Reply to If you or your SO works in Big Law, I have questions for you!

Forum Index » Money and Finances

Reply to "If you or your SO works in Big Law, I have questions for you!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]K-1 partners technically don't get benefits.  They get a draw against profits, distributions of profits, and all benefits are self paid.  W-2/income partners are employees so that's different.

Typical benefits would be:
Health insurance/life insurance/disability insurance - depends on what plans are offered and what you pick.  as a k-1 partner there is no "firm" contribution.  I'd count on $1000 a month or so.
Retirement - the self employed retirement plan is probably a c. $30-35,000 annual contribution
Partner capital - buy in will vary widely as will financing options.  Count on about 30% of comp as a capital target that will need to be paid in over 4-5 years.  And it will of course go up as comp increases.  If he's coming in laterally the buy in period will be shorter.  So if he is paid $300k his capital requirement will be about $90k.

Parking is just an expense.  Depends where his office is.  Probably runs $250-300 month.

I'm sure I am forgetting something.

[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics