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What does comp look like for PE ops associates?
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Subject Expert
Are you asking about “counsel” roles that many firms have created more or less between associate and partner, or about “senior counsel” and “special counsel” roles that some firms assign to very senior lawyers, many of whom are former partners?
Subject Expert
At least at our firm (V25) the first category of counsel are either former associates who the firm wanted to promote but who didn’t yet check all partner boxes, or laterals who might have been partners or counsel elsewhere and don’t yet meet our partner standards. Comp is negotiated but generally starts around the top of the associate scale and tops out around the bottom of the partner scale, with the possibility of overlap at both ends. They are bonus eligible but usually don’t have a guaranteed or even target bonus, so the fact and amount of bonus is discretionary. They don’t have to make capital contributions but, like partners, generally don’t get subsidized benefits, meaning they pay the entire cost of their health and other insurance premiums. Given all of that it’s possible that on a net basis, after insurance premiums, some counsel make less than the highest paid associates, particularly if they work part time.
Senior counsel pay is negotiated based on responsibilities, percentage of time worked, and business brought in. As a result the base pay range goes from $10,000 to nearly the top of the partner pay scale. They are bonus eligible (again totally discretionary) and pay their own premiums just like partners. They don’t make capital contributions.
In terms of transparency all partners and counsel have access to share level or salary info, and bonus info, about all other partners and counsel. But that information is not shared with associates.
Hope that’s helpful.
Grey area at my V20 firm. Associates get $25-30k/yr raises every year after 8th year. Counsel titles are negotiable if partnership is not quite in the cards (yet), but on the horizon. Pretty sure they get 8th-year NY-scale bonus ($100k last few years), plus rising base. Most people ask for the title around 11th/12th year, so total comp would be $500-550k. Imagine it continues to rise until it meets the first-year non-equity partner threshold of $750k.
Interested in this as well. But for counsel roles between associate and partner.