I have my own practice for past 5 years and have spent a lot of time building up brand and reputation. I'm thinking of bringing on partners but am trying to figure out how to structure compensation, profit sharing and equity while maintaining control. I dont want to do associates bc I need someone with more experience than I can afford. Does anyone have any ideas on how one can up a law firm?

like
Posting as :
works at
You are currently posting as works at

Remember making partners is like getting married. So be careful and know who you make your partner.

like

Creating the right partnership will be just like dating. You have to start by finding the right person, NOT building the optimal compensation package and hoping the right partner will be attracted to it.

Once I understood the difficulty of finding the right partner and recognized how much work my marriage entailed, I decided to remain a solo practitioner. I did not want a second marriage.

like

Following...i am in the same boat. I was thinking about providing all overhead (including personalizing a marketing plan for them) for an attorney so they can just be a lawyer without worrying about anything else. In return, i would take 50% of what they bring in each month up to $10k, then 33% up to $30k, and 25% after $30k. Thoughts?

like

I’m a little old fashioned to me if you want a partner then have a real partnership. Everything is 50/50. Otherwise there will be resentment. The situation you describe is great if you want a top notch attorney to be an employee and keep them without paying out of pocket as much as they are worth.

likeupliftingfunny

Find a good associate who has the mental flexibility to learn quickly about the substantive law and the business process.

When you feel like the marriage partnership might work (and assess carefully because I was part of one that didn’t work out even though we both liked each other as friends) then get a succession consultant involved to help you draft the partnership agreement - and follow through to sign it.

Consider giving some form of sweat equity credit for at least a portion of the partnership buy-in so the associate will stay nose to the grindstone for you (this is why this has to be a signed agreement so your associate feels confident this effort will result in long-term gain and won’t turn on you due to worry about whether it is real or not - mine was not in writing and that led to significant head space issues and looking for other options that might have a guarantee).

Make it painful for the associate to venture out after soaking up all of your knowledge by stating in the partnership agreement that equity doesn’t vest until the associate meets whatever standards you both agree to AND the associate has been there for “x” number of years.

But, it really is a marriage. Bringing someone in who you haven’t worked with before and giving a partnership interest right away sounds very scary.

like

Figuring out who has brought in what client can be really difficult to distinguish. If you want marketing that brings the most profit to the firm, it may make sense to do combined marketing efforts and not fight over who gets marketing resources, credit, who “owns” a referral source, etc.

Competing for credit can create discord and conflict - unless you both practice in completely different focus areas where you can say you get credit for cases in your practice area and he/she gets credit for his/her practice area. When you start getting picky and making the whole process painful, people start to think it would be easier to go it alone.

Besides, one of you may be a rain maker while the other is a work horse. Utilize the best skills of each and send the rainmaker out to market and let the work horse work.

like

Attorney...if you think about it, that would be $120K per year min that you would be asking from your employee. That is way more than what most small firms/solos spend on marketing and admin, so if I was an attorney looking to venture on my own, it would be a hard sell. However, if you can guarantee me a line of cases and work, then maybe. But at some point, I would want to stop paying the fees and venture on my own because it's more lucrative or I would demand to be a partner and then you'd be back to square one.

Ah, ok, misunderstood your initial email. Still, I guess I would ask what I would be getting overall for overhead (office, malpractice insurance, drafting platforms, etc) and marketing and compare your services to others who are in the business of marketing. There are marketing firms out there who will build a website ($2500) and maintain it ($250 monthly) and marketing companies who you can pay to keep you at the top of google search ($1500 high end). Maybe do a cost comparison of starting/running a firm v. paying for your services and project it out for 5 years to determine whether you would get takers?

like

Related Posts

Need help evaluating an offer. Currently at BCG a few months away from promotion to Consultant (post-MBA role, but I don’t have an MBA). Comp at BCG would be $200-$225k ish. Have a tech offer that’s remote in strategy. Really love the company and the team, but all in comp including equity is $170k, so would be a pretty big hit. Would love everyone’s thoughts on this kind of offer in general for someone in my position and how to think through remote as a benefit.

like

Curious how much Amazon Web Services account managers make and what their job responsibilities are? Thanks!

like

I got a job offer as a Radiology technician assistant for 16/hr is that a good offer? I live in Florida

like

Fishes.
Can you please mention all points to take care in HR discussion?
I am a .Net Developer with 8.5 YOE. I have observed that clearing two technical rounds is still half the battle fought.
Scenario: If the company budget is 20lpa and I am asking 20LPA.
I would love to have points to take care while in an HR round.

like

Quick Q before interview: What’s an analyst salary range for Project44? (Assuming someone might know someone who might know someone with this knowledge)

like

Hi fishes , I want to know in which month of the year , Cognizant will give yearly increment.

like

Any word on bonuses?

like

I’ve worked at Allstate for 4 years as a fast track inside property claims adjuster. When I was brought on, I made $48,000. Now, I make $62,800. Recently, I was offered a role as a coordinated adjuster for $65,800. I heard that the new hires were being paid a much more competitive salary. Would you say this amount is on par with what I should accept?

like

Got offer from LTI with 15.5 LPA ,Can anyone please tell what would be my in-hand salary? After all deduction and also please tell the scope of Salesforce projects in LTI ?

like
like

Can anyone comment on wipro compensation, promotion cycle and work life balance. Is it worth to join wipro as scrum master B3 band

like

Hello, anyone who is holding 16+ years experience in Mainframe technologies and switched recently? what is your cctc range?? Might be average cctc range...

When did you know you were ready for a senior leadership or an executive role?

like

Hi,

I’ve been wanting to get my foot in the door in regards to recruiting. I have been working in HR for a few years now and have additional experience in recruiting on a store level. Does anyone have any advice for someone starting out?

like

How much year on year hike we can expect in NC for a BA ? Yoe 10+

like

What’s the best certification to get starting out? To get my foot in the door? Network +?

like

Oracle Erp or frontend Development which is best option?

like

I have joined tcs recently.Now what roadmap should I follow to make the most out of my time in TCS.I have joined as a system engineer with 2 years of experience and 10Lpa ctc

like

What is a good range for Base salary for a senior tax associate in the asset management industry

likehelpful

More Posts

What is D&A C&C Central support LOB in HCL

Hi which one should I prefer
Citi 26.4 LPA fixed
Harman 27 LPA fixed
Java backend developer
Yoe5.2.Harman Connected Services
Citi

like

Hi everyone, howz is the work life balance in TIAA?
Do they have onsite opportunities?

like

I am currently working with Infosys and on notice period from last week.
Now am seeing news about recession to hit India after US is it good time to make switch?
Please share ur views on this fishers.

like

Some people really need to learn email etiquettes😣😣 (Replies on the email are in the comments..)
why do people get so triggered on small workaday issues?!

have you experienced stinky emails for no reason at all?

When i went to the boss to tell him about these emails from the 'chatu employee', he was not at all ready to hear me to out and shooed me away from his office😡

Post Photo
like

Anyone in Customer success role open to have a conversation with me? I have an interview coming up and would love to understand the role better.

like

Any one interested in Change Management Opening with ITC
Blore location
4-6 yrs of exp.
Higher exp ppl in change and release can ping me
Budget - 15lks
For JD ping me 1:1

Pls NOTE I am not HR or Job consultant

Preferred early joiner who is not on job

like
like

How is Work Life Balance And Job security in Larsen & Toubro Infotech in Cloud - Software & Services Unit ?

I have just a basic knowledge in azure and till now only worked on .Net. i faked the experience of 1 year in Azure cloud now worrying if I join LTI cloud unit then would it be hectic or how ?

Kindly suggest .

like

What advice would you give someone starting out. Offer in hand - starting first as a SNOW Business Analyst while learning how to be a Developer. No coding experience but 7 YOE in consulting.

like

New here! Have a BBA in Business Management with 5 years of management experience in retail. Looking to transition into the corporate world with a remote opportunity in Talent Acquisition, Recruiting, Human Resources. Any referrals would mean the world to me!

like

Are there any opportunities at Deloitte in the Charlotte area? (Senior Associate or Manager)

Big layoffs at Booz Allen Dubai and Abu Dhabi Cyber teams.

Hi, received an offer from another Big4 in Amsterdam (currently working in Eastern Europe), but relocating, I’m concerned about potential layoffs in the coming period being the last to join the team.

When you leave, does it make a difference to companies if you made it through at least a busy season as a senior or just that you have the title? I did have some experience this year as an A2 where I split some of the senior responsibilities with the manager. However, I’m worried if I leave before busy season, companies will see that as really just being an associate.

like

With all these debacles (voyager, celsius), do you think staking contracts are good?

Already risky crypto, how many of you actually stake and have comments in favor or against..

like

Tiger Analytics has started firing their new joineers(freshers) as they don't have adequate projects. I don't know where the freshers will go as they haven't done any project as such.

This is just pathetic from organization. They are just firing people owing to failing a test of certification, for which other company gives 3 trials but they are giving only one try with negative markings

like

Older uni grads, was your experience finding a first job different from what your younger fellow students experienced?

like

If you are looking to apply in Round 1 for Fall 2023 admissions, when should you look to be working with an admissions consultant? July? August?

like

Can anyone join 2 companies at a time?

like

Additional Posts in Small Law / Solos

Seeking advice on savings/retirement. Since I am a solo attorney like many of us here, I don’t have a 401k, options etc. can anyone recommend or explain the pros/cons between the different options available for the self employed? Best way to set up a self retirement plan? Roth IRA, vs self employed 401k, etc.. not sure what else there is.

TIA

like

What to do about older firm owner who sits in the office 5 days/wk 8 hours per day reading the Yahoo home page? I am his sole associate. He has hemmed and hawed about transitioning to retirement and executing a buyout agreement in a “couple of years” but it seems like he’s already retired and just hangs out here.

For reference, my book of business and clients generate 60-65% of receivables for the firm now, but most new clients come in based on his name recognition, and all are handed to me.

like

Some success, now what? I started a solo practice July 2020. I’ve been successful in building a book of business sufficient to satisfy my overhead and provide me with a respectable income. I want to grow my practice somehow, but I’m stuck at figuring out how. I do mainly corporate transactional work and some litigation. Any advice?

like

I was fired for missing deadlines for 1. A response to a motion that hadn’t been filed (still hasn’t) 2. Writing a difficult petition in 24 hours after another associate took 6 days to submit a blank form. Both times deadline was missed by less than 2 hours, while hospitalized (I have a disability). He knew of the hospitalization and said “he didn’t care about the reason I needed more time.” He came to my hospital room to get the company computer and no other attorney was fired. Is this fair?

like

Working in a small firm of 3 attorneys. Mostly immigration and PI work. How much commissions should I get for the cases I bring in?

likehelpful

Does anyone else get super annoyed at having to provide the same information , documents or research to a partner numerous times? Even copying the assigned secretary doesn’t help because they just regurgitate the request rather than saying “hey she gave this to you already”. Sometimes I respond with massive attitude and then have to rewrite because I need my job…lol.

like

I see a lot of opportunities to do contract reviews or other corporate matters in states I’m not barred in. I don’t typically take those matters, but I’m curious what those rules are. I’ve definitely seen large firms handle out of state contracts and acquisitions all the time and I actually know other attorneys who do it too. I just haven’t gotten comfortable with that. Anyone have thoughts?

like

So I just accidentally found out that the senior associate in our office makes almost 3x the amount I do per month. For background, we have 4 attorneys, the senior associate has about 9 years more experience than I do (I have 6). This person should be paid more than me, I have no problem with that. Is it normal for there to be that big of a difference in pay? I just want to know if I’m getting screwed.

like

🧐What prompted you to pursue small law or going solo? Would you recommend it to others?

Drop below 👇

like

I am seriously considering attending law school and opening my own firm. Is it an absurd aspiration to net at least $90k/year within the first few years in a small firm? I am a senior immigration paralegal fluent in multiple languages and frequently feel limited by my lack of JD. I currently only know attorneys in nonprofits, big law, and higher ed, so I don’t know what is realistic. I am open to learning other areas of law. I could settle down in MN, NY, FL, CO, or Southern California.

like

Any international trade/customs lawyers out there? Would love to pick your brain and learn about an easy way for a solo to break into this field.

like

Been practicing a year now. Of 6 attorneys, 4 will be retiring soon, and I was brought in to hopefully take over. I am troubled: first that my partners largely provide me with no guidance. They handed me a client with a large quantity of fairly straightforward casework and have been hands off since. There also hasn’t been any talk of a raise/performance review. How should I ask for guidance/mentor ship? How do I ask for a raise, or should I presume one is coming?

like

Anyone use a document assembly program that they are happy with? West law form builder is pretty expensive.

like

Anyone in Kentucky, that can file a compliant in the eastern district? The process for appearing phv is a lot and I rather go through someone already there.

like

Solo that has outgrown DIY document management/billing. Looking to make the leap to an integrated document management and billing software system. Clio is the front runner based on my research to date (I have not yet taken it for the free test drive). Anyone else have any recommendations? Any obvious shortcomings/downfalls with Clio? I worked at large firms before going it alone and have used several of the major doc management systems. Thanks!

like