Reply to Yes, tiny violin - did anyone else struggle first years of law partnership?

Forum Index » Money and Finances

Reply to "Yes, tiny violin - did anyone else struggle first years of law partnership?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][img][quote=Anonymous]I’m the previous “confused” poster. When I first read OP’s post I assumed that by overhead she meant capital contribution.  If you switch those words in her OP then, yea, that’s exactly how most equity partners are compensated in Biglaw.  The difference is that the capital contribution refunded to you when you retired or leave the firm.  So it’s almost like a forced savings.  You pay taxes on it the year you make the contribution, but when you get it back you don’t.

Example:  I was an equity partner in a big DC firm for about a decade, retiring early quite a while ago.  I was paid almost exactly what OP’s spouse is now.  But it was an honest $800k with the capital contribution taken out - none of this “overhead” BS.  Then when I left the firm the money was returned to me.  It was about $700k from what I can remember, and because I had already paid taxes on all of it before it wasn’t taxed again. A nice chunk of cash to ease the path to early retirement.  [/quote]

So how was your pay structured? Did you get a monthly payment and what was it?[/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