- Quickdraw McLaw
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It’s that time of year again–time to talk bonuses! Last month we did a poll where 59% of you were holding out hope at some chance for a bonus. For the 39% of you who expected no bonus, here’s hoping you were wrong.
To help us help you know if you’re being fairly compensated, we have a poll question with general bonus ranges. Additionally, feel free to provide as much detail as you want about: how many years you’ve been practicing, billable requirements for bonus consideration, extenuating circumstances, typicality, and what type of practice you’re in (big/small firm, public/private).
How much of a bonus did you get this year?
I work for the guberment. My bonus is a 40-hour work week (okay, 30).
PI firm. Small salary, mostly bonus pay.
5 years experience, civil litigation, smaller regional firm, 7% bonus, 2% raise. life is pretty good.
PI firm. Small salary. No year-end bonus. Tiny penis.
CD firm. Small salary. What's this "bonus" y'all are talking about?
But, you wear jeans every day. So you're saving on dry cleaning.
I'm not Kevin Helm.
And they're "dress jeans."
$40,000 bonus. Midsize firm.
Do you own the firm? No way in hell an associate at a midsize firm in Las Vegas gets a $40k bonus. Paystubs or it didn't happen.
Sure they do. I received a 35k bonus last year at a mid size firm. Not as much this year, but didn't bill nearly as much.
I guess I've always worked at the wrong midsize firm.
Luck has a lot to do with success. I don't think it's too well publicized which smaller/midsize firms pay really well as opposed to the really big shops.
I went out on my own about 18 months ago. I paid myself $60k in salary and had about $120k left over in profit. So I guess that's my bonus. Best financial decision I've ever made.
Problem with that method is you have to have clients.
That's part of it. Although I think it's possible to do if you have a small budget to put into marketing and keep your overhead as low as possible for your first year. You also have to be willing to take cases that make you uncomfortable (but not to the point of committing malpractice) just to bring in money. It's not easy, but it can be done.
937 is exactly right. Small overhead at first, answer your own phones, type your own letters, take every single thing that comes in the door and work your ass off. I went 5 months without a paycheck my first year, but ended up for the year, doubling my salary the previous year, after bonuses.
The best marketing is clients you have kicked ass, or worked really hard for. BY FAR!!!
And that is with only a couple of clients making the jump with me.
I was earning $150,000 at a large firm, then went out on my own a few years ago. Made almost nothing my first year. Barely able to pay my rent. Made $50,000 my second year after leaving and made about $90,000 this year. Looks like I will be back up to the $150,000 in a few years if this keeps improving, but honestly, leaving the firm was stupid in retrospect. Working 12 hours a day now. Embarrassed and feeling stupid.
Bravo! No one tells this story about how cushy big firms are and how nice it is to have cases fed to you. Nonetheless if you are willing to hustle (and it sounds like you are) you will be back in no time flat.