Reply to DH is a new big law partner and I have no clue how to budget

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[quote=Anonymous][quote=Anonymous]OP didn't say she doesn't work, you dolts. The pay structure of law partners is whacky and takes some conservative adjusting to make sure you don't screw up. Many first year partners struggle with this.

OP, we talked to our more senior partners to get a guestimate of what the final tax situation was likely to look like after all the various states' taxes were accounted for, etc., and set a little more than that aside in a separate line item account so we wouldn't "see" it and be tempted to spend it. Also after making partner we started having our  taxes done by someone who knows law firm taxes, and she was able to advise us on all that from then on.[/quote]

So did your tax person also do a little bit of financial advising? We are definitely getting a tax person but it seems like they don’t provide as much financial advice as I’d like and the financial advisors we have spoken to didn’t seem like a good fit (we don’t want a life insurance salesman and we don’t have millions in wealth that the really good financial advisors need you to have). If we could get somebody who does big law taxes and provides a little financial advice on the side that would be great. [/quote]

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