The Ultimate Toronto Thread

[NoNameNecessary]

It's no different than other professions. As a lawyer, people generally believe I am pulling down 7 figures. I'm not even close. One always believes others make more, based on what they do for a living, how they dress, and how they spend.

Many people live beyond their means, OR come from old money.

Are there a few who make awesome money doing what they do? Absolutely. But the few exceptions don't apply to everyone.

I thought only a handful lawyers running their own law office can make 7 figure annual income in Canada

 

[BudFox92]

I thought only a handful lawyers running their own law office can make 7 figure annual income in Canada

I assume Partners at the Seven Sisters would be in that ballpark.

My friend at Skadden made 170k as a 1st year

 

[7_rocket]

What are everyone's thoughts on Pious from SuitSupply Toronto?

Haven't kept up with this thread but he sold me a suit and a cardigan. Although, I pretty much picked the cardigan myself prior to visiting the store. I had no issues with him, he's funny and witty. I will go see him again if I buy another suit from SS

Edit - Just read the review on yelp, that's unfortunate for that guy, but I can see how he could possibly rub people the wrong way.

 

[Encore]

let the "my friend" stories start now.

 

[Ebichuman]

To be fair, starting salaries at major law firms are pretty well known (they are published openly for various classes of associates) and the figure above is right on.

 

[dappercanadian]

To be fair, starting salaries at major law firms are pretty well known (they are published openly for various classes of associates) and the figure above is right on.

In the US more so than here, where salaries are VERY well known (even ppp). 170k for first years at Skaddens Toronto is by far the highest in the city. Davies comes in second at 130k and then it’s 100-110 for the rest of the big firms. Partner salary and associate salary after first year are not well known.

 

[NoNameNecessary]

In the US more so than here, where salaries are VERY well known (even ppp). 170k for first years at Skaddens Toronto is by far the highest in the city. Davies comes in second at 130k and then it’s 100-110 for the rest of the big firms. Partner salary and associate salary after first year are not well known.

I think salary doesn’t increase much from each level upwards. A partner doesn’t make that much more than an associate. Their incomes increase significantly only when they can share the firm’s profit, which I suppose senior partners and above?

 

[Ranjeev]

Salaries/draws in the US and Canada differ greatly. Hourly rates and the ratio of partners to associates in the US mean you earn more in the US. The salary of a 1st year partner and senior associate are probably pretty close at most firms and could be higher for a senior associate with a decent bonus. Partner salaries vary greatly firm to firm and within firms. There isn't a lockstep compensation model for equity partners as far as I know but I don't know about every firm. Lots of firms have income partners and they are paid like associates and don't have an equity stake in the firm.

Lots of partners on Bay St. make 7 figures.

 

[Ebichuman]

Partners, by definition, share in profits from the partnership, unless they belong to the non-equity partner band, which seems to be growing in some firms. In most cases the gap between senior associate and equity partner is very significant.

 

[othertravel]

Either way, if Pious is wearing Patek, he’s doing something right.

Keep in mind that commission amounts do vary. I was talking to a former Rosen SA who said that commission is in the 13% range. At TF, could be as high as 15%.

And yes, totally accurate statement above about not just looking at the outliers in any field. But it is interesting to draw lessons from their success (it helps that celebrities are regulars at the flagship).

Recruitment at TF Madison looks competitive. One of their employees was on Americas Next Top Model, so they’re trying to achieve a certain look.

That said, I have no interest in working in the fashion industry. But for those that are, Brioni is hiring.

 

[NoNameNecessary]

Salaries/draws in the US and Canada differ greatly. Hourly rates and the ratio of partners to associates in the US mean you earn more in the US. The salary of a 1st year partner and senior associate are probably pretty close at most firms and could be higher for a senior associate with a decent bonus. Partner salaries vary greatly firm to firm and within firms. There isn't a lockstep compensation model for equity partners as far as I know but I don't know about every firm. Lots of firms have income partners and they are paid like associates and don't have an equity stake in the firm.

Lots of partners on Bay St. make 7 figures.

That's a surprise, that's 3 or 4 times the salary of a SVP in a big 5 banks

 

[Ebichuman]

the gap is smaller when you add in bonus/options etc in the bank

 

[Ranjeev]

Agree with the above statement and there is a cap on what you can make as a Bay St. partner. Most are not making a million bucks and the spread is increasing between the bottom and the top.

 

[ryewo[i dmfsOZI490w]

I think people are forgetting the hours you need to pull when you start off at over $100k at these big law firms.

Sometimes earning a more modest salary and doing hour 40 hour workweek is a blessing.

 

[NoNameNecessary]

What is the situation with Leatherfoot right now? I got an offer to buy any shoes for 50% off. That brings Carmina to $300. I just worried if they send a pair with scuff and marks then I won't be able to return them.