What’s a normal annual collections amount for a first year lit associate? I am on pace to pay my salary and generate some extra $ for my overlords. Is that good?

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I don’t think first years are generally profitable, so I think you’re doing just fine. Trying to bring in 3x makes sense down the line though.

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1/3 goes to overhead, 1/3 to your salary and 1/3 to profit

likesmart

So you should be collecting well over your salary

likesmart

Have you heard of the rule of thirds?

like

As a follow-up (and as others have mentioned): associates are rarely “profitable” for their firm in their first 1-2 (and sometimes maybe even 3) years. The exact number of years they’ll give you to become profitable/satisfy the rule of thirds is very firm specific. So, in your first year or two I’d focus mainly on learning/honing your craft, meeting or exceeding expectations (re: hours, work product, established deadlines, etc.), and building relationships with clients and others within your firm. If your annual collections in the first year or two are at least 2x your total comp (covering your comp and overhead allocation), then you *should* be just fine.

helpful

As a first year at a firm with a low billable rate, I still collected more than 2x my salary as a first year (mostly because my realization was 97%). I wasn’t in lit, but not hitting at least 2x doesn’t sound great for any practice as a first year.

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Thx

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🟩🟩🟩🟩🟩🟩🟩🟩

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