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As a word of caution, I've seen similar moves a few times, where there were strong relationships between the old firm and the target clients, and it didn't work out the way the laterals expected. A couple of times, the old firm was able to backfill the spot with another attorney and keep the work. In one situation, the firm made a significant investment to train up an attorney in a related/similar practice area, who was able to step in and keep the clients. From what I've observed, this type of move works best if the lateral is very highly specialized or has an educational background (e.g. an advanced STEM degree in a particular field) that cannot be easily replicated.
If I were in your shoes, my first move would be to discuss compensation with your current firm and try to work something out, especially if you like your current firm.
Are they bringing you over for you or are they interested in your book of business? Perhaps it’s both. Make sure that it has much to do with your skills and not just your clients. You don’t want to go somewhere, bring your book and then get booted after all your clients follow you...just a thought. Money is great but if you’re happy why are you moving? Are you moving just for the money? If so, can you modify the deal where you are now to make more without uprooting and starting over without your team?
Sounds like you’re happy where you are and it’s only about money. Take it to your current firm and see if they can make you content compensation wise. Tie it to straight production. If you make money then they make money. At that point it’s a no brainer.
Chair and MP2 is giving really sound advice. It’s not easy to find a firm where you comfortably fit with both the people / partners and the practice and have work life balance. I agree it sounds like you’re being pulled by economics — RE-structuring comp can be difficult because it affects all your partners. Do you have regular (such as 2-year points adjustments or similar? Our firm reconsiders points allocation every few years and lots of factors are in play, but if you have something similar at your firm I would broach your situation with your MP or committee and plan ahead to the next allocation. If you don’t (I haven’t read through all the comments) then consider setting up a meeting to consider restructuring your comp after done informal (back channel) talks with the right people. Personally I’d try to stay where you are if you’re mostly happy and this is mostly comp driven. Grass is always greener ... until you leave and realize what you’ve lost. And there are a lot of firms out there looking to bring in new partners to get their hands into their clients
Thanks for the insight - much appreciated. And I’m leaning towards exactly this.
I got the first offer last week - pay is a decent bump, but in looking at their shareholder agreement, there is a substantial buy in but no associated equity or dividends.... I was shocked actually. All in all doesn’t seem worth the bump.
Thanks - appreciate the response. It’s a real threat, but slightly mitigated in that if I were to leave today there is no one that could competently step into this work, at least initially.
How would you recommend broaching the subject with the practice group leader?
“I’m getting heavily recruited and I want you to know, because I’d much prefer to stay here. But I need the comp to be aligned...”?
I’m really only looking for a moderate comp bump, but more importantly I’d like to get partial non-discretionary bonus metrics. I’d like to have an understanding of what I’m working towards.
So if I hit X, in collections I want to know that I’m getting a certain percentage in bonus, and if I do even better and hit Y, then I get another percentage. They can keep a part of the bonus as discretionary, but I want some additional certainty. A ladder system.
but sometimes you meet your targets and then they back pedal anyway. Much of this is about trust and knowing that your firm will do the right thing
I’m now at a point where I think offers are coming. I’m generally happy at my firm, have a good practice group, can manage the personalities, and just a ton of work. Pay could be higher when apples to apples with other firms.
These other firms have smaller but supposedly growing practices in the the same speciality. I wouldn’t be bringing anyone with me initially so would be starting over with associate support.
Pay would go up substantially initially, and very substantially over a number of years, and the other firms are higher on the vault / AM Law scale, for what it’s worth.
How does one make a decision, especially when weighing against the uncertainties, including pulling every client with me.
Thanks - I have 2 offers now. The pay difference is about $150k in base... I like my co-workers, but not that much.