Haven’t posted before on this but I’ll buy into the joke. I was a size 2 when I married my husband. But after years of being a spouse to a Big Law partner, I am now a size 10. Haven’t been to the gym since the kids were born Andi stress eat when I’m up at 1 trying to get my own work done. True story. |
OMG. Y'all need to stop. "As the spouse of an equity partner." Which means little more than ... you are not an equity partner. Or anything for that matter. |
Yes, only equity partners are worth anything. This is exactly the point of view we are mocking. |
Meh. I'm a lawyer and I have a graduate degree in English and I write it this way sometimes. |
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Early Retired Big Law partner here. (Yes, equity ha ha.)
I love reading threads like these because it confirms my decision to walk away from it all so long ago. My advice for any spouse of a big law partner would be to quit your own job and take care of the kids while the spouse banks as much as she or he can to get out of that rate race asap. What a miserable existence. |
OP, there are definitely firms where this isn’t true and being a non-eq partner is valued and viewed as another level towards full partner. Ignore the people minimizing your DH’s accomplishment and trying to scare you. FWIW, when our kids were young we had childcare and about the other level of help you described - and we both worked. It was manageable, even if not always easy or ideal. |
First - Congrats! Second, you should evaluate how much you love your job, what you would actually do with time if you didn’t work. Quitting is not for everyone. Jobs can create stress and resentment. But not working can also be stressful and make people myopic (focused on weird things). It’s a lot to evaluate- and it depends on your personality and propensities. |
| I found managing a nanny to be tedious and brought up all sorts of feelings. Also a con. |
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Damn. Totally screwed up on formatting: My comment: When did you meet your spouse if it's not what you signed up for? I mean when you met, was he not a lawyer or studying to be one? You had to have known that being with an attorney who strives to be a partner or at least successful regardless of making partner, would entail huge, personal sacrifices. |
DP here. My husband was an undergrad who thought *maybe* he wanted to be a lawyer. Even when he was in law school we never imagined he would be a big law partner. That seemed crazy. We thought he would go work in big law for a few years to pay off loans and then be done with it, like normal people. |
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Op here - thanks for all the replies. More than I thought would come from this. Some helpful. I have no plans on quitting my job. I make good money - mid 6 figures and I actually like my job. I am also in the camp of needing financial security in case anything were to happen to my husbands job or god forbid we were to divorce.
I think planning my life and kids lives based on the idea that dh won’t be able to help or be around is the most doable. It stinks but is a lovely surprise when he can make it. |
| For travel, book for traditional slower times - August, winter break, etc. |
Sigh. Maybe read the entire thread before spouting off. The OP wrote
Because there is a huge difference between two and your post doesn't refute my point. Being a non-equity partner means you are still an employee. Being an equity partner means you are an owner - talk to any of the equity partners of the now collapse Dewey if want to understand the distinction. If you don't know the difference, I am not sure what I can tell you. As a non-equity partner, your goal is to develop business, not only for yourself and the firm. If you don't do that, you might be able to remain as a non-equity partner but you could also as easily be shown the door. Being named non-equity partner just means you are on the right track instead of being shown the door under the up or out system most firms employ. It sort of sounds like the OP's husband is on the right track in developing business but what matters is bringing in $$$$ into the firm. Given he is traveling to do business development, he's likely been given a budget to assist him in doing that. Billables are important but business development is just as important, if not more. If a partner bills 2000 hours at $1000. That is $2.0 million. Compare that to partner B that bills 1,500 hours at the same rate of $1000 but brings in $10, million in business. Who is more valuable to the firm? Here's another lesson in Big Law economics. Just because your listed billing rate is $1000 doesn't mean a client is paying that rate. Lots of clients have all kinds of discounts on bills depending on the client, matter, etc. Further, just because an attorney brings in $2.0 million in billing doesn't mean that is all profit. If that billing attorney is at the NYC rate of compensation and was just paid $540K last year, in comp and benefit analysis, you roughly 3X a persons salary to determine what the expenses are for said employee to said employer. In other words, $540K costs the firm in expenses, overhead, rent, taxes, insurance, discounts, salary flowed down to junior attorneys, etc. equals $1.62 million. So in other words, that 2000 billing attorney brought in about $400K in profit. Doesn't seem as much as before. |
It is so different for all big law spouses. I think it's best for all of us to not assume he will be around for any one thing, but I have never felt like a military spouse or anything. My husband is around the vast majority of the time, and now that he has more seniority he can easily shuffle his schedule around to do things like take kids to doctor's appointments. He and I always chat a lot in the mornings before the kids wake up and he has never missed a big kid's activity. So plan for the worst but don't assume it's all doom and gloom. A lot depends on how much your husband values family time and the nature of his work in terms of flexibility. And in case anyone is wondering, yes DH is in litigation and has billed anywhere from 1900-2700 hours a year. It's not a cushy situation. |