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Hi Guys,
I have been assigned to a Unbillable Project, they are building one app and have recruited people from the talent pool. The project is not registered in GLOW. And they are calling it as Voluntary Contribution type project for studio. Is this what they call Internal Project in Globant?
Will there be any impact if I don't perform as per their expectations?
Will it be of any benefit to me if work in voluntary project? Will HR recognize this project contribution as valid work?
Globant
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Hi all,
I'm serving Notice period and last date shall be 13th May 2022. Can someone help me understand if the bands and compensation isn't release by that date, will that be adjusted in full and final settlement?? If so, what about the components, which all shall be credited in that FFS?
Thanks in advance.
Tata Consultancy
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Time to have your own shop and you won’t have to ask that question.
A few comments on how to think about this topic:
1. Does your firm handle comp in a formulaic way (in which case ask to have someone share the formula) or a more wholistic approach. If the latter ask for the factors/#s your committee has in front of them when decisions are considered.
2. What is your share of firm fixed and intangible costs? (Most firms know this allocation ... as a NEP you should have some share of overhead, admin salaries, secretaries’ etc. that you need to cover). It can be much more than you realize, and you should know that. Also add ~20% to your base comp for your benefits, etc. that the firm covers. Ask your CFO in case these numbers are different at your firm.
3. How much of the $900k was work that came to the firm this year because of you (versus because of another attorney — either a peer or an equity partner)? Even if this year’s work came in because of your relationships, how much of that was because of an prior relationship of a colleague (ie because of introductions, existing client relationships etc. you were able to become the one they reached out to for help)? In either case, that other attorney may expect some share of the net to come their way. As long as this will be reciprocated fairly when the shoes on the other foot this is reasonable.
4. Once you account for those reductions (if applicable) you have your final net. I think for a valuable junior partner (especially if you know the work/clients would go with you if you left), around 50-80% of that would be a ballpark.
5. So for originations, excluding from that # the amount that is part of your $900k, it’s sort of the flip side of the coin. You go through step in #2 to take out an allocable share of revenue for overhead etc., and an allocable share for the working attorney’s salary and benefits, and then there is a net amount from those originated dollars. The attorneys who worked on those matters want to keep that revenue and you’re asking for your fair allocation of that under point #3 of the process. Back of the napkin math you might expect 20-30% of that to be net revenue of which the partnership wants a share, the worker hopes for a share either as comp or a bonus and you want allocation for bringing the work in for others to do. Again depending on how important you are to the work coming in this year and future years you can decide what’s fair. I’d add that to your expectations.
But more importantly I’d expect you to become an equity partner if you continue to perform and excel. Then you have the rest of your career to earn those rewards, and then you’re not sharing with the partners, you are one of the partners and should see sort of a double dip on these numbers. So that split of your working attorney final net revenue should pretty much be 100% and you get a share of leveraged work (I) for originating the work and (II) as a member of the partnership.
If your firm is a good place to work, values your contribution, supports you with the colleagues and staff you need to market and bring in work, and treats you fairly with opportunities to grow, advance and be successful, don’t let a couple of year’s salary be too big of a deal.
One other thing worthy remembering. Many firms pay people i. Large part based on how much the firm thinks it has to pay to keep the person from leaving. That’s obviously a very different perspective on the process but if you look at the numbers through that lens you may be able to make sense of what otherwise would look like an anomaly. Even among people with very similar numbers, Partners with more options make more money and those with fewer options make less. It’s yet another market force that you have to keep an eye on. Given all you say I would bet that this factor will play in your favor.
In all candor, if your current firm is paying any Associates with no book over $350k, it is likely your current compensation exceeds what you could receive at another firm for your book. .There are obviously attorneys with books exponentially larger than yours from which you are deriving benefit. Stay at your firm.
I would be going out on my own, or merging my practice into another firm
You need to read the book Who, Not How. Send me an email and I'll mail you a copy. ross@rossalbers.com
450-550
We do 30% of COLLECTED working receipts and 20% of delegated COLLECTED from the origination. I originated $1.5 of collected receipts this year and based on work time versus delegated about $400k I was paid before profits.
Also I’m NEP, tentatively up for equity in 2021.
What’s your rack rate?
$500
350
Thanks - that’s less than senior associates with no book make at our firm, however