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Chief
What are y’all doing with the $600 Checks?!
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Sounds like it’s time to try out a different firm.
That’s robbery
I knew I wasn’t crazy!
I've never heard of anything like that. That's insane.
My firm has no origination, but the client manager decides the allocation of fees. Honestly, this usually results in the client manager making more money than if a simple origination fee was allocated. You need to understand their fee structure and allocation better.
P3, sounds like origination by another name - except more diabolical. You can allocate fees later & slip it past people that you are consistently an asshole. But, the origination system usually forces then conversation earlier and selfish assholes quickly become widely known within the firm. I will say that I have learned that I am sometimes too generous in doling out origination credit in the interest of being a good teammate. I have seen people take that credit, eat into my economics and then not pull their weight on the matter. I have been burned a number of times this way recently. I am starting to think that when it is clearly my origination credit in an undebatable way, maybe it’s best to wait and see who really deserves it based on contributions actually made to the matter. And if the answer is someone didn’t pull their weight, maybe the right answer is “Fuck ‘em. They aren’t playing within this team first culture that I am trying to build & facilitate in my practice group.”
Did you not know this when you joined the firm?
Nope
That’s weird. I have never been in a firm where partners are paid in lockstep. But I could see it at that kind of firm because the whole idea is origination isn’t supposed to matter and doesn’t actually matter — it’s a big pie shared ratably (with ratios possibly adjusted by class year so more senior partners get more of the pie).
Take the client and run — where are you? Message me if you’re on the east coast. Let’s make some moves!
Happy to discuss if you might be a good fit where I am as well! Feel free to drop me a message. Happy to chat.