What the role means at a US firm

Of counsel varies more from firm to firm than any other title in a US law firm. Two attorneys with the same title can have very different arrangements. In practice, firms use it for at least four different things:

Senior specialist. An experienced attorney with deep expertise in a subject, valued for the work, with no plan to become a partner.
Transitional arrangement. A partner moving toward retirement or reduced hours, or a partner who needs a base while building a practice.
Holding pattern for partnership. An attorney who is senior in every way except that the firm has not yet decided on partnership.
Landing seat. A lateral who joins as of counsel first, with the possibility of partnership after a period.

The first conversation in an of counsel search is about which of these your firm means. Candidates ask the same question on their side.

What firms screen for

Because the role varies, so does the screening. Most firms look at:

Substantive expertise. The depth of experience in a practice area, and whether the firm has the work for it.
Independence. Ability to handle matters with little supervision.
Business. Whether the firm expects the attorney to bring clients, and how much.
Availability. Full-time or reduced schedule, and whether that matches the firm's staffing.
Destination. Whether the role leads to partnership and, if so, on what terms and by when.

How compensation works

Of counsel compensation is set firm by firm. Common structures include a fixed salary, a salary plus a bonus, an hourly rate, and a percentage of fees collected on the attorney's own work or originations. Benefits and expenses vary too. Some firms treat of counsel as employees and some as independent contractors, which changes tax treatment, benefits, and who pays for professional liability coverage.

A candidate comparing offers should ask for the compensation structure, the expectation on billable hours and business development, the status (employee or contractor), and any partnership terms in writing. A firm hiring should be equally clear about what it is offering, since the title alone says very little.

The market at this level

Firms of 5 to 200 attorneys use of counsel to add experience without adding a partner. For candidates, it can be a way to move firms without the portable-business expectations of a lateral partner seat, or to step back from a partner role.

This page quotes no market figures. Bound goes through current compensation structures and demand for your practice area and state on the intake call.

How Bound runs a search at this level

The intake call settles what the firm means by of counsel, then the practice area, the compensation structure, and the route (if any) to partnership. Bound identifies attorneys in your market whose practice matches and approaches them on your behalf. The list stays with Bound. You see the attorneys who are interested.

Candidates are told the firm's definition of the role before the first interview, so no one finds out in the final round that the title meant something else.

Bound works on contingency at every level. The fee is 25% of the candidate's base salary, payable within 14 days of the candidate's start date, with a free replacement within 90 days. There is no retainer and no upfront cost.

Related practice areas

Bound runs of counsel searches in these practice areas. Introductions are always matched to the practice.

Corporate and M&A
Commercial Litigation
Labor and Employment
Real Estate
Trusts and Estates
Insurance Defense
Intellectual Property
Healthcare
Bankruptcy and Restructuring
Tax

Other roles Bound recruits

Who runs the search

Jim Knott, Bound's founder, runs every search himself, from the first call to the signed offer. There is no rotating team and no handoff. You can read his background before you call.

If you are an attorney or legal professional at this level, register confidentially. Your resume goes to a firm only after you approve that specific firm.

Of counsel recruiters for firms of 5 to 200 attorneys