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How much yearly hike can one expect at Société Générale ?
"Depends on performance" seems to be a very vague answer.
Can someone please elaborate on a better answer.
Also, Can someone shed some light on promotions?
Is there any policy, like you have to work for X years to be eligible for promotion etc.
Thanks in advance.
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Generally law firms operate with the perspective that each attorney should be annually billing at least three times worth the sum of their salary. The first time covers your salary, the second your share of the overhead, and the third is where the firm begins profiting. Stellar attorneys (or underpaid ones) will net additional multiples beyond the three
The 1/3 is the same that I’ve found.
At our firm we bring home 1/3 of our yearly amount billed with our salary and bonus.
For example, if my salary is 100k, and I bill 300k.. I get no bonus. If I bill 330k I get a 10k bonus.
That sounds very typical. I’ve heard 15-25% is standard, which is the range my salary to production ratio is in.
Its somewhat unusual to collect 100% of the standard value of an attorney’s time (standard value is the hours you bill multiplied by your standard rate). For most lawyers realizing (that is, collecting) 90% of standard value is good, and for new lawyers I would expect 75% realization or so, for at least a year. That’s mostly because of wrote offs and clients’ refusal/failure to pay bills, and sometimes because standard rates can be discounted.
In your telling you’re being paid 25% of your standard value. One common rule of thumb for all associates is that pay = 1/3 of standard value. Lots of variables can affect that ratio, but given your level you’re probably close to where you should be now. In a year you might have a case to get paid 1/3 of standard value.
A lot of people have already told you that 1/3 is typical. I think 15-25% is more typical in big-law, particularly in big cities where overhead is higher.
I'm in a small firm and have always negotiated for salary based on 1/3 to the attorney who does the work, 1/3 to overhead, and 1/3 to the originator of the work.