Typical recruitments involve the following structure:
- A Senior Attorney joins a growing law firm either upon a fixed salary or shared revenue basis.
- Payments to a Senior Attorney continue for a set period of time, including after a Senior Attorney retires, dies, or becomes disabled.
- A recruiting law firm pays a success fee to Senior Attorney Match once a recruitment occurs.
This structure permits growing law firms to minimize their financial risk by:
- Limiting upfront recruitment costs; and
- Attributing Senior Attorney compensation to revenues generated by a Senior Attorney’s clients during a set number of years.
Both Senior Attorneys and growing law firms realize financial benefit by:
- Senior Attorney: Ability to realize a negotiated portion of revenues earned by a successor law firm upon the Senior Attorney’s clients, even after retirement, death, or disability; and
- Growing Law Firms: Ability to instantly increase a firm’s client base in specific practice areas and generate ongoing revenues from those clients beyond a Senior Attorney’s retirement.