Reply to Partner @ Law Firms - Unanticipated Expenses/Income or Disappointed with Starting Compensation

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[quote=Anonymous]Has anyone who became a partner at a mid-size or big law firm tell me if they were surprised or disappointed by their starting compensation?  I read an article that at some firms partners receive a draw against income (instead of salary) that starts small in the beginning of the year and increases as the year progresses, but the draw is much less than their salary as a senior associate/counsel and partner profits are distributed once a year (at the end of the calendar/fiscal year).  If this is true, have you encountered any difficulty in budgeting your household expenses?  Is it true you pay for your share of health insurance? Did you find yourself in a better financial condition after a year in terms of knowing how to budget (I know the firm's profits vary by year).  What advice would you give a senior/associate/counsel that you wish you had known regarding compensation and expenses of being a partner at a law firm?

This the article I read - http://www.abajournal.com/magazine/article/i_wish_i_had_known/ [/quote]

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