“Solid” Book of Business Forum

[Tbell247]

I’ve seen on here exhortations of the value-add of having a “solid” book of business, but what is considered a “solid” book as, say, a mid/senior associate associate at V50? At what point should bringing in business go from an “attaboy” slap on the back that makes no difference to your comp to more of a “we need to accommodate this person’s wants and needs even though they’re an associate”?

[TheGreatestGunner]

Really depends a bit on the firm, but in general, when your portable book is equal to or greater than PPP or some percentage, certainly above 50, probably closer to 80, of PPP.

You basically need enough revenue to keep you and two-three associates busy, while turning a profit.

This has to be your book to be solid. That is why portable book matters. If you were introduced to Client Orange through your firm, worked for them for several years, and then they reached out to you as the contact for another large legal expense-- they still are not likely to be part of your portable book.

The firm has to lose something by losing you in order for your book to be "solid". Alternatively, your presence needs to be seen as valuable to maintaining the gravy train.

[Casper123]

I’ve seen on here exhortations of the value-add of having a “solid” book of business, but what is considered a “solid” book as, say, a mid/senior associate associate at V50? At what point should bringing in business go from an “attaboy” slap on the back that makes no difference to your comp to more of a “we need to accommodate this person’s wants and needs even though they’re an associate”?

I think the value-add of having a book of business is the origination bonuses and better chances at making partner. I don't think it's realistic to have a book of business that will get you to the "we need to accommodate this person's wants and needs"-sphere as a mid/senior associate.

Since most associates generate no or almost no business, even a portable book of business of say 100-500k is quite respectable in my experience.

[Tbell247]

Since most associates generate no or almost no business, even a portable book of business of say 100-500k is quite respectable in my experience.

Let’s say it’s more like $1.5-2MM and portable and the response is still of the “Aw, that’s swell” variety. What are reasonable asks? The powers that be don’t seem to think it rates more than a minor discretionary bonus and seem annoyed at me for even asking. Am I being gaslit here?

[bob311]

Then you need to leave ASAP and go to a firm that will give you a bigger piece of your pie.

[Anonymous User]

Lateral to K&E as NSP, grab 200k signing bonus, and if you bring your book of business I'd suspect you're on a very good track to make share partner.

[ChickenSalad]

Since most associates generate no or almost no business, even a portable book of business of say 100-500k is quite respectable in my experience.

Let’s say it’s more like $1.5-2MM and portable and the response is still of the “Aw, that’s swell” variety. What are reasonable asks? The powers that be don’t seem to think it rates more than a minor discretionary bonus and seem annoyed at me for even asking. Am I being gaslit here?

Yes, bringing in 1.5 to 2mm in business is a lot for any associate. If accurate, the firm probably doesn't think it's portable and you're being gaslit.

[jotarokujo]

I’ve seen on here exhortations of the value-add of having a “solid” book of business, but what is considered a “solid” book as, say, a mid/senior associate associate at V50? At what point should bringing in business go from an “attaboy” slap on the back that makes no difference to your comp to more of a “we need to accommodate this person’s wants and needs even though they’re an associate”?

I think the value-add of having a book of business is the origination bonuses and better chances at making partner. I don't think it's realistic to have a book of business that will get you to the "we need to accommodate this person's wants and needs"-sphere as a mid/senior associate.

Since most associates generate no or almost no business, even a portable book of business of say 100-500k is quite respectable in my experience.

is that more for lit? i can see it being rarer to have a book in lit than in transactional

[12YrsAnAssociate]

1.5-2m annually is a ton of work and I think almost every firm would be ecstatic to have it. I've worked at firms where 100k a year turns into more of an annoyance for the firm than it's worth. But at 1.5+, the firm must not think it's actually portable (which may be true - I did 100% of a client's work for several years , but the initial relationship was with my boss, so when I left the firm, the client stayed with the old firm and the work just went to another person there).

[Anonymous User]

Yeah, I wouldn’t believe an associate who said he or she had a $1.5-2m portable book. Most partners don’t even have that kind of portable book. A partner I worked with probably has a book of $5-10m, but only like $2m is portable since the rest is historic/institutional firm clients. I think that’s why, unless you show receipts, no one will believe it.

I know partners who have $1m portable books and are able to get equity at some nice firms (V50 range). The firms are busy and would hire anyone, but having a partner who already has a book is nice.

[Casper123]

Since most associates generate no or almost no business, even a portable book of business of say 100-500k is quite respectable in my experience.

Let’s say it’s more like $1.5-2MM and portable and the response is still of the “Aw, that’s swell” variety. What are reasonable asks? The powers that be don’t seem to think it rates more than a minor discretionary bonus and seem annoyed at me for even asking. Am I being gaslit here?

Yes, bringing in 1.5 to 2mm in business is a lot for any associate. If accurate, the firm probably doesn't think it's portable and you're being gaslit.

Yeah. I guess it really depends on the firm what reasonable asks are. Your bargaining power at say WSGR will be different than at K&L Gates. Maybe reach out to a recruiter to touch the waters?

As a data point, at my ~1.5mm PPP firm, 1mm book of business is the "official" very minimum for equity partnership (among other criteria).

[hdr]

Unless the business comes from a new client, i.e. one you brought in, the partners probably don't see it as portable.

I would think a senior associate who originates $1.5m in annual business from a new client (which is very rare) could get immediate elevation to non-equity partner, strong backing for equity the next time decisions are made, and a bonus worth maybe 10-20% of the origination (I'm just guessing, maybe I'm way off base) at most non-V10 firms.

[Tbell247]

Thanks everyone for the insights. And yes, it is new business to the firm, not existing clients, and definitely portable.

[Monochromatic Oeuvre]

No one ITT has asked whether the business is *sustainable*, which is nearly as important as whether it's portable.

You can get $1.5MM from one deal. "My college roommate's IPO" will raise an eyebrow but people will understandably question whether you have anything to follow with that.

If you have a sustainable, portable, and ideally mildly diversified book of $1.5M as a mid/senior and your firm is telling you to kick rocks, they're either incredibly snooty or fully bullshitting you. You would be among the top candidates for partnership at all but a dozen-ish firms, unless people completely hate you. Can tell you at my firm maybe one associate a year is actually that qualified.