Do law firms have their employees sign contracts for a guaranteed amount of money?
What I mean is that can employees have a contract with their law firm that states how much they get paid yearly? Also if you are a good lawyer can it be in the millions? Example: Phil Spector's lawyers are great, can they have a contract with their law firm with the firm agreeing to pay them a certain amount a year?
Answers:
I'm sure they sign a contract. Phil Spector's lawyers just got publicly reprimanded for discovery violations. I think that shows more corruption than great practice.
Lawyers in large firms usually are partners, meaning they share in some fashion with the other the profits and losses of the business.
Usually, each partner receives a monthly draw against his or her share of the year-end profits. Some partners are "more equal" than others and receive more.
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