Fees Collected this Fiscal Year

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redsox550

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Fees Collected this Fiscal Year

Postby redsox550 » Wed Oct 17, 2018 1:32 pm

Curious what some of your fees collected YTD (not billable hours, not billed hours, not billable rate X hours, but actual fees collected YTD) is, especially compared to your take home pay. At ~2000 hours by the end of this fiscal year I should have brought in ~750,000 for my firm on a 180 salary (non-NYC biglaw). Some of my fees (not included in the 750,000 will be collected next year when deal closes or when we actually get paid, but as of now 750,000 has flowed to the firm. How about you guys?

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Wed Oct 17, 2018 2:21 pm

Are you trying to humble brag that you have a realization rate of 100%?

Anyway, I’ve collected on 92% so far (roughly 700,000).

redsox550

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Re: Fees Collected this Fiscal Year

Postby redsox550 » Wed Oct 17, 2018 3:08 pm

Anonymous User wrote:Are you trying to humble brag that you have a realization rate of 100%?

Anyway, I’ve collected on 92% so far (roughly 700,000).


Nowhere close to that, you wouldn't know my realization rate based on the above unless you knew my billable rate.

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Wed Oct 17, 2018 4:54 pm

Non-NYC big law, midyear corporate. Looks like $1.2M collected for me. They really should pay me more.

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Thu Oct 18, 2018 12:18 am

Almost to the end of the billable year. Looking like 89% realizations, and total will be ~$1.1MM. You're welcome, partners.

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Thu Oct 18, 2018 5:39 pm

Non-NYC market firm and my firm has collected a scant 485,000 on me. I believe this is from February though (fiscal year to date). About 1/3 of my fees this year are from one deal that has not been collected yet. I should come in a tad over $1.1M by end of year I would guess.

TUwave

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Re: Fees Collected this Fiscal Year

Postby TUwave » Thu Oct 18, 2018 6:34 pm

TUwave wrote:Lol I don't even know where to find this info


Accidental anon, apologies

redsox550

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Re: Fees Collected this Fiscal Year

Postby redsox550 » Thu Oct 18, 2018 9:28 pm

Anonymous User wrote:Non-NYC big law, midyear corporate. Looks like $1.2M collected for me. They really should pay me more.


What percentage of your compensation (salary + expected bonus) are you million+ fee collectors getting paid?

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Fri Oct 19, 2018 11:40 am

redsox550 wrote:What percentage of your compensation (salary + expected bonus) are you million+ fee collectors getting paid?


My firm pays NY market, so I'm getting just a bit under 1/3 of what I'm generating in salary. I've been told by a partner that my firm generally looks for the following with respect to associates and collections:

~1/3 of collections go to the associate salary
~1/3 to overhead (office lease, IT, marketing, benefits, etc.)
~1/3 to partners

2013

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Re: Fees Collected this Fiscal Year

Postby 2013 » Fri Oct 19, 2018 11:44 am

Anonymous User wrote:
redsox550 wrote:What percentage of your compensation (salary + expected bonus) are you million+ fee collectors getting paid?


My firm pays NY market, so I'm getting just a bit under 1/3 of what I'm generating in salary. I've been told by a partner that my firm generally looks for the following with respect to associates and collections:

~1/3 of collections go to the associate salary
~1/3 to overhead (office lease, IT, marketing, benefits, etc.)
~1/3 to partners


1/3 to overhead seems a bit high...

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Fri Oct 19, 2018 1:09 pm

2013 wrote:
Anonymous User wrote:My firm pays NY market, so I'm getting just a bit under 1/3 of what I'm generating in salary. I've been told by a partner that my firm generally looks for the following with respect to associates and collections:

~1/3 of collections go to the associate salary
~1/3 to overhead (office lease, IT, marketing, benefits, etc.)
~1/3 to partners


1/3 to overhead seems a bit high...


Different anon: 1/3rd to overhead might seem high, but it's in line with overhead at my previous firm. NY's expensive, for both real estate and staff.

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Re: Fees Collected this Fiscal Year

Postby Anonymous User » Mon Oct 22, 2018 10:08 am

Anonymous User wrote:
redsox550 wrote:What percentage of your compensation (salary + expected bonus) are you million+ fee collectors getting paid?


My firm pays NY market, so I'm getting just a bit under 1/3 of what I'm generating in salary. I've been told by a partner that my firm generally looks for the following with respect to associates and collections:

~1/3 of collections go to the associate salary
~1/3 to overhead (office lease, IT, marketing, benefits, etc.)
~1/3 to partners
1/3 to the associate is high if you bill a lot. For example, I’ll be at ~2600-2700 on the year and assuming all of that is biled and collected, my salary would be 13% of the collected amount. Even if the realization rate is 90% (low end), my salary would still only be 15% of the collected amount. Even at 1800 it’d be around 18-20%.



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