Follow us!

    Re: Nonequity partner salary as draws

    Posted by Curmudgeon on 12/29/07

    What does your contract say? You DO have a written
    contract, don't you????

    On 12/29/07, Bill wrote:
    > This one nonequity partner (NEP) has been getting a
    > bimonthly salary. The first six months he had been
    > working on contingency cases. The second part of the year
    > he brought in a substantial amount of revenue. Now he
    > thinks the managing partner (MP) is stealing money from
    > him because the MP is offsetting a lot of his revenue from
    > the first half of the year where the NEP didn't produce
    > much. The NEP keeps using the phrase "I eat what I kill"
    > but seems to be really in denial that he got a guaranteed
    > salary all these months. Doesn't eat what you kill entail
    > not getting anything until you actually kill something?
    > So I asked the NEP what is your salary then? Aren't you
    > an employee? He said "no, I am a partner (he's actually a
    > non-equity member of the firm since it's a LLC - but let's
    > just stick to the partner terminology) and the salary were
    > just advances against my draw at the end of the year."
    > The guy sounds confused as he wants to benefits of the NEP
    > arrangement since he gets guaranteed salary, but wants to
    > keep his profits under the EWYK system. I don't think you
    > can pick and choose like that. Plus under the EWYK
    > system, you don't get credit for contingency cases until
    > you actually hit, right? I would appreciate some feedback
    > on this as I am not completely versed in the various law
    > firm partnership/compensation/profit models.

    Posts on this thread, including this one
  • Nonequity partner salary as draws, 12/29/07, by Bill.
  • Re: Nonequity partner salary as draws, 12/29/07, by Curmudgeon.
  • Re: Nonequity partner salary as draws, 12/30/07, by Bill.

  Site Map:  Home Chatboards Legal Jobs Classified Ads Search Contacts Advertise
  © 1996 - 2013. All Rights Reserved. Please review our Terms of Use, Mission Statement, and Privacy Policy.