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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]This article is absurd.  These big-time lawyers don't ask questions?  They're all boo-hoo'ing about how they weren't told certain things, but - who accepts a job offer at any level without understanding how their compensation is offered/affected.  Here's one of my favorite quotes:

“I wish I’d have known that my income wouldn’t grow any more than it did, but nobody said anything,” says “Sue,” who became a nonequity partner at a midsize Boston firm in 2006. “I’d have had the same increase if I’d have remained an associate.”

Why didn't you ask?  Boo hoo, fat cats.

This makes BigLaw partners look like even bigger jackasses than many already think they are.[/quote]

You are not informed about the compensation package prior to accepting the offer so what are you talking about?  At most firms you work your butt off for 7-10 years and then are up and out (eligible, but not offered) or you are eligible and invited to become a partner and THEN you learn how the partnership operates and how compensation works.  [/quote]

It is common for a new partner to take a pay cut when he/she becomes partner. I took around a 30% hit when I became a partner.

It is typical that a new partner does not get a salary. How compensation happens is up to the firm, but at my firm, the firm pays out the partnership profits in December, and then the partners don't get paid again until April or so.

Many firms have a buy-in. You don't just become an equity partner. You purchase equity in the firm.  At my firm the buy-in check in the low 6 figures.

If the firm doesn't make money, you don't get paid. My firm has had years where I made a lot of money and years when I made no money.

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