What are finders minders and grinders?
I would like to concentrate more on [generating clients, doing legal work, etc.].” This sort of attorney is what is known as a “minder.” Minders are, generally, those who create rules and procedures to make sure that grinders, binders, finders and other staff get along and the firm functions well.
What is a grinder minder?
Minders are managers or bureaucrats. Often times they’re on executive committees or they’re the managing partner responsible for administrative tasks. They’re efficient, precise and capable of managing a firm. Grinders are the workhorses of their firms. The majority of attorneys are hired to do one thing.
What proportion of a finder minder and grinder’s working life is spent managing?
They spend 80%+ of their time on business development and account management.
How do you structure partner compensation?
Annual Compensation Other firms pay their partners compensation based upon the percentage of ownership. Others use a hybrid of these two methods, with annual pay, a bonus, and then the remaining profits split based upon ownership percentages.
How do professional services firms make money?
Professional services firms are profitable only when their team members bill hours to clients. Therefore, new work is often assigned to the person who’s currently not working billable hours. Keeping everyone productive, billing their time to clients, is extremely important.
How are consulting companies structured?
For larger consulting firms, a two tier structure usually involves one senior executive overseeing the operation, and a second tier of managers overseeing each business unit and its consultants. The top executive is typically a partner or owner of the organization.
How do you compensate your managing partner?
When it comes to compensation, firms have several options, including providing a stipend for managing partner activities, a percentage of the firm’s profits or an annual salary. As a rule of thumb, Remsen suggests that managing partners should be compensated among the top 20% of the equity partners at the firm.