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12 March 2012



Really like the blog, appreciate the share!


I think the main issue with the data is that there is so much of a difference in the profits of the firms in the data set. Making partner in the top 50 firms is worth much more than making partner in the bottom 50 firms. So the risk weighted payoff is still better. As well, for those who don't succeed, the second career stage of an associate who leaves one of the top 50 may actually be as or more lucrative than one who makes partner in the bottom 50.

Many Harvard, Yale, Stanford grads don't intend to strive for partner. They intend to work for a couple years to pay down debt, then do something else. Buyout firms, hedge funds, investment banks, etc will raid the top 50 for talent, in bull markets. They won't be raiding the bottom 50. So this is not purely a story of failure. It's also a story of success, of having more options.

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