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

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[quote=Anonymous][quote=Anonymous]Sounds like your general question is about budgeting. I am in a similar situation, in that I get income from last year's profits, paid only twice a year (as dividends), from my company. We basically keep a really big cushion and ensure our expenses stay under that. For new projects, like re-doing a room in our house, we run cashflow numbers projected out for a year to make sure we can pull it off.[/quote]

OP here.  Yes, you are right PP.  If offered to buy into the partnership, then I would accept the offer.  I am always budgeting to the very penny and the prospect of being paid in a different manner and less than what I am accustomed to is unsettling.  Let's say you become partner as of January 1st, then when in most cases did you receive income?  Did you receive a reduced salary or income than you received as a mid-level associate?  Does 30% less salary sound accurate?  Do you advise partner prospects to aggressively save now?  Has anyone left BigLaw because you were dissatisfied with the partnership compensation within the first three years of becoming a partner? Also what about the capital contribution/loan to buy into the partnership? How does your 401k contribution work?  The gist of my question is for those who became partner - what financial advice would you give partner prospects?[/quote]

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