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Reply to "Yes, tiny violin - did anyone else struggle first years of law partnership?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This is an equity partnership at top 50. All partners start at $800k. Retirement is around $70k, overhead around $130k. Monthly payout is around $20k. Draws about 55k, three times a year. Then end payout. Tax bills for quarterly payments about $80k, fed and state. That’s the gist of it. [/quote] So you can’t live on 280k/yr? Sounds like a you problem. [/quote] Well, categorically, yes. It is. We have set expenses of schools plus mortgage that make it tough. And it’s not 280 - it’s 240. [/quote]
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