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Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 8:26 am
by Anonymous User
Third year corporate associate at a V100. Through my work connections prior to law school, I was able to bring in a few clients this year. I am projecting that the firm will generate at least 100k+ this fiscal year from my clients. Now, I doubt my firm shares such profits with the associates, but I plan to bring it up to the partners at some point to ask if that’s possible. Do you guys think that’s a good idea? Any advice/experiences would be very much appreciated.
Re: Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 12:08 pm
by Anonymous User
Bumping because I am in the exact same situation as you.
Re: Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 12:45 pm
by LaLiLuLeLo
It may vary by firm, but everything I’ve ever heard is you just get a gold star.
Re: Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 12:52 pm
by dabigchina
LaLiLuLeLo wrote:It may vary by firm, but everything I’ve ever heard is you just get a gold star.
I think you also get the "honor" of doing the work for the partner who gets the credit (at least at my firm).
Re: Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 1:09 pm
by shock259
I have seen an associate get a much higher than normal bonus on account of bringing in new clients. He negotiated it with his practice group leader, but it was subject to firm approval. That said, he was a lot more senior, and he was bringing in more money. I think they gave him a big pat on the back and roughly 1/10th of the billings he brought in as a bonus. Unsurprisingly, he ended up leaving the firm shortly after and bringing his clients with him.
Re: Bringing business in as an associate & profit sharing
Posted: Wed Jul 03, 2019 2:55 pm
by s1m4
One thing (based on my experience) is do everything you can to remain the point of contact with that client (the partner will also try to schedule calls without you... e-mail not cc'ing you or generally try to take the lead); always act like its your client and ask for the partner to provide input on general strategy, but when on calls, try to be the one that actually gets that strategy over. Even if you don't get a % for it (which is fine while you are an associate, I think) you want that book so you can leave with it and also take over and receive credit when you yourself become partner. Additionally, if that client sees you as their point of contact, they will hopefully continue to refer business specifically to YOU and you can then distribute that business among other partners at the firm who you trust.