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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]Yes they give you back the buy in. [/quote] Unless the firm fails. Which does happen. [/quote] Yep. Law firms are an inherently unstable business. The “assets” are the people, and if the partners who are bringing in the business start to leave (even when the firm is still profitable) it can spiral and get ugly fast. Not only do you lose your equity buy in, but you’re doubly hosed if you borrowed money to pay it. The bank will still want its money back. Not to mention being on the hook for any debts of the firm. https://adamsmithesq.com/wp-content/uploads/2022/08/Why-Law-Firms-Collapse-full-article.pdf https://adamsmithesq.com/2022/09/law-firms-fail-in-the-oddest-way-all-of-them/[/quote]
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