Placement Fee Terms from our Standard Form Fee Agreement for Attorney & Executive Placements
The Placement Fee Terms Listed Below Apply To And Govern All Placements Made By Platinum Legal Search Group, LLC. (Unless Otherwise Agreed To In Writing By Platinum Legal Search Group, LLC In A Current Fee Agreement With Your Firm)
The placement fee for our service is payable by your firm, and is earned if we call attention to an attorney or group of attorneys, or an executive or candidate or group of candidates, which your firm then acts upon, with the result being his or her employment for any position within your Firm (or a group with which the attorney is a part of or affiliated with in any way, joins your Firm).
Placement Fees/Placement Fee Terms:
- Partner Placement Fee: 25% of the Total Gross Annual Compensation for Partner (equity, income, contract or similar) Candidates: Total Gross Annual Compensation includes the total amount paid (or owed) to partner, including, but not limited to, base salary or draw (as of the candidate’s first day of work at Firm), bonus of any kind (including signing bonus), commissions, compensation, distribution, incentive award and profits of any kind received (including forgivable promissory notes), and all payments for any and all services performed during the first year of such Attorney’s employment with the Firm (“Total Compensation”). First year compensation includes total compensation paid or owed to attorney for their first year of employment regardless of when such payments are made; i.e. payments of any kind made to attorney after one year from start date for amounts owed to attorney for their first year of employment are included in first year Total Compensation. The Partner Placement Fee shall be due and payable as follows: (a) the Partner Placement Fee on the Attorney’s annual base salary or draw shall be due and payable in full within ten (10) days after the Attorney’s Start Date with the Firm; and (b) the Partner Placement Fee on the remainder of the total amount paid to the Attorney (“True-Up Payments”) shall be due and payable within 30 days after the end of the month in which such payment is made to the Attorney;
- Associate, Counsel or Staff Placement Fee: 25% of the Starting Base Annual Compensation (as of the candidate’s first day of work at Firm, includes guaranteed bonus) for Associates or Counsel (or similar) Candidates : The Associate Placement Fee shall be due and payable in full within ten (10) days after the Attorney’s Start Date with the Firm.
- “Eat What You Kill” Partners: 25% of the Total Compensation paid (or owed) to Eat What You Kill Partners during the first 18 months of employment , due and payable on the date on which any payments on Total Compensation are made to Eat What You Kill Partners.
- Executive Placements: 25% of Total Gross Annual Compensation: includes the total amount paid (or owed) to executive/employee/candidate, including, but not limited to, base salary, draw, bonus of any kind (including signing bonus), commissions, compensation, distribution, incentive award and profits of any kind received (including forgivable promissory notes), and all payments for any and all services performed during the first year of such executive/employee’s employment with the Firm.
- 3 Month Pro-Rata Guarantee Period (1/90 Placement Fee Earned Per Day from Start Date – 90 Days From Start Date). Guarantee period applies if and only if a placed candidate leaves the employment of a firm for reasons other than reduction in firm workforce, elimination of candidate’s position, furlough or layoffs. Refunds under the Guarantee Period will be issued to your account with Platinum Legal Search Group, LLC.
Shelf Life / Referral Period:
- All candidates introduced by Platinum Legal Search Group, LLC shall be considered an active referral for purposes of our placement fee for a period of eighteen (18) months following the date of introduction, which period shall be extended for up to six (6) months if active discussions concerning employment are ongoing between the law firm or company and the lawyer or lawyer group introduced by us at the end of such eighteen (18) month period.
- The Partner Placement Fee for Groups of Attorneys (Groups defined as two or more attorneys who immediately prior to joining the firm were partners, members or attorneys associated with a single law firm, corporation or other entity, or where a practice or business relationship exists between or among the attorneys) is the following: twenty-five percent (25%) of the Total Compensation of the most highly compensated Partner in the group; twenty percent (20%) of the Total Compensation of the second most highly compensated Partner in the group; and fifteen percent (15%) of the Total Compensation for each other Partner , Non-Partner attorney or Staff Member in the group.
Email our Team at Recruiter@PlatinumLegalSearchGroup.com for a copy our Standard Form Fee Agreement