<p>I will let others assess your reading comprehension skills, Flowerhead, but the last time I checked, Chicago was in Illinois (economy in the tank). I’m not math major, but I believe 5 is more than a third of 14. As for the other two firms, I will take you at your word, although interestingly, it was a VE partner who told me recently that a student should go to UT (and do well, of course) rather than Chicago if they want to practice at major firms in Houston. Anecdotal info, I know. (Personally, I was thinking more of Northwestern, Cornell, and the like.) </p>
<p>As for profits per partner, of course they must be higher when you are paying 50-60% in various income taxes and the COL is substantially higher. Also, when the ability even to make partner is so minimal, the reward must be great for the tremendous risk. Are you a partner at a major New York law firm, Flowerhead? Are you a lawyer paying those kids of taxes?</p>
<p>As for energy companies, BP is an English-based company. Who represents Exxon Mobil (headquartered in Houston) much of the time? (Insert Houston firm name here.) As for the BP fiasco, I am sure you are familiar with the concept of conflicts of interest. There were many. </p>
<p>Again, if you read my prior post, you will find no argument with me about New York as a major legal market, but lets look for a moment why many UT students (about 65% are from in state) would self-select remaining in Texas apart from obvious family ties, etc. First, Texas is a major legal market by your own admission. Second, Texas has one of the strongest, if not the strongest, economy in the country right now. One of every 5 jobs created in the last year were created in Texas. Third, Texas has no state or local income taxes and a substantially lower cost of living. More anecdotal information. I was driving a new Mercedes to work and living in my own brand new 2500 square foot townhouse with a 15 minute commute to the office as an associate, and that was long before the run up in associate salaries! Contrast that with the prospect of making the same base salary (not talking about bonuses at this point) somewhere where you have significant state and local income taxes, public transportation is your only option, and you live in a veritable hovel billing 200-300 hours a month, every month for years if you can last that long. No one really cares if you get burned out because there is always fresh-faced cannon fodder coming up behind you. Now, I’m not suggesting that Big Law anywhere doesn’t require seriously hard work, but there’s definitely another side to those high profits per partner you quote and it isn’t just hourly rates.</p>