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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: milky forum brethren 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: greedy party of the first part trailer park 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: milky forum brethren 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: buff old irish cottage (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: hilarious site background story 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: mauve odious gay wizard garrison (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: 180 flickering voyeur point 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: Galvanic kitty resort 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: milky forum brethren 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: Galvanic kitty resort 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: milky forum brethren nope. That's his bonus for next year.
Hehe. |
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Date: November 17th, 2017 1:22 AM Author: hilarious site background story 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: fragrant plum address round eye (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: hilarious site background story 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: Azure floppy locus deer antler 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: Vivacious alcoholic puppy (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: adulterous fuchsia library 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: Silver beady-eyed lettuce 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: hilarious site background story 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: milky forum brethren 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: milky forum brethren 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: Frisky preventive strike dingle berry $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: milky forum brethren 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: crimson slippery brunch regret 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: milky forum brethren 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: Vivacious alcoholic puppy 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: Contagious amethyst antidepressant drug university 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: Chocolate heady casino fortuitous meteor 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: Naked bearded idiot 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: vigorous unhinged lodge therapy (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: Embarrassed to the bone bateful dilemma 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: milky forum brethren 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. |