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As someone who owns a PI firm, only paying the associates a flat salary is terrible; all you’re doing is making the owners rich. Everyone that works on the cases should have skin in the game & they should be rewarded well for their good work; best way to do this is with a set salary & a commission on each case they work on, and a separate commission on all cases they bring in.
With 15 years of experience - especially if you have trial experience - your pay shouldn’t be under $250 base + commission on cases worked on + commission on cases brought in.
Our firm moved away from commission and I totally agree with this, less motivation when there’s no skin in the game of settlements
I am at a small firm that does salary only, I make $110k as a second year in a VHCOL. I will say since I’m so new it definitely works in my favor (I don’t have enough cases yet to ever make that amount on commission) BUT it does sting when I’m on a case with one of the partners, doing a lot of the substantive work on it, and it settles for 7 figures and I don’t see a dime. I think it would go a long way in my morale and longevity at the firm to be given even a small bonus on cases like that. We recently settled a case for 9 mil which is been working on for the entire 2 years (with everyone) and even giving like $1000 would have meant so much to me and barely been noticeable for them
Rising Star
Once you get more experience handling cases and find yourself making the firms millions of dollars in fees each year, you realize you’re getting taken advantage of with a base salary only arrangement. I’m all for getting good experience, but I would not wait too long to get into a firm that does commission. If you are at a good firm with decently valued cases the commission money can be a bit more predictable.
I am looking at a range of 300-330k
I am waiting for an offer but this is the range I told them I was looking for
The PI firm I work for does salary + a % of total settlement. Base salary as a 5th year is $180,000. With bonus I will earn about $220,000 this year. Bonus % is small considering how much money we make the firm, but the guaranteed salary is nice.
Rising Star
Gotcha. Definitely a high base. I’m at $125k base, 5% commissions. Still ramping up but the attorneys that have been at my office for a bit are usually doubling their base. I get tempted to go the Morgan and Morgan route making $300k+ but I like only working 35 hours a week.
Maybe I'm an anomaly in this fishbowl, but I didn't bust my butt to get a law degree to make money. I did it to make a difference. I prefer a salary-only arrangement because I'm paid for the JOB, not the RESULT. For me, the RESULT is that I did the best JOB for the client that my skills and the circumstances of the case allowed me to. I don't know where you are, so I can't suggest a fair salary. I also don't know how large your "small firm" is, so I can't analyze what they can afford to pay you. If your office is on a red clay road in Bumfuque, Alabama, you will receive a lot less pay than if your in a multi-story glass palace in Hoity-Toity, New York. If you're concerned about not getting a "piece of the pie," hang out a shingle in a small or mid-sized town in the South or Midwest. I hear there may be a large pool of clients available soon in Springfield, Ohio. That way, you can eat the whole damn pie yourself. However, I hazard to guess that you would end up losing weight if all you're concerned about is making money.
So much attitude in this reply, wow. there is nothing wrong with working for pay, and nothing wrong with expecting to be paid appropriately for the experience and skills brought to the firm. I’ve done exclusively plaintiff work my entire career, as full salary, hybrid salary and commission, and full commission, and my work ethic and dedication to my clients was the same regardless of pay structure. Get off your high horse, dude, you don't work 100% for free or minimum wage.
10-11 YOE, HCOL area, $235k salary