Let’s say a junior lit associate is going to land his first case. The client is his college roommate and best friend who is the CEO of a successful startup. The case fees would be nontrivial but by no means massive (e.g., $1-2M). There would have to be a partner supervising the associate but the client would 100% follow him to another firm.
In this case, assuming conflicts clear and the firm gives the green light to take it on, what should the associate ask for from the firm and how?
To be made partner? A $500K base salary? A $300K bonus at the end of the year? I’m sure that might sound ridiculous but it’s probably because very few juniors have a portable book. This book would be larger than those of some partners at the firm.