How much do partners make?
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Date: December 18th, 2006 2:35 AM Author: turquoise bawdyhouse useless brakes
and how do they determine how much they actually get for:
BigLaw?
MidLaw?
SmallLaw?
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7248202) |
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Date: December 18th, 2006 2:37 AM Author: turquoise bawdyhouse useless brakes
I cant find any data on anything, only associate pay and median salaries.
Approximate please if you have any know-how on the subject.
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7248223) |
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Date: December 18th, 2006 2:40 AM Author: irradiated wine site boistinker
That's because it fucking depends.
It's going to vary WIDELY between firms, and then even more so between each partner.
Generally, how it works is this. Once you make equity partner, you are given the chance to buy 'shares' of the firm. Your alotment of shares you can buy each year is determined by how much work you bring in. Then, after all costs are taken out of the firms gross income, the profits are divided amongst the partners according to share %.
Make sense?
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7248239) |
Date: December 18th, 2006 2:43 AM Author: smoky appetizing point
There are people in firms of two who make almost nothing. There are partners at plaintiffs firms who make 8 figures.
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7248251) |
Date: December 18th, 2006 3:00 AM Author: smoky appetizing point
At eat-what-you-kill firms, you usually get credits for the work you bring in. At the end of the year, you get the percentage of profit that corresponds to the percentage of work you brought in.
At lock-step firms, they figure some scale and pay you according to that.
Some firms are hybrids.
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7248336)
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Date: December 18th, 2006 9:02 AM Author: Lime death wish
ONE MILLION DOLLARS
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7249354) |
Date: December 18th, 2006 10:49 AM Author: Cheese-eating Duck-like Stage Love Of Her Life
JUDGE JUDY PWNS ALL YOU FAGGOTS: $28 MILLION. YOU FAGGOTS WILL ALWAYS BE POOR, ALWAYS!!!!
http://www.forbes.com/lists/2005/53/ZIEX.html
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7249643) |
Date: December 18th, 2006 10:53 AM Author: Vigorous locus factory reset button
From Greedy Junior Partners, here's an example of how partner comp works in practice. Example is for Latham (known for being relatively transparent for stuff like this) but the idea is similar to how other firms work.
"If you're at Latham, you should know the answer to this. When I was there (only a couple years ago) it was disclosed in the annual financials that they distribute to everyone -- or at least you could figure it out. New partners get 300 units and senior partners have 900 units, with parity partners having 700 units (most partners top out at 700 and only the superstars can move beyond that). Unit value from year to year varies, but it's often around $1400. Multiply that by 300 units and you get $420,000. That number is subject to some manipulations (new partners have to buy their units for example) and there is a "bonus" pool of sorts as well for partners who do something extraordinary during the year."
http://www.infirmation.com/bboard/clubs-fetch-msg.tcl?msg_id=002P4V
Most firms will have a comparable unit/point/credit system, determined partly by seniority (more so for more lockstep firms) and partly by performance, and with excess profits given out as bonuses (for performance and/or to attract/retain key laterals). At e.g. Latham the disparity in base comp between seniors and juniors would be 3:1, but bonuses could conceivably push that up much higher.
(http://www.autoadmit.com/thread.php?thread_id=548302&forum_id=2#7249655) |
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