Reply to How much do big law partners make?

Forum Index » Money and Finances

Reply to "How much do big law partners make?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I am a CPA for a few downtown and they (my clients) make between 3M and 7M fairly consistently. [b]Some do broach $10M+[/b][/quote]

That is insane! Wow.

So do most partners fall in the 3-7M range? And what are their ages?[/quote]

NO. Most do not. PP has somehow cultivated the higher end of the range for clients. [/quote]

Makes sense, because partners making that kind of money are more likely to need a CPA. Also if the firm does business in multiple states, the partner needs to file non-resident returns in each of those states. [/quote]

Every partner with a K-1 needs a CPA. Most firms reimburse partners for their tax preparer (ours pays up 4k I think).

The 7MM figure is definitely high end. That’s only remotely normal at a handful of firms (Wachtell, Kirkland, DPW, S&C, maybe Cravath). For most “good not great” firms there will be a good handful in the 7MM-12MM range and a whole lot more in the 2MM-3MM range.

Not to scoff at 2MM. Most biglaw partners are making that kind of pro athlete money by 50. But it’s backup QB money, not Mahomes money… you get to pick one thing: a yacht, a beach house, a house in southern France, a car collection. But you don’t get them all. And given that most are divorced at least once and paying for who knows how many college tuitions and [b]underachieving kids[/b], they may need to be happy with a Range and a CC membership. [/quote]

Man… why is this? I don’t know a single particularly successful kid of a big rainmaker partner. It’s scary. [/quote]

I’m not sure it’s all that surprising. To be a top biglaw partner, you either need a world class level of intellectual horsepower or a combination of work ethic and sales skills that allows you to succeed even as a mediocre practitioner. Either skill set is exceedingly rare, like the 0.1%ers.

Most children of people like that are not going to measure up, it’s just the math. Just like most pro athletes’ kids, even if they’re athletic in their own right, aren’t going to turn pro. I guess it’s a little more noticeable when Dad is a rainmaker at Skadden making $100 million over his lifetime and Junior tends bar into his 30s while working on his real estate license. But they’re just normal people. And in general the kids are going to be fairly spoiled and sheltered which isn’t conducive to work ethic.

Also, who knows the exact numbers, but I do know some colleagues with really exceptional kids. Not sure it’s any more or less than the general public. [/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