Related Posts
Hi fishes, I'm having below 2 offers. I'm little bit confused. Can you help me to choose one. Factors : career growth, work life balance. YOE : 2.7 yrs 1.Shell - Senior process data engineer (11+ 2L(variable) + 2.3L joining bonus (1 year) ) 2.Tiger Analytics - data science - python developer (14L fixed + 1L(2 year clause)) Shell Tiger Analytics
Conversation Starter
More Posts
Conversation Starter
Coach
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
If your current base pay is $600k and you’re a non-equity partner at an AmLaw 100 firm, with 1,900 billable hrs and $800k in originations, assuming that $800k is achieving a realization of 88% or better, $650k all-in is very good money. (You might make another $50k if you were equity, but then you’d have paid-in capital which comes at a cost.)
I am an equity partner at an AmLaw 10 firm with 1,700 billable hrs and $4mm in originations, and I make $800k all-in. I have a capital account of about $350k which is borrowed money and I need to service the debt.
I know that I’m underpaid by $50k-$100k, but I don’t have the energy to fight and I don’t want to bill another 200 hrs. It sounds to me that you’re doing well and that you’re probably making more than many of your non-equity partners due to your strong billable hrs.
If you can nudge those originations north of $1mm, you should push to be made an equity partner. Even after the cost of a capital contribution, you’d most likely make another $50k.
PS: The PPP numbers are virtually always manipulated fabrications to place the firm where management wants the world to see them. Even when they are close to real, they get skewed by the one or two partners with $50+ mm in originations.
Wow. I always tell clients big law is a lie because of the bloat and excessive fees (except massive litigation where you need to staff like 20 lawyers on a matter or something), but honestly guys, big law looks like a lie for the lawyers too given the above. I’m managing partner of a 13 lawyer firm, of which 7 are employees and the remainder are of counsel. My take in 2022 was north of $950k. 2023 was slower but it was still almost $600k. This is not a bragging post, this is a rallying cry. I suggest joining a smaller shop/starting your own!
Thanks for this. Are you in a high COL city? What practice area is your firm?
What’s your current pay?
I’m assuming they want to know what’s fair based on the given factors and without considering what current pay is, which may be substantially under paid
For base comp, probably between $6-700k plus additional % of origination.
Current pay is $600k - but that is under contract and is not based on my numbers last year.
I’d say like 750 all in. Maybe 700.
What’s your billable rate? $1,000? if so congrats!
Yeah about that.
How are you only making 800k with $4m in originations? Is the work not profitable?
*think
I am a partner at a good regional firm. Holy crap what are the expenses of these two fancy firms. We have fancy office space, way too many staff people (including a word processing department that's nearly useless), and what seems like lots of overhead (e.g I share an admin with only two other lawyers). If I billed 1700 hours at 1000 an hour I would make about $900k before any BG credit. My actual comp is higher because my rate is about 1200 and I have about $300k of originations. I don't have a special deal. At my organization it's hard to get BG above about $4 million due to lack of scale, but we do have some folks who manage that.
That’s pretty impressive. As far as biglaw firms go, we are actually pretty light on expenses - only a few offices.
Altho all firms say they don’t have a formula I have practiced as an equity partner at an AMLAW 50 and a non equity partner at an AMLAW 200 and in general what I see is 30% of collections plus 10% of origination. Plus another 5-8% if the numbers are consistent on a rolling 3 year basis.