My firms partner payment formula is hilariously bad for me
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Poast new message in this thread
Date: November 20th, 2023 11:09 PM Author: Laughsome weed whacker hall
I work at a smaller ID firm that has a wills and trusts practice as well. We calculate partner % of distributions annually based on a 2 year running average of 4 buckets-shares, supervised revenue, individual revenue, and new client revenue. Every year, each bucket is totalled up and then your precent of the whole for each category is multiplied by .25 then added together with the other 3 categories to equal what your percentage of each distribution will be. Mine is around 10% now.
First 3 makes sense, but new client is most valuable and benefits the wills and trusts guys big time. A “new client” is one the firm had not had before and any revenue received over the first 2 years the client is new counts as new client revenue. For us ID guys, getting a new client is fairly rare as there are only so many insurers to represent. For wills guys, it’s like 100% of their individual and supervised revenue bc how many times do you need a will.
We have a guy who oversaw 275k in business last year and billed 350k ( some of his work was for other partners clients) whose about to end the year making 260k. Meanwhile, I oversaw 600k and billed 450k and have more shares than him and I’m about to make 210k lol.
Told guy I wanted to recalculate the formula and he says he was underpaid as associate and since that wasn’t fair it’s only right he get paid more now despite the fact that our associate pay is based on collections in large part, which he didn’t have.
(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080857)
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Date: November 21st, 2023 9:02 AM Author: Nofapping Potus Orchestra Pit
$210k is laughable
Enjoy poverty
(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081526) |
Date: November 21st, 2023 8:55 PM Author: Irradiated messiness
WTF.
Assuming you paid off of your billings alone and billed 1,500 hours -- that's only $140 / hour.
How is that possible?
(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084382) |
Date: November 21st, 2023 8:58 PM Author: federal lemon kitchen
The wills guys are more valuable because if your carrier leaves, you don't have anything. The will guys can get through good times and bad times.
Why can't you get non-ID clients? I started on almost 100 percent ID now I barely do any.
(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084392) |
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