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Chief
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Chief
Depends on a lot of things, including whether the work you brought in was done by you or someone else. In addition, the prize here isn’t a bonus - it’s making partner, and you’ve had a good year from that perspective, particularly given Covid and everything else that’s been going on. So I’d keep my eye on the prize and not get too wound up about the bonus.
That said, 15-30% would be fair.
Well said
My firm’s schedule is different, it’s not just origination, but delegation. So, 2% just got origination but that increases to 15% of the work was delegated down. I generate $2 million and cannot work all that. I get 33% of what I work but my real compensation comes from keeping less than 30% of that I originated... generating 15% on that $2 million. Bear in mind, we are already getting paid on billables.
My firm is smaller (less than 20 lawyers), but in a big city, and they would pay me 30% of collected fees that exceed $300,000 annually. Additionally, they would pay me a bonus of 15% of collected fees on any new matter I originate.
20%
If they try to give you a bonus of $10-20k, bounce.
Chief
A,P 1
If I understand your erosion comment, I think the erosion is bilateral. Certainly some firms have become much more inclined to focus on very recent performance and quick to sit on partners who have a bad year. But some young partners are incredibly mercenary and spend the early years of their partnership chasing the last dollar both within their firms and in the market. I came of age at the end of the cradle to grave, lockstep comp era of law firms, and have seen both trends up close and personal. I have also worked at three firms, one that held on too long to tradition, one that became a literal shark tank, and one that’s distinguished but the civility of its partners, a general absence of avarice, and the fact that most partners know well that they could make more money elsewhere but prefer to practice in a firm that’s connected by more than the power of gold. I have an obvious preference, but don’t judge others’ choices (as long as those others aren’t sticking a knife in my back).
I’m sharing all of this because I think a critical element of the balance you refer to is what kind of firm OP and others like him/her want to work for. There are choices and someone with OP’s record should be deliberate in deciding how much the last dollar on the table means to them.