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Told Profits per Partner Calc at Firm.Not sure what to think
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Date: April 19th, 2014 11:15 AM Author: hyperactive blood rage This is for a boutique firm/small side of mid-law.
It is much more eat what you kill than I even thought, and works out to almost exactly the following, give or take a couple of percentage points based on that year's profitability and overhead.
(Personal billables * .45) + (Originations * .25) + ($20k if you are a normal partner + up to $60k per year extra if you are the managing partner or doing something else like that)
So if you billed out at $450 per hour and billed 1800 hours, and had $400k in originations, and didn't take on any management responsibility, you would make approximately $484,500.
What are people's thoughts?
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Date: April 19th, 2014 11:18 AM Author: Charcoal rough-skinned fortuitous meteor sanctuary that sounds pretty fair (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408488) |
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Date: April 19th, 2014 11:23 AM Author: hyperactive blood rage right. fair, but seems risky.
Found out that the firm doesn't even make distributions the first three months of the year to be conservative. |
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Date: April 19th, 2014 11:38 AM Author: Charcoal rough-skinned fortuitous meteor sanctuary hmm, some firms pay a "living wage" (ie, 150k) during the year and then distribute at the end of the year. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408565) |
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Date: April 19th, 2014 11:43 AM Author: hyperactive blood rage right. That would be nice. They seem to do it differently. Must be a lot of money in December, which I guess gives you quite a cushion for the next three lean months. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408583) |
Date: April 19th, 2014 11:25 AM Author: violent idiot You could make that in-house with far less stress. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408506) |
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Date: April 19th, 2014 11:27 AM Author: hyperactive blood rage Donde? (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408514) |
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Date: April 19th, 2014 11:36 AM Author: violent idiot I think that's close to the all-in comp for AGC-level jobs at most companies or funds. Probably equivalent to 10 years to make partner at a boutique (half or so of which is in Biglaw). (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408552) |
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Date: April 19th, 2014 11:36 AM Author: hyperactive blood rage yeah, don't think that is an option. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25408556) |
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Date: May 2nd, 2014 12:44 AM Author: Sienna Greedy Cumskin Wtf no. AGCs don't pull $500K not even close. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25487889) |
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Date: April 20th, 2014 5:42 PM Author: hyperactive blood rage (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416186) |
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Date: April 20th, 2014 5:44 PM Author: Trip circlehead you expecting breakfast soon breh? (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416206) |
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Date: April 20th, 2014 5:47 PM Author: hyperactive blood rage yes. and this is their structure. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416221) |
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Date: April 20th, 2014 8:11 PM Author: Chartreuse razzle-dazzle jewess really tough guy titcq. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416974) |
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Date: April 20th, 2014 6:53 PM Author: Puce irate boistinker Seems to overpay grinders at the expense of rainmakers. If I was $10M per year rainmaker bro billing 1200 a year at $500/hr, I'd be pissed that I was only clearing <$3M and subsidizing a bunch of worker bees who would be fucked if I left. But I'm guessing anyone who built up a $10M book would be out the door in a hurry anyway. See also, the fatal flaw of the 21st century American law firm. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416628) |
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Date: April 20th, 2014 8:08 PM Author: hyperactive blood rage yeah, was a little surprised about originations. But it really isn't the type of firm where people are farming out tons of work. The top non-name partner made about $1mm last year, and probably does at least half of the billing to his clients.
Also, the partners share a lot of originations if they will be handling work together. I don't think anyone has more than a $2.8mm book themselves. |
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Date: April 20th, 2014 8:16 PM Author: Bistre Pungent Death Wish Just cop dat 400k in business brehs. Guys in my inner city HS use to do it all the time. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25416998) |
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Date: April 20th, 2014 8:20 PM Author: hyperactive blood rage I had about $250k last year, and on track for something similar. Would hope I can do better than that as a partner and a little more work at it...although practically, it doesn't add as much as I would hope.
But basically if you can do all of your own originated work, you get about 70% of that, which is pretty good. |
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Date: May 2nd, 2014 12:24 AM Author: Opaque Background Story House how much of your originations and billables did you get to keep as an associate? (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25487765) |
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Date: May 2nd, 2014 12:32 AM Author: hyperactive blood rage well, we just get a salary, but 10% of originations. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25487812) |
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Date: May 2nd, 2014 12:36 AM Author: Opaque Background Story House associate partner ratio?
no wonders partners pay themselves so much, they rip off associates. as an associate I get 33% of collections. |
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Date: May 2nd, 2014 12:54 AM Author: hyperactive blood rage about 1 partner to 1.5 associates
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Date: May 1st, 2014 11:52 PM Author: hyperactive blood rage any other thoughts? (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25487590) |
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Date: May 2nd, 2014 1:41 AM Author: blathering pink plaza That sounds fair, and close to what the calculation is at my secondary market firm. The median partner is a dude who bills at $500/hour for 1900 hours, and makes around $600k. (http://www.autoadmit.com/thread.php?thread_id=2546779&forum_id=2#25488217) |
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Date: May 2nd, 2014 1:53 AM Author: Aqua comical ticket booth newt Hey thx for all the info fellas. What if I were a great layer? I get paid more?
Where ur book corn from |