what is the typical equity partner buy-in (at law firms of various sizes) and how is that financed?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not to derail the thread but is this all under wraps until you actually become partner? Are you told any of this beforehand or is it just generally understood that you'll just accept the set-up when you get called up for partner?

At every firm I've worked at, they just spring it on you after you make partner. My first dh, who was a big law partner, always said they have to do that, or the associates would figure out early on that partnership is a lousy deal.

well it is NOT a lousy deal, since the increased compensation more than makes up for the benefits and tax BS. And some firms are set up as corporations which changes thing slightly (depending on how they elect to be taxed). I work for a boutique firm and made about $200K to $250K as a non-equity shareholder (Class B). So yeah, I had to pony up money for my capital contribution, but my income goes up by $100K to $200K/year. And I get the capital back when I leave or retire.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not to derail the thread but is this all under wraps until you actually become partner? Are you told any of this beforehand or is it just generally understood that you'll just accept the set-up when you get called up for partner?

At every firm I've worked at, they just spring it on you after you make partner. My first dh, who was a big law partner, always said they have to do that, or the associates would figure out early on that partnership is a lousy deal.

well it is NOT a lousy deal, since the increased compensation more than makes up for the benefits and tax BS. And some firms are set up as corporations which changes thing slightly (depending on how they elect to be taxed). I work for a boutique firm and made about $200K to $250K as a non-equity shareholder (Class B). So yeah, I had to pony up money for my capital contribution, but my income goes up by $100K to $200K/year. And I get the capital back when I leave or retire.

I believe that you are a law firm partner, since you have the mandatory humor deficiency.

[Anonymous]

If you were joking, I couldn't tell either, so I guess I just made partner.

[Anonymous]

When do the large firms typically announce new partners. My BF has been told that he is "up for partner" this year and that "everything is on track." He works in a the local office of a large firm. Local partners has recommended him to the committee but he hasn't heard yet. We're planning a big trip over the holidays that will be ruined if they don't make him partner. Also, we'll be on pins and needles the whole trip if he's supposed to wait until Jan.
He hasn't been told. Bonuses are typically not distributed until Feb.
Thank you.

[Anonymous]

Law or Accounting?

[Anonymous]

He's seriously up for partner and doesn't know what time of year his firm announces? I am having a tough time believing your post is for real. If it actually is, tell him to do a google search on his intranet for last year's partner announcement and look at the date on it. Or just look on the firm calendar for when the all partner's meeting is scheduled for. Or ask any partner at the firm when it is/was.

[Anonymous]

Anonymous wrote:If you were joking, I couldn't tell either, so I guess I just made partner.

You're in good company.

[Anonymous]

Anonymous wrote:He's seriously up for partner and doesn't know what time of year his firm announces? I am having a tough time believing your post is for real. If it actually is, tell him to do a google search on his intranet for last year's partner announcement and look at the date on it. Or just look on the firm calendar for when the all partner's meeting is scheduled for. Or ask any partner at the firm when it is/was.

It's for real, promise. He may know (and not be telling me, so I don't ask him every day between now and then). I just wanted to get an idea.

[Anonymous]

My firm always announces the day of the holiday party.

[Anonymous]

Do you get a look at the books before you buy in?

[Anonymous]

Anonymous wrote:

Anonymous wrote:He's seriously up for partner and doesn't know what time of year his firm announces? I am having a tough time believing your post is for real. If it actually is, tell him to do a google search on his intranet for last year's partner announcement and look at the date on it. Or just look on the firm calendar for when the all partner's meeting is scheduled for. Or ask any partner at the firm when it is/was.

It's for real, promise. He may know (and not be telling me, so I don't ask him every day between now and then). I just wanted to get an idea.

Most firms announce a week or two after the last partner retreat/partner meeting of the year, so you need to figure out when that is. But basically, any time between now and when bonuses come out.