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Does EY pays semi-monthly or bi-weekly?
Hi all. I am trying to determine if I am being compensated fairly. I am a tax manager (about to start my second year as manager) and have been with EY since staff 1. I was promoted to manager in June 2020 (during covid) and received a 7.5% raise. The class above me has mentioned they received much higher raises during their promotion years. My base salary is now approx. 97K. Any insights would be extremely helpful. Thanks!
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Your first 2-3 years should be more about where you are going to get the most experience. This will help distinguish yourself at the 4-5 year mark when there is a big pay jump. Take as many depos, attend hearings, and mediations as much as you can.
Keep in mind that your “share” of the fees generated is likely diminished by the amount of work done on the case by your superiors or the degree of supervision they are exercising over your work. You may be doing all the pleadings, discovery, grunt work so to speak, but if the senior attorneys are doing the adverse party and expert depositions, mediations, first-chair at trial, they’ll likely view your contributions as “less than.”
Don’t get me wrong, that’s all very important work to be done on a file and quite frankly the most time consuming and least rewarding… but senior attorneys tend to rationalize it as work a paralegal/assistant could do at half your wages with no commission. Your role is, as others said, to observe and learn as much as it is to accomplish those tasks.
That said, you’re doing better than I did my first year compensation-wise about 7 years ago… though the partners weren’t paying me commissions until about my 3rd year.
I'm first-chairing my cases with the more senior associates second chairing if i need to go to trial. except for the very few cases (2-3 out of 120) I have with partners, where I'm doing what you described.
For this reason, I generally feel that I earned this money with my own work. I split my fees with second-chair if I feel like I don't deserve it. Which is ill-advised but I feel is morally right.
Firm economics/dynamics are significant factors (marketing budget/support staff size/number of files/etc) but 15% of realized fees is a good rule of thumb in your first couple years.
$400k in fees as a first year is pretty good. How many cases did you settle to get that number? This aside, it depends on a number of factors, with the most important being your current comp structure. Are you paid commission/bonus on settlements for cases that you did not bring in yourself?
I agree. That’s greag
7.5% commission is pretty decent and $80k total off of $400k fees brought in isn’t bad either. At your next anniversary, I’d ask for a bump in base of 10k. But you’ll be over 6 figs in no time once you start bringing in more.
When you say “producing” do you mean you’re bringing in the clients? Or are you doing assigned work?
Mostly almost exclusively assigned work. I've had a few of my own generated.
Pro
How much do you make now?
Pro
As a first year handling small cases that's a pretty decent deal imo. Plaintiffs PI tends to have less money at first with the possibility of exponentially more money later.