Placement Fee Agreement
Placement fee terms from our Standard Form Fee Agreement for attorney and executive placements. These terms govern all placements made by Platinum Legal Search Group, LLC, unless otherwise agreed to in writing 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, 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 affiliated joining your firm).
Placement Fees
Partner Placement Fee
25% of the Total Gross Annual Compensation for partner candidates (equity, income, contract, or similar). Total Gross Annual Compensation includes the total amount paid or owed to the partner, including base salary or draw (as of the candidate's first day at the firm), bonus of any kind (including signing bonus), commissions, distributions, incentive awards, and profits of any kind received (including forgivable promissory notes), and all payments for services performed during the first year of employment. First-year compensation includes amounts owed for the first year regardless of when paid.
Associate, Counsel, Of Counsel or Staff Placement Fee
25% of the Starting Base Annual Compensation (as of the candidate's first day at the firm, including guaranteed bonus) for associate, counsel, of counsel, or staff candidates.
"Eat What You Kill" Partners (including Counsel or Of Counsel)
25% of the Total Compensation paid or owed during the first 18 months of employment, due and payable on the date any payments on Total Compensation are made.
Executive Placements
25% of Total Gross Annual Compensation, including the total amount paid or owed to the executive, employee, or candidate — base salary, draw, bonus of any kind (including signing bonus), commissions, distributions, incentive awards, and profits of any kind (including forgivable promissory notes), and all payments for services performed during the first year of employment.
Payment Terms
Partner Fee — When Due
The fee on the attorney's annual base salary or draw is due within ten (10) days after the start date. The fee on the remainder of total compensation ("True-Up Payments") is due within 30 days after the end of the month in which such payment is made to the attorney.
Associate Fee — When Due
The Associate Placement Fee is due and payable in full within ten (10) days after the attorney's start date with the firm.
Late Payments
If the firm fails to pay any placement fee within thirty (30) days of the applicable due date, amounts owed bear interest at the lesser of 1.5% per month or the highest rate allowed by law.
Guarantee Period
Three-month pro-rata guarantee (1/90 of the fee earned per day from the start date through 90 days). Applies only if a placed candidate leaves for reasons other than a reduction in workforce, elimination of the position, furlough, or layoffs. Refunds are issued to your account with Platinum Legal Search Group, LLC.
Shelf Life / Referral Period
All candidates introduced by Platinum Legal Search Group, LLC are considered an active referral for purposes of the placement fee for eighteen (18) months following the date of introduction. This period extends up to six (6) additional months if active employment discussions are ongoing between the firm or company and the lawyer or lawyer group at the end of the eighteen-month period.
Group Placements
A group is 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 entity — or where a practice or business relationship exists among them. The Partner Placement Fee for groups is tiered:
The terms above summarize our Standard Form Fee Agreement and are provided for reference. The full executed Standard Form Fee Agreement governs in all cases. Terms are subject to any current written fee agreement between your firm and Platinum Legal Search Group, LLC.
Request our Standard Form Fee Agreement
Email our team for a copy of the complete Standard Form Fee Agreement.
Request Fee Agreement bonnie@platinumlegalsearchgroup.com