Reply to 50% of my compensation is paid at the end of the year.

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Reply to "50% of my compensation is paid at the end of the year."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]As you see  you really have to get a year ahead of this. We saved during our senior associate years to blunt the effect of first year partner comp. New partners who go on spending sprees their first year feel like they never recover. [/quote]

that is great advice but easier said than done.  [/quote]

Because a person capable of being a law firm partner is not capable of saving, planning, or forethought? He or she is only capable of living hand to mouth?[/quote]

don't be annoying.  it is human nature to want to splurge after finally reaching a goal that you likely have had for 10 + years.  Get that new house or at least fix up the old ratty kitchen or bathroom, get a new car and stop driving the 6 year old Camry, take that vacation, reward yourself for the sacrifices.  Of course it can be done but it is easier said than done.  You probably chose the private practice of law in the first place for the money, so now that you have promises of it you have to DEFER that satisfaction for 12-18 months.  That can be tough.  I've seen it.  Good luck OP and congrats![/quote]

Reaching what goal? In many firms partners make only a little more than they did as senior associates in those first couple of years and when you add in self funded benefits, capital buy in, etc it can end up being less. Hopefully people are realistic about budgets and realize they shouldn't be buying fancy new cars when they are earning less. Yes you have to defer satisfaction because becoming a partner does not lead to an instant pot of gold.[/quote]

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