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Partner crosses $1 million in origination - decides not to collect $90,000 till
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Date: November 17th, 2017 1:13 AM Author: disgusting really tough guy keepsake machete next fiscal year (after the end of the month). In his view, $1M is the threshold and 1,090,000 adds no value to his numbers for the year. $90K however gives him a head start on next fiscal year.
The fifth year associate responsible for $75,000 of that $90,000 deal will not get credit for that $75,000 until next year and this will result in $25,000 of his bonus deferred until next year - interest free loan to the firm.
Boomers can fucking suck sometimes. |
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Date: November 17th, 2017 1:14 AM Author: Maroon Dog Poop Twist: you’re that partner and you’re not a boomer (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706924) |
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Date: November 17th, 2017 1:19 AM Author: disgusting really tough guy keepsake machete I'd love to have $1MM in origination but I would hope I wouldn't fuck associates like that. Who knows. I do a pretty good job watching out for associates so far, but doing so doesn't affect my wallet much at this point. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706946) |
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Date: November 17th, 2017 8:48 AM Author: galvanic ruby abode (Earl’s pumo humble bragging) (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34708202) |
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Date: November 17th, 2017 1:14 AM Author: naked codepig sanctuary You are not a mortgage broker. Stop calling it originations. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706928) |
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Date: November 17th, 2017 1:28 AM Author: Vigorous Bisexual Fanboi (guy who litigates in front of gorsuch) (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707002) |
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Date: November 17th, 2017 8:44 AM Author: Provocative internal respiration that is true shit (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34708183) |
Date: November 17th, 2017 1:15 AM Author: Amethyst potus What do associates make where u work (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706937) |
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Date: November 17th, 2017 1:20 AM Author: disgusting really tough guy keepsake machete First years make $170 or 180 I think.
Senior associates can make up to $350K or so with bonus. |
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Date: November 17th, 2017 1:22 AM Author: Amethyst potus What if the dude quits will he still get the cash (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706954) |
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Date: November 17th, 2017 1:22 AM Author: disgusting really tough guy keepsake machete nope. That's his bonus for next year.
Hehe. |
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Date: November 17th, 2017 1:22 AM Author: naked codepig sanctuary No. That's the beauty of bonuses. You only get them if you make it to bonus time. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706960) |
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Date: November 17th, 2017 1:25 AM Author: Fishy circlehead (guy who's never worked at a firm) (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706977) |
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Date: November 17th, 2017 1:23 AM Author: naked codepig sanctuary I'm going to lose my 2017 bonus because I'm changing jobs in 2 weeks and ARE bonuses don't vest until the 3rd week of January. :-( (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706968) |
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Date: November 17th, 2017 2:11 AM Author: Walnut ticket booth macaca Respectable firms will true you up. Enjoy Capital One. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707194) |
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Date: November 17th, 2017 2:13 AM Author: Plum half-breed quadroon (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707198) |
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Date: November 17th, 2017 8:50 AM Author: Azure Stock Car Lodge I thought you were making MD? Guess not? (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34708214) |
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Date: November 17th, 2017 1:23 AM Author: Flushed Senate What would happen if the associate simply talked to the partner and explained the situation? (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706966) |
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Date: November 17th, 2017 1:24 AM Author: naked codepig sanctuary He would be told "you're fired." (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706970) |
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Date: November 17th, 2017 1:26 AM Author: disgusting really tough guy keepsake machete the partner knows the situation very well. The associate knows that his pay depends on collections but probably does not know that the partner is deferring the collection on purpose to boost his 2018 numbers. He's just say "oh the client didn't pay on time" (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706986) |
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Date: November 17th, 2017 1:25 AM Author: disgusting really tough guy keepsake machete This actually happened to me last year but I was not upset at all because as a partner I get a higher percentage of my collections which come in this fiscal year. So I had $150K or so of collections from work performed in 2016 which were not collected (not for asshole reasons - just slow clients or deals which closed after year end). But this yeah I will collect 23% more of the billables than I would have last year. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706976) |
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Date: November 17th, 2017 1:27 AM Author: fear-inspiring nursing home hairy legs $1mm in origination is partner level? (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34706994) |
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Date: November 17th, 2017 1:32 AM Author: disgusting really tough guy keepsake machete i don't work for Cravath.
You can make midlaw partner with not much origination. |
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Date: November 17th, 2017 2:16 AM Author: scarlet adventurous plaza If I originate business for you, does your firm pay referral fees? I have another business related to your practice area. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707205) |
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Date: November 17th, 2017 12:45 PM Author: disgusting really tough guy keepsake machete I can check - but probably not. It's hard enough to get success fees approved when we broker deals ourselves. especially if the person making the referral is affiliated with the potential client - but I can check. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34709845) |
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Date: November 17th, 2017 2:15 AM Author: Plum half-breed quadroon Ime a lot of firms have built in controls to prevent this from happening (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707201) |
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Date: November 17th, 2017 3:01 AM Author: Aqua sweet tailpipe Brought in $350k in business my second year. Got a 10k bonus. God bless firm life. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707292) |
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Date: November 17th, 2017 8:43 AM Author: Motley legal warrant tanning salon Should've negotiated harder. (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34708178) |
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Date: November 17th, 2017 1:05 PM Author: aromatic thirsty dilemma What fraud. I bet they made a big show of it too.
I know a guy who, as a second year, billed 1,000 hours over the bonus threshold. They have him an extra $10K. (He was out 2 years later). |
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Date: November 17th, 2017 3:06 AM Author: histrionic shimmering hall dopamine (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34707302) |
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Date: November 17th, 2017 8:58 AM Author: exciting tan national so a career lawyer can avoid paying you twenty five grand by waiting a few days to collect and you came up with some theory about how he did it because he already crossed the vaunted one million dollars in billings threshold? (http://www.autoadmit.com/thread.php?thread_id=3800152&forum_id=2#34708237) |
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Date: November 17th, 2017 12:52 PM Author: disgusting really tough guy keepsake machete no.
I am also a partner. I was asked to do a small task as part of the deal which took a couple of hours. I talked to the originating partner about the closing date and whether we were invoicing the client at closing (which I always ask about). It's $500 in or out of my pocket either way, so I don't care. The partner told me about his year (we are fairly friendly) and I noted to him that this hurts the associate, but he said it all evens out because he was sure there was stuff from last year collected this year, etc. Cop out excuse, but not much I can do. As a boomer with only a $1 million book, he is concerned about remaining productive in his later years at the firm. |