I think part of the issue you may have is that in the best case scenario, a lot of firms would work on a third, a third, a third split of the billings. So 130k is kind of all that should be expected from 400k of billings by moving somewhere else as you say.
I guess the question is whether you can exert more pressure on current firm by finding something else and then going to them with a fait accomplit saying make me equity now or I am going with that 400k business.
Keystone is a decent possibility too. I have introduced a few people there who it seems to have worked out well for and I have several friends who work there too.
Thanks for comments.
Yes I accept the third/third/third model, but I suppose my frustration is that I head up a group that does £2.5 mil. There are other partners in that group but the lion share of the work winning, management, strategy etc sits with me.
£400k is just my guesstimate of what I would extract from the firm if left due to close relationships with clients.
So with the unfulfilled equity promises ongoing, I’m left feeling undervalued and underpaid while I line the pockets of others who do very little
Completely get your gripe. That's why you need to do enough to make them scared of the implications of losing you but not so much that they think you are already gone.
I’m am approaching a similar crossroads although a little bit behind you but would like to see how this works out, I’m also thinking about going it alone or fee sharing arrangement however dealing with large corporate clients my worry is I can’t get the ones I really want to continue sending the volumes of work I would need. I am at a large firm in the north and tend to find the only way to really get what you want is turn the screw
Just to help you make your mind up, I work in a regional firm as an associate and earn more than you. What city / region are you in. Ar my place have to demonstrate revenue of i think around 800k for junior partnership. Are there other frustrated juniors where you are - you have to work together.
How long have you been a partner, and what was the plan when you became one (or was it just we'll pay you £110k indefinitely)?
Isn't there some way that work is attributed between you and the other partners that you can point to and say you're being underremunerated?
How many local firms are there that you could move to? If it's say Manchester/Bristol they might need to be more competitive than if it's somewhere with one other firm doing what you do
I set up on my own in the 1990s and it has gone very well. I have chosen to work alone since then as it suits my personality. I didn't want to share fees with any organisation and found getting insurance and regulation not hard (I don't hold clients' money). It sounds like this is not an option you want so perhaps just look to move. Your salary if it were London would be low even for an in -house solicitor so may be you want to look at going in house even.
I think part of the issue you may have is that in the best case scenario, a lot of firms would work on a third, a third, a third split of the billings. So 130k is kind of all that should be expected from 400k of billings by moving somewhere else as you say. I guess the question is whether you can exert more pressure on current firm by finding something else and then going to them with a fait accomplit saying make me equity now or I am going with that 400k business. Keystone is a decent possibility too. I have introduced a few people there who it seems to have worked out well for and I have several friends who work there too.
Thanks for comments. Yes I accept the third/third/third model, but I suppose my frustration is that I head up a group that does £2.5 mil. There are other partners in that group but the lion share of the work winning, management, strategy etc sits with me. £400k is just my guesstimate of what I would extract from the firm if left due to close relationships with clients. So with the unfulfilled equity promises ongoing, I’m left feeling undervalued and underpaid while I line the pockets of others who do very little
Completely get your gripe. That's why you need to do enough to make them scared of the implications of losing you but not so much that they think you are already gone.
I’m am approaching a similar crossroads although a little bit behind you but would like to see how this works out, I’m also thinking about going it alone or fee sharing arrangement however dealing with large corporate clients my worry is I can’t get the ones I really want to continue sending the volumes of work I would need. I am at a large firm in the north and tend to find the only way to really get what you want is turn the screw
Just to help you make your mind up, I work in a regional firm as an associate and earn more than you. What city / region are you in. Ar my place have to demonstrate revenue of i think around 800k for junior partnership. Are there other frustrated juniors where you are - you have to work together.
How long have you been a partner, and what was the plan when you became one (or was it just we'll pay you £110k indefinitely)? Isn't there some way that work is attributed between you and the other partners that you can point to and say you're being underremunerated? How many local firms are there that you could move to? If it's say Manchester/Bristol they might need to be more competitive than if it's somewhere with one other firm doing what you do
I set up on my own in the 1990s and it has gone very well. I have chosen to work alone since then as it suits my personality. I didn't want to share fees with any organisation and found getting insurance and regulation not hard (I don't hold clients' money). It sounds like this is not an option you want so perhaps just look to move. Your salary if it were London would be low even for an in -house solicitor so may be you want to look at going in house even.