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All negotiable. But frankly, if they are putting all the equity into the deal, and you are getting market compensation, you can’t really complain. If you’re not happy, you can find a new job. I would suggest asking for a split, but if you don’t get it, and you’re not risking any of your own capital for these deals, you’re really not going to get more than your traditional base plus bonus plus carry if you get it. You may, but you may not.
My firm is a top dev in our asset class and we charge a 1% fee to run a competitive process regularly and don’t get much pushback from clients. It’s not easy to build National and local relationships so imo it’s worth it for both parties, especially with the way debt markets are currently.
I would ask the principals how they envision the fee getting split, and then try to negotiate. They may say kick rocks that’s our fee which unfortunately is fair, but if they value the work you are doing and are reasonable people I’d imagine you’ll see a slice of that.
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