Best Practice: Proper compensation and profit margins for Of Counsel attorneys
By John W. Olmstead, MBA, Ph.D, CMC
Q. I am the managing partner in an eight attorney firm in Phoenix. We are contemplating bringing in a senior lawyer as an Of Counsel that wants to gradually wind down his practice. We are thinking of paying him using an eat-what-he-kills approach whereby he would be paid 40% for his personal production (collected working attorney receipts) and 20% for bringing in the client (origination). Thus, if he brought in the client and did all of the work he would get 60% of the fee. What are your thoughts?
On the Evening of March 19, 2015, five alumni of the University of DePaul College of Law engaged in honest and practical conversations with current law students on the realities of practicing law. The students left this event feeling better suited to enter the approaching summer job market.