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My firms partner payment formula is hilariously bad for me

I work at a smaller ID firm that has a wills and trusts prac...
fragrant copper theatre
  11/20/23
So you'll make $210k and that's before Uncle Sam slides its ...
fiercely-loyal mauve menage
  11/20/23
Basically. I’m on track to make 260k next year based ...
fragrant copper theatre
  11/21/23
stupid shit like this you need to just set a total comp numb...
Canary tank faggotry
  11/21/23
Who cares whether the clients are new or not? Money is money...
Light school
  11/21/23
Exactly the argument we’ve been having. Basically it ...
fragrant copper theatre
  11/21/23
I think it is easier to charge new clients more.
Anal trust fund affirmative action
  11/21/23
I’ve done the math, I personally make more by getting ...
fragrant copper theatre
  11/21/23
Take that example to your partners and that should force the...
Anal trust fund affirmative action
  11/21/23
Have done so. One will guy protects other will guy. The mai...
fragrant copper theatre
  11/21/23
My partnership formula is pretty 180 for new partners. Half ...
Anal trust fund affirmative action
  11/21/23
Then that shows up in collections, etc.
Light school
  11/21/23
I always get big retainers from new clients.
Anal trust fund affirmative action
  11/21/23
Which would be accounted for in your billings and collection...
Light school
  11/21/23
I thought you were saying something else. Nevermind.
Anal trust fund affirmative action
  11/21/23
How many partners?
Spectacular mediation
  11/20/23
6. One partners comp is around $800k, but he’s respon...
fragrant copper theatre
  11/21/23
What's your hourly rate?
Spectacular mediation
  11/21/23
sounds like retards scuffling performing jew math
learning disabled box office goal in life
  11/20/23
mfcr
Magenta bearded gas station
  11/21/23
...
heady water buffalo
  11/21/23
sounds like the perfect storm for the firm to split up
filthy roast beef set
  11/20/23
that’s actually offensive. op, i don’t want to ...
Harsh Appetizing Famous Landscape Painting Spot
  11/20/23
Wow man that only leaves a shitload of money for you, I'll s...
comical heaven mother
  11/21/23
$210k is laughable Enjoy poverty
burgundy striped hyena
  11/21/23
I live in are country. My house cost $465k and I pay $2k in...
fragrant copper theatre
  11/21/23
those taxes are abnormally low or you way overpaid for your ...
Canary tank faggotry
  11/21/23
we have a 180 credit system for primary residences. Vacati...
fragrant copper theatre
  11/21/23
What's your rate?
Light school
  11/21/23
that's a horrible way to do things. fuck that.
Talented dragon
  11/21/23
My firm's formula, if it exists, is a secret
Naked faggot firefighter
  11/21/23
Are you a partner?
Light school
  11/21/23
I get calls all the time from lawyers, accountants, doctors,...
Yellow Market Main People
  11/21/23
Well, I know how it's calculated. The remuneration committe...
Naked faggot firefighter
  11/21/23
Is the idea that people don't respond to economic incentives...
Light school
  11/21/23
I think the idea is that those in charge would prefer to tak...
Naked faggot firefighter
  11/21/23
Read: They like blowjobs.
Light school
  11/21/23
WTF. Assuming you paid off of your billings alone and bi...
ungodly electric location
  11/21/23
Why would you not just go solo, WFH and make 2x as much work...
ungodly electric location
  11/21/23
...
Light school
  11/21/23
There is no planet in which you’re paid 100% of your b...
fragrant copper theatre
  11/21/23
I said "assuming..."
ungodly electric location
  11/21/23
The wills guys are more valuable because if your carrier lea...
Anal trust fund affirmative action
  11/21/23
I say ID, we’re about 30% ID, 60% SIRs and 10% wills. ...
fragrant copper theatre
  11/21/23
What is SIRs?
Anal trust fund affirmative action
  11/21/23
Self insured retention
supple range mexican
  11/21/23
How is that different from insurance defense? Do they hire o...
Light school
  11/21/23
Self insured retentions where company controls counsel selec...
fragrant copper theatre
  11/21/23
What sort of policies?
Light school
  11/21/23
How do you get ID clients
gay pervert idea he suggested
  11/21/23
How did you get ID clients
gay pervert idea he suggested
  11/21/23
I have barely ever got any.
Anal trust fund affirmative action
  11/21/23
Thought this said baby formula all day
Pale pit
  11/21/23
Are you gen x lol
Soggy dark quadroon sanctuary
  11/21/23


Poast new message in this thread



Reply Favorite

Date: November 20th, 2023 11:09 PM
Author: fragrant copper theatre

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)



Reply Favorite

Date: November 20th, 2023 11:25 PM
Author: fiercely-loyal mauve menage

So you'll make $210k and that's before Uncle Sam slides its big dick in you for its cut?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080911)



Reply Favorite

Date: November 21st, 2023 9:01 AM
Author: fragrant copper theatre

Basically. I’m on track to make 260k next year based on my increase in new client and individual billing’s from this year

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081523)



Reply Favorite

Date: November 21st, 2023 9:38 AM
Author: Canary tank faggotry

stupid shit like this you need to just set a total comp number and back into it using bullshit metrics to justify. you end up with half the ppl making out like hyenas and half pissed and looking to quit if you don't. it would be easier to just pay everyone a salary.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081601)



Reply Favorite

Date: November 21st, 2023 2:25 PM
Author: Light school

Who cares whether the clients are new or not? Money is money.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082786)



Reply Favorite

Date: November 21st, 2023 8:40 PM
Author: fragrant copper theatre

Exactly the argument we’ve been having. Basically it incentivizes you to take lower paid work for new client revenue since it’s the easiest way to boost your income as it’s only compared against other new client revenue. It will always benefit wills guys because 100% of their revenue is always new client.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084335)



Reply Favorite

Date: November 21st, 2023 9:02 PM
Author: Anal trust fund affirmative action

I think it is easier to charge new clients more.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084408)



Reply Favorite

Date: November 21st, 2023 9:06 PM
Author: fragrant copper theatre

I’ve done the math, I personally make more by getting in clients that bill $100 per hour new than I would getting clients paying 800 per hour old.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084428)



Reply Favorite

Date: November 21st, 2023 9:12 PM
Author: Anal trust fund affirmative action

Take that example to your partners and that should force them to agree to a change.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084454)



Reply Favorite

Date: November 21st, 2023 9:17 PM
Author: fragrant copper theatre

Have done so. One will guy protects other will guy. The main partner on my side makes enough that he doesn’t give a shit and just wants us to resolve it. Secondary will guy sees this as his reward for being underpaid for last 14 years. It literally only benefits him. Will prob get some concession to alter it this year but dude is pissed like you wouldn’t believe. The concession that he has agreed to will cost him $50k next year

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084488)



Reply Favorite

Date: November 21st, 2023 9:19 PM
Author: Anal trust fund affirmative action

My partnership formula is pretty 180 for new partners. Half of the profit is an even split between partners and the other half is divided based on revenue over the last 5 years with the most recent years weighted the most.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084499)



Reply Favorite

Date: November 21st, 2023 9:31 PM
Author: Light school

Then that shows up in collections, etc.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084536)



Reply Favorite

Date: November 21st, 2023 9:34 PM
Author: Anal trust fund affirmative action

I always get big retainers from new clients.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084546)



Reply Favorite

Date: November 21st, 2023 9:36 PM
Author: Light school

Which would be accounted for in your billings and collections.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084558)



Reply Favorite

Date: November 21st, 2023 9:37 PM
Author: Anal trust fund affirmative action

I thought you were saying something else. Nevermind.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084567)



Reply Favorite

Date: November 20th, 2023 11:22 PM
Author: Spectacular mediation

How many partners?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080905)



Reply Favorite

Date: November 21st, 2023 9:01 AM
Author: fragrant copper theatre

6. One partners comp is around $800k, but he’s responsible for $4m in billings

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081522)



Reply Favorite

Date: November 21st, 2023 9:44 PM
Author: Spectacular mediation

What's your hourly rate?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084637)



Reply Favorite

Date: November 20th, 2023 11:25 PM
Author: learning disabled box office goal in life

sounds like retards scuffling performing jew math

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080912)



Reply Favorite

Date: November 21st, 2023 2:23 PM
Author: Magenta bearded gas station

mfcr

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082771)



Reply Favorite

Date: November 21st, 2023 3:01 PM
Author: heady water buffalo



(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082981)



Reply Favorite

Date: November 20th, 2023 11:26 PM
Author: filthy roast beef set

sounds like the perfect storm for the firm to split up

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080915)



Reply Favorite

Date: November 20th, 2023 11:26 PM
Author: Harsh Appetizing Famous Landscape Painting Spot

that’s actually offensive.

op, i don’t want to come off as combative because i don’t know who you are. it seems you recognize there’s a problem and are hopefully taking the initial steps to solve it. but, as an intellectual exercise, i simply cannot imagine being represented by an attorney—a role that requires understanding all of the relevant facts of a given situation and using insight/positioning/leverage/creativity/etc. to achieve the optimal outcome therefrom—if this is the best he can do for himself.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47080916)



Reply Favorite

Date: November 21st, 2023 9:02 AM
Author: comical heaven mother

Wow man that only leaves a shitload of money for you, I'll say a prayer. Amazing you were butthurt enough to write that whole screed about it

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081525)



Reply Favorite

Date: November 21st, 2023 9:02 AM
Author: burgundy striped hyena

$210k is laughable

Enjoy poverty

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47081526)



Reply Favorite

Date: November 21st, 2023 2:19 PM
Author: fragrant copper theatre

I live in are country. My house cost $465k and I pay $2k in property tax a year.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082748)



Reply Favorite

Date: November 21st, 2023 2:19 PM
Author: Canary tank faggotry

those taxes are abnormally low or you way overpaid for your house

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082750)



Reply Favorite

Date: November 21st, 2023 2:21 PM
Author: fragrant copper theatre

we have a 180 credit system for primary residences. Vacation state where second homes are taxed to death.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082761)



Reply Favorite

Date: November 21st, 2023 2:24 PM
Author: Light school

What's your rate?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082778)



Reply Favorite

Date: November 21st, 2023 2:24 PM
Author: Talented dragon

that's a horrible way to do things. fuck that.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082779)



Reply Favorite

Date: November 21st, 2023 2:24 PM
Author: Naked faggot firefighter

My firm's formula, if it exists, is a secret

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082782)



Reply Favorite

Date: November 21st, 2023 2:26 PM
Author: Light school

Are you a partner?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082790)



Reply Favorite

Date: November 21st, 2023 2:53 PM
Author: Yellow Market Main People

I get calls all the time from lawyers, accountants, doctors, whoever. " Okay. And how is your compensation calculated?" *Pause* " I have no idea"

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082919)



Reply Favorite

Date: November 21st, 2023 2:57 PM
Author: Naked faggot firefighter

Well, I know how it's calculated. The remuneration committee exercises its infinite wisdom and writes down a number on a piece of paper.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082945)



Reply Favorite

Date: November 21st, 2023 3:02 PM
Author: Light school

Is the idea that people don't respond to economic incentives, so why bother trying?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082985)



Reply Favorite

Date: November 21st, 2023 3:04 PM
Author: Naked faggot firefighter

I think the idea is that those in charge would prefer to take a "holistic approach"

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47082999)



Reply Favorite

Date: November 21st, 2023 3:15 PM
Author: Light school

Read: They like blowjobs.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47083095)



Reply Favorite

Date: November 21st, 2023 8:55 PM
Author: ungodly electric location

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)



Reply Favorite

Date: November 21st, 2023 8:56 PM
Author: ungodly electric location

Why would you not just go solo, WFH and make 2x as much working 1/2 as much?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084386)



Reply Favorite

Date: November 21st, 2023 9:35 PM
Author: Light school



(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084552)



Reply Favorite

Date: November 21st, 2023 9:05 PM
Author: fragrant copper theatre

There is no planet in which you’re paid 100% of your billables. Get real bro

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084424)



Reply Favorite

Date: November 21st, 2023 9:35 PM
Author: ungodly electric location

I said "assuming..."

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084548)



Reply Favorite

Date: November 21st, 2023 8:58 PM
Author: Anal trust fund affirmative action

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)



Reply Favorite

Date: November 21st, 2023 9:03 PM
Author: fragrant copper theatre

I say ID, we’re about 30% ID, 60% SIRs and 10% wills. There is no scenario where wills guys could support the firm. They’re literally getting paid 60% of their collections as is. Probably generate 3/24 distributions per year.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084418)



Reply Favorite

Date: November 21st, 2023 9:12 PM
Author: Anal trust fund affirmative action

What is SIRs?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084449)



Reply Favorite

Date: November 21st, 2023 9:13 PM
Author: supple range mexican

Self insured retention

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084457)



Reply Favorite

Date: November 21st, 2023 9:42 PM
Author: Light school

How is that different from insurance defense? Do they hire one firm until they hit the SIR and then pass it off to the insurer's chosen firm?

Whenever I've been involved in a case with a SIR, the insured cuts a check to the insurance defense firm or the insurer up front, and it proceeds like any other insurance defense case.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084620)



Reply Favorite

Date: November 21st, 2023 9:13 PM
Author: fragrant copper theatre

Self insured retentions where company controls counsel selection. Better rates, more diversity of client base, less ID bs.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084459)



Reply Favorite

Date: November 21st, 2023 9:43 PM
Author: Light school

What sort of policies?

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084626)



Reply Favorite

Date: November 21st, 2023 9:57 PM
Author: gay pervert idea he suggested

How do you get ID clients

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084694)



Reply Favorite

Date: November 21st, 2023 9:37 PM
Author: gay pervert idea he suggested

How did you get ID clients

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084572)



Reply Favorite

Date: November 21st, 2023 9:40 PM
Author: Anal trust fund affirmative action

I have barely ever got any.

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084603)



Reply Favorite

Date: November 21st, 2023 9:20 PM
Author: Pale pit

Thought this said baby formula all day

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084502)



Reply Favorite

Date: November 21st, 2023 9:55 PM
Author: Soggy dark quadroon sanctuary

Are you gen x lol

(http://www.autoadmit.com/thread.php?thread_id=5447693&forum_id=2#47084688)