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What is the lateral hire process like?
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In my firm we’re all equity right now, so leave doesn’t actually change anything for us with respect to compensation.
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Probably. We have a good idea of who contributes what to the firm. I’m the highest biller in my division, do a good amount of training and oversight and somewhat act as the service partner for our rainmaker. If I go out on 12 week maternity leave, we’ll have short term disability pick up some of the cost to help subsidize my leave, and that will probably be taken into account as part of the “profit” when calculating profit shares.
That said, the slightly wish-washy way we do profit share calculations takes into account profitability, origination, business management work and the mushy adjustment for the other things that make a firm work. Our MP is responsible for doing the calculations and then making sure we’re all comfortable with how it works for the quarter. None of my partners are so shortsighted that they would want to short me while I was on maternity leave, but I would probably recognize the increased effort of whoever is handling things while I’m out.
4 months fully paid leave, 1 additional month unpaid but insurance covered, 1 additional month unpaid and you pay insurance (nominal - like $1k). I was an associate when I took the full 6 months, but I understand as an EP that equity-share is not docked due to taking ML. We have a weird EP comp model though, and I highly doubt it works that way at most (maybe any other) firms.
ETA I received my full associate bonus the year I took 6 months of ML. But again, my firm is kinda a unicorn, so YMMV.
Our firm does not have a billable hours requirement. And only our firm’s managing partner can even see anyone’s hours billed. Our average hours billed per attorney is usually ~1650, I think. I’m typically ~1550. But I am on numerous firm committees, edit a firm blog that’s very active and do material bus dev. We value all contributions equally and hire carefully to identify team players who will contribute their fair share without someone hawking their billing entries or other day-to-day activities.
Like I said - my firm is a unicorn. And I’m grateful for it, or I’d have def bailed on this career (which is my second - I am a molecular biologist and formerly sold technology in that space) and been a SAHM. That option is available to me if I want it, but I love being a lawyer, my firm, and (most of) my clients - so I’m happy to have landed in a wonderful and atypical place firm-wise where my whole life works and I feel valued and I also value my colleagues, partners, our firm, and (most importantly) our amazing culture and unique approach to practicing law.
Yeah we get 12 weeks fully paid. Pretty standard for American companies. Compensation’s handled like a draw adjustment during the leave period. It’s not perfect, but it shows some progress. Curious how others structure it too, seems to vary a lot by firm.
By draw adjustment do you mean your draw is reduced during your leave from what your draw normally is? If so, how is that the same thing as being fully paid? Also, if you don't mind me asking, what's the size of your firm, and is it just maternity, or paternity as well?
Yes. Kind of the normal imo. The problem is that your compensation is going to be based on your BAR and WAR, so it will be lower
On earth???
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…is an “assiciate ”?
12 weeks fully paid salary
Do you have a billable requirement, and if so, is it then just reduced for the year you take the leave?