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Any advice for a new (equity) partner?
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Any advice for a new (equity) partner?
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Minimum is usually for bonus eligibility. My firm also has a target for partnership consideration during the 3 year look back period.
A target is a goal. A minimum is a floor. There is a certain minimum number of hours you need to bill in order for the firm to at least break even on employing you. Usually that’s about 2.5-3x your salary but that multiplier can vary depending on the size of the firm in the practice area. So you need to at least hit some kind of minimum to literally earn your keep, but any target above that would likely be for bonus considerations. These are all good questions to ask whenever you interview.
This would make sense. I can hit 2x my salary (which the amount i need for a collections bonus) without hitting 1800.
Minimum, not screwing up and being generally average but inoffensive makes you a good citizen. If you want anything more out of your career hit the bonus hours, do client and professional development and be generally helpful.
Minimum - hit it and don’t commit any major screw ups and they can’t be mad. I mean they can be mad but what are they gonna do about it? Not make you partner?
Minimums only matter if there are consequences, and I think firms don't like to talk about consequences bc it can vary by practice group. Say "minimum" for bonus purposes is 1850, two associate end at 1600. Neither gets a bonus, but one is in a group where average associate bills 1500 annually and other is in a group where average associate bills 1900. Latter may get a pass for a year and consequences (fired) the next. Former may never get "consequences" but may have slower track to partnership compared with associates consistently meeting/beating the 1850 minimum.
Another hypo: minimum for bonus is 2000 and irm "expectation" is 1850 (maybe to be profitable associates actually need to hit 1700), consequence of not hitting 2000 is you don't get a bonus, consequence of not hitting 1850 may be they start to move you off partner track.
Expectations matter more than minimums if you want to make partner and fast, and will depend on your group dynamic more than what the firm advertises.
Thanks! Lol I don’t want to be on partner track or be a partner, especially not at this firm.I’m just trying to make sure I don’t get fired/in trouble