Partner Track 5th Year Associate at Midlaw Firm - Taking Qs Forum

[jchiles]

Any resources you recommend for learning/staying up to date with land use and zoning stuff? I know this might vary a lot from state to state and city to city though

[Anonymous User]

Any resources you recommend for learning/staying up to date with land use and zoning stuff? I know this might vary a lot from state to state and city to city though

Blogs, digest updates, old semi retired partners who send out email blasts anytime an interesting case comes down, bar association committee functions, being involved in the practice.

[Anonymous User]

Bumping this thread. Are you still around OP? I'm going to be starting at a midlaw firm soon and I'd love to pick your brain.

Forgot about this thread. Yes I am still around.

What was the biggest challenge you faced coming from government?

How do you go about developing business?

What percentage of the business that you bring in do you get?

Any advice for someone coming from a government agency?

[Anonymous User]

Congrats & thanks for taking questions!

How does the compensation structure look like for a non-equity partner track and equity-partner track at a midlaw firm? base salary + % of the business generated from the entire firm's profits? How much is that revenue sharing % set?

[Anonymous User]

Congrats & thanks for taking questions!

How does the compensation structure look like for a non-equity partner track and equity-partner track at a midlaw firm? base salary + % of the business generated from the entire firm's profits? How much is that revenue sharing % set?

For the few non-equity partners we have, the starting salary is $200,000 plus a bonus that is related to firm profits (as opposed to associate bonuses, which are not related to firm profits as managements belief is that if associates don't share in the good times they should not suffer in the bad times). Non-equity partners do not receive a percentage of their originations. That being said, non-equity is a two year contract after which you are either invited to join the equity ranks or asked to leave. The vast majority of the homegrown associates who obtain non-equity status are ultimately invited to join the equity ranks because if you made it to non-equity you fit in with our very unique culture. While originations matter very much for the promotion from associate to (contract) partner, they matter less for the promotion from non-equity to equity. Of the four non-equity partners we have, only two are long term non-equity. Both are moms who are are the only ones in the firm who practice in their respective niche areas. For lateral partners, they typically come in as non-equity and if they do not produce their contracts are not renewed.

I have no clue what the comp structure of the equity partners looks like. I know that base salary/draw is determined by a blind compensation committee and one of the major considerations is "the firms faith in you", which again relates back to how well you fit into firm culture. I also know that the equity partners get a percentage of their originations (but I do not know what it is), a percentage of the fees generated on matters they are designated as the billing attorney and a year end distribution/bonus based on the determination of the afore-mentioned comp committee.

I think a new equity partner is doing around $230k in base and I have no clue what the typical year end distribution/bonus is for them. I also know that the most senior partners (not necessarily the top originators) are making between $1M and $1.5M all in. The highest originating partner makes about $2.5M all in.

[Anonymous User]

Bumping this thread. Are you still around OP? I'm going to be starting at a midlaw firm soon and I'd love to pick your brain.

Forgot about this thread. Yes I am still around.

What was the biggest challenge you faced coming from government?

How do you go about developing business?

What percentage of the business that you bring in do you get?

Any advice for someone coming from a government agency?

The biggest challenge I faced coming in from the government was (i) convincing the interviewing panel (i.e., all of the partners in my practice group) that I had requisite level of experience to do the work and hit the ground running. What I did not know at the time is that my agency work, though extremely advanced, was limited to a very small spectrum of the actual work that the private practitioner actually does. Once I had the job the biggest challenges were learning all of the things I assured them I knew, keeping to a budget on certain tasks and dealing with client deadlines.

I discussed my business development earlier in the thread.

Depending on the type of work and fee arrangement between 15 and 20 percent.

Leave before you get the stigma of being a lazy government employee. There is a sweet spot for every practice area. Usually it is between 3-5 years and then again at the super senior levels.

[Anonymous User]

OP here.

I just got brutally gaped by my firmer client regulatory board. My experts words were twisted around on me because he is a lightweight and my client insisted on hiring him. Some senile old board member started asking me inane and questions that I had to address but were absurd hypotheticals. His responses to my questions made less sense than his questions but were fucking mean. The weak new committee chair took this as his lead to start being a cocksucker and went after me acting ballsy.

The worst part about it was that it was an abnormally packed agenda full of difficult matters and a referral source I've been working saw me get gaped, as did 10 senior and respected attorneys in my practice area.

The best part is I was covering this hearing for a new lateral. She's been practicing for 12 years and despite being tithe firm for 7 months, this was her first hearing she was booked for, and only bc she originated the client. During my dealings with this agency I heard rumors that this matter was going down in flames. On Monday she was "sick" and I suspected almost immediately this was going to happen. Sure as shit she calls our mutual boss asking him to assign me her hearing. He forgets to mention it until noon on Wednesday since she told him it would be easy and I had another matter there that night anyway.

The first thing I said to him was that of course she wanted to dump a flaming app. He only only shot me a judging look.

Now I have to explain to all why client is mad, I have to explain to firm why home agency just destroyed me life for month, etx

Turns

[Anonymous User]

OP here.

I just got brutally gaped by my firmer client regulatory board. My experts words were twisted around on me because he is a lightweight and my client insisted on hiring him. Some senile old board member started asking me inane and questions that I had to address but were absurd hypotheticals. His responses to my questions made less sense than his questions but were fucking mean. The weak new committee chair took this as his lead to start being a cocksucker and went after me acting ballsy.

The worst part about it was that it was an abnormally packed agenda full of difficult matters and a referral source I've been working saw me get gaped, as did 10 senior and respected attorneys in my practice area.

The best part is I was covering this hearing for a new lateral. She's been practicing for 12 years and despite being tithe firm for 7 months, this was her first hearing she was booked for, and only bc she originated the client. During my dealings with this agency I heard rumors that this matter was going down in flames. On Monday she was "sick" and I suspected almost immediately this was going to happen. Sure as shit she calls our mutual boss asking him to assign me her hearing. He forgets to mention it until noon on Wednesday since she told him it would be easy and I had another matter there that night anyway.

The first thing I said to him was that of course she wanted to dump a flaming app. He only only shot me a judging look.

Now I have to explain to all why client is mad, I have to explain to firm why home agency just destroyed me life for month, etx

Turns

[Anonymous User]

Bumping this thread. Are you still around OP? I'm going to be starting at a midlaw firm soon and I'd love to pick your brain.

Forgot about this thread. Yes I am still around.

Any advice for someone coming from a government agency?

Leave before you get the stigma of being a lazy government employee. There is a sweet spot for every practice area. Usually it is between 3-5 years and then again at the super senior levels.

I am starting at a midlaw firm soon. What advice do you have for someone who is leaving government and starting at a firm? I'm looking for tips/tricks to make the transition easier.