The firm generally receives an annual fixed management fee of 1.5% of assets under management. They also generally receive a performance fee of either 15% or 20% of net profits, depending on the client. Fees are negotiable at the discretion of LCA. Advisory fees for Sub-Advisory Clients and SMAs generally range up to 1.5% of AUM. LCA and the Client may agree upon a performance fee equal either fifteen percent (15%) or twenty percent (20%) of net profits in addition to or in lieu of a fixed advisory fee.