Comments on: Like Deja-vu, All Over Again… http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/ The Business of the Big 4 Audit Firms Wed, 08 Sep 2010 23:35:36 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Michael http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1222 Michael Fri, 17 Oct 2008 12:03:00 +0000 http://76.12.174.187/?p=813#comment-1222 Hi! I heard from a reliable source that on: http://www.big4.com/home.html you can find a good job as a former employee at a Big4 firm. If you are interested as my source was you should definitely check it out. Hi! I heard from a reliable source that on: http://www.big4.com/home.html you can find a good job as a former employee at a Big4 firm. If you are interested as my source was you should definitely check it out.

]]> By: Anonymous http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1078 Anonymous Mon, 29 Sep 2008 12:52:00 +0000 http://76.12.174.187/?p=813#comment-1078 @949...ants or more like rats?<br/><br/>@3:38 ChiAcct...correct you are. Outside of BigLaw and large regional firms - pay is not that great for lawyers and someone at a Big 4 with 3yrs experience makes what a starting lawyer would who went to a T2 or TTT (tier three toilet) law school and gets a job a small or even medium firm (60-100 lawyers in a smaller city).<br/><br/>FYI - even BigLaw has problems - cue Heller Ehrman who just dissolved. Talk about flooding the supply side of lawyers looking for jobs. @949…ants or more like rats?

@3:38 ChiAcct…correct you are. Outside of BigLaw and large regional firms – pay is not that great for lawyers and someone at a Big 4 with 3yrs experience makes what a starting lawyer would who went to a T2 or TTT (tier three toilet) law school and gets a job a small or even medium firm (60-100 lawyers in a smaller city).

FYI – even BigLaw has problems – cue Heller Ehrman who just dissolved. Talk about flooding the supply side of lawyers looking for jobs.

]]> By: Anonymous http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1070 Anonymous Sat, 27 Sep 2008 14:49:00 +0000 http://76.12.174.187/?p=813#comment-1070 I used to work for Arthur Andersen, and it reminded me of the mafia. New hires were brainwashed from the day they started into believing that Arthur Andersen was the only place to work. When not working, new hires were encouraged to spend time only with their Arthur Andersen colleagues. Partners ran up huge tabs paying for happy hours and other firm sponsored functions with lots of alcohol. Its not too expensive or hard to buy loyalty from the new colleague grads by stuffing them with free alcohol and telling them that they are super cool. Independent thinking was always discouraged by making the person feel like a looser so that the person would leave on their own. In this type of atmosphere, who would dare to cry foul and dare to suffer the consequences. Now wonder the firm failed. Now, these Arthur Andersen people have scattered like ants into the other accounting firms and other corporate positions. I used to work for Arthur Andersen, and it reminded me of the mafia. New hires were brainwashed from the day they started into believing that Arthur Andersen was the only place to work. When not working, new hires were encouraged to spend time only with their Arthur Andersen colleagues. Partners ran up huge tabs paying for happy hours and other firm sponsored functions with lots of alcohol. Its not too expensive or hard to buy loyalty from the new colleague grads by stuffing them with free alcohol and telling them that they are super cool. Independent thinking was always discouraged by making the person feel like a looser so that the person would leave on their own. In this type of atmosphere, who would dare to cry foul and dare to suffer the consequences. Now wonder the firm failed. Now, these Arthur Andersen people have scattered like ants into the other accounting firms and other corporate positions.

]]> By: Anonymous http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1068 Anonymous Fri, 26 Sep 2008 23:11:00 +0000 http://76.12.174.187/?p=813#comment-1068 You have very few pure admin (management) partners in the law firms. Someone has to pay for the salaries of these useless waste of space, who get to decide when the firm needs to "rightsize." You have very few pure admin (management) partners in the law firms. Someone has to pay for the salaries of these useless waste of space, who get to decide when the firm needs to “rightsize.”

]]> By: Independent Accountant http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1061 Independent Accountant Fri, 26 Sep 2008 03:37:00 +0000 http://76.12.174.187/?p=813#comment-1061 Francine:<br/>YS's Naked Capitalism is a superb blog. One of the best. She has an uncanny ability to put my thoughts into the blogosphere before I can even formulate them. Francine:
YS’s Naked Capitalism is a superb blog. One of the best. She has an uncanny ability to put my thoughts into the blogosphere before I can even formulate them.

]]> By: Chicago Accountant http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1060 Chicago Accountant Thu, 25 Sep 2008 20:38:00 +0000 http://76.12.174.187/?p=813#comment-1060 No, they are charged out at much, much more. I've often asked myself why it is the way it is. I'm not sure what the labor pool is like. It's all supply and demand.<br/><br/>You also should know that I'm talking about big law firm salaries. If you go to a second tier law school, you will almost certainly not get a big law salary. You will spend 40k in tuition a year for three years for a 70-80k a year job. That's if you get a job at all! For sub-big law jobs, the supply and demand for lawyers is out of whack. There might be 3 lawyers for every 1 job. No, they are charged out at much, much more. I’ve often asked myself why it is the way it is. I’m not sure what the labor pool is like. It’s all supply and demand.

You also should know that I’m talking about big law firm salaries. If you go to a second tier law school, you will almost certainly not get a big law salary. You will spend 40k in tuition a year for three years for a 70-80k a year job. That’s if you get a job at all! For sub-big law jobs, the supply and demand for lawyers is out of whack. There might be 3 lawyers for every 1 job.

]]> By: Chicago Accountant http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1059 Chicago Accountant Thu, 25 Sep 2008 20:33:00 +0000 http://76.12.174.187/?p=813#comment-1059 Yes, staff at accounting firms get less than staff at law firms...way, way, way less. It's like a factor of 2 to 3.<br/><br/>I would not go as far to say that auditing is a government responsibility. How many times has the government botched up a job? I can count off a few. <br/><br/>Furthermore, many jobs that you might consider public interest jobs are not performed by the government. We have private companies that test consumer products. We have private lawyers that defend the accused. We have a private press that provides us with news. Yes, staff at accounting firms get less than staff at law firms…way, way, way less. It’s like a factor of 2 to 3.

I would not go as far to say that auditing is a government responsibility. How many times has the government botched up a job? I can count off a few.

Furthermore, many jobs that you might consider public interest jobs are not performed by the government. We have private companies that test consumer products. We have private lawyers that defend the accused. We have a private press that provides us with news.

]]> By: Anonymous http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1058 Anonymous Thu, 25 Sep 2008 20:23:00 +0000 http://76.12.174.187/?p=813#comment-1058 Why is it that Big Law Associates get paid so much more than accounting associates when taking into account similar size firms? They can't charge out that much more than us... Why is it that Big Law Associates get paid so much more than accounting associates when taking into account similar size firms? They can’t charge out that much more than us…

]]> By: Francine McKenna http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1057 Francine McKenna Thu, 25 Sep 2008 19:15:00 +0000 http://76.12.174.187/?p=813#comment-1057 @Anonymous You lose it. Literally and figuratively. @Anonymous You lose it. Literally and figuratively.

]]> By: Anonymous http://retheauditors.com/2008/09/25/like-deja-vu-all-over-again/comment-page-1/#comment-1056 Anonymous Thu, 25 Sep 2008 19:11:00 +0000 http://76.12.174.187/?p=813#comment-1056 Just curious, if Deloitte were to go under, what would happen to my pension? Just curious, if Deloitte were to go under, what would happen to my pension?

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