Anonymous
Post 09/02/2014 11:36     Subject: Re:Counsel salary?
Tagging along on the post. What are the thoughts on the minimum book of business that you need? Do you measure it against how much you are paid (book = salary = good)? or is there some threshold. Currently counsel with a small book. Non-partner track but would be interested in how counsel are judged in this regard.

Am part time so last salary discussion was about my hours and the profit they make off my hour. Should my book get factored in for salary or is that just for bonus purposes?
Anonymous
Post 08/31/2014 01:08     Subject: Re:Counsel salary?
+1, very well written. I am counsel w/o a book of business and I make about $330k a year.

Anonymous wrote:
Anonymous wrote:For an of counsel with zero book who is relying completely on others to be profitable to the firm, you should be very careful about asking for or getting a salary that is at the upper bounds for counsels at your firm. It can backfire. The higher the salary, the more attention there will be to the fact that you are a counsel with no book if it turns out that others aren't feeding you the work you or the firm expected (and there are lots of reasons that this often happens, many relate to the self-interest of the people generating the work). In this environment where big law is trying to increase profitability in a shrinking pool of work, a counsel with no book is expendable regardless of how specialized and in demand you are. Your billing rate isn't totally irrelevant because the higher it is, the less hours you need to be profitable to the firm, but it is a secondary consideration. The most important thing for you to figure out is what is the salary that will put you in the middle of the pack among peers with the same profitability you can reasonably expect the first two or so years given your situation. Once you have a track record and are solidly attached to a rainmaker who considers you critical to maintaining his/her practice (or have developed your own clients), then you can get aggressive with negotiating a salary that reflects your specialization and how much you actually are in demand.


+1
Anonymous
Post 08/29/2014 20:22     Subject: Re:Counsel salary?
Thanks to everyone for your thoughts. They were helpful. I completely understand the posts about not pushing my luck too soon. So far, I am the only one who does what I do and I am turning work away, but I know the situation can change quickly.
Anonymous
Post 08/29/2014 16:45     Subject: Counsel salary?
Anonymous wrote:
Anonymous wrote:$300-350k. About 1/4 of what you bring in.


Yes, my take, too, for 2000 hrs I was going to guesstimate $320-360k.


back in the "good old days" it was closer to 50% of collected billings but that has slipped along with every other indicia of satisfaction, etc., in BigLaw.