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Hi! I just accepted a Relationship Banker II role in Allen, TX. My offer letter was 50k base and 1k guaranteed commission a month first year. I just graduated w a degree in Business Administration. Basically the info I got on how commission works was pretty vague. Anyway I wanted to see what someone I’m their 1st or 2nd year can realistically expect to on average make in commission a year in this role. Also what do bonuses in the role look like? I’m hoping to just hear some ballpark numbers! JPMorgan Chase JPMorgan Chase
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You can easily clear $200K.
I’m in SC, so that’s far from minimum wage.
You should bring in 200-250k no problem. I was on a 12% fee only with no base salary and made $320k.
12% of fees. I had a ton of cases though. About 150 with about 30-40 in litigation. The workload was absolutely ridiculous. As far as time, the pay structure didn’t start as commission only. It started as a salary with transition into part commission and then transition into full commission. No longer work there because of the unrealistic expectations of the workload.
I mean, it depends on your type of caseload and the value of your cases, but I would love this comp structure. A million in fees gets you $100k, and if you are handling high value cases, this shouldn’t be too difficult.
I think standard rate in my area is 3% of fees collected, so this sounds good
What state are you in?
You should also negotiate a higher % for cases you bring in
I was just coming here to say this. That is a really really low rate. Most firms pay more than that for cases you originate.
Pro
I would kill for that
I have this, but the value of my cases is trash. So it REALLY depends on the value of your cases/how many you have.
How much are you bringing in EOY on this pay structure generally?
I just started at a firm with this structure so I’m curious as well. Does comp differ if the firm divides attorneys between lit and pre-lit? Lit obviously settles fewer, but does it average out?
Generally, the only cases you settle pre-lit tend to be smaller value. High valued cases almost always need to be litigated, and as such, those that handle case in lit should end up making a lot more money. Unless you are cranking out 5 pre lit settlements a week