going to bitch about the bill"). My point is not that one should be a purposeful slob or purposefully wear cheap clothing, but rather that one needs to read their surroundings and factor them into the clothes they choose.
Interesting. A point I had not considered...
post #32 of 34
baby C, then I guess things are very differnt in Oz.
post #33 of 34
I could see that when it comes to Associate vs Partner salaries, but then again, if associate salaries were skyrocketing, the partners have to be doing quite well for themselves as well...  Once the dot.com collapse happened, I imagine many of these associates found themselves a bit overextended.
Actually, partners at many firms had a couple of years where their cash flow was very screwed up as a result of the associate raises. There were a handful of booming tech-oriented firms in NorCal that were losing associates to in-house tech jobs, and so they adopted a salary structure that gave associates up to 30% more money. Those firms were mostly ones that were accepting equity shares in their clients as a supplement to/in lieu of hourly fees. When their clients' stock values zoomed, the partners in these firms had a tremendous stock-based revenue stream that allowed them to cover the raises. On the other hand, many of the "old-economy" national firms were not benefitting directly from the market (no equity stake in their clients) but felt they had to match the super-high salaries to stay competitive for recruits and maintain prestige. Partners at those old-line firms took a major hit--think about the cash flow effect of an unplanned 30% payroll increase. And yes, the .com collapse not only left many associates overextended, it resulted in the total collapse of a few major law firms, including the very firm responsible for taking those salaries national. </hijack>
post #34 of 34
Great thread. The search feature is key.
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