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I’ve had friends work under that system. They all bailed after a year or so. Complaints included having to take what are essentially pay cuts when sick/vacation, and unpredictability.
I worked under that model and it was hell, tbh. Fine if your only working on your own clients but as an associate, if somebody else writes off your time or their client doesn’t pay....yeah. You might be surprised how much time becomes not billable. Also, think about how it affects things like paid time off, parental leave, etc. (Ie, they don’t really exist any more.) I couldn’t get out of that place fast enough.
And it's always the associatesl's time they end up writing off....
One more thing—I don’t know what you’re looking for at this stage in your career, but consider that everyone around you will be disincentivized from nonbillable activities too (even more so than at a firm with a traditional comp model). If you’re looking for mentorship, feedback, camaraderie building....you’re probably going to have a tougher time finding it at this type of firm.
I've spoken to a lot of firms that do this. It's basically the way my firm manages of counsel relationships and part time attorneys.
A lot of firms set up like this have each attorney set up their own private company, or all attorneys are effectively partners. It really only makes sense for you if you have your own work that can sustain the model.
It makes a lot of sense if you basically want to go solo, but don't want to manage infrastructure and want the name of a firm behind you. If you are relying on other people giving you work to do, its a huge amount of pressure.
I do this and I love it but I work in family and have full control over my own files/work etc. I think a draw back would be if you’re relying on someone else to assign you work to get your hours up.
Yes and this would be a family law position. I've also done civil litigation so I completely understand the other responses received as well. After talking to some of the associates at the firm privately, they all also seem happy. So reiterated my interest with the initial hiring/managing partner of the firm and am waiting on a response!
I get asked all the time to do billable work which is likely going to get written off or the client will refuse to pay for my (2nd year) work. If my pay was based off of my partners’ clients’ crappy billing policies, I’d have a resume handy.