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Money and Finances
Reply to "DH is a new big law partner and I have no clue how to budget "
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[quote=Anonymous]You are definitely going to need a tax accountant. Get them on board now, talk expected comp range with them and get them to help you plan for your quarterly estimated payments. Then look at the draw schedule and save those amounts in a separate account. Pretend you don’t have any of that money. Best to get tax accountant recommendations from your spouse’s colleagues - it saves a lot of hassle if the accountant is already familiar with how the specific firm does things, which can vary a lot. Make sure you understand all the ramifications of partnership up front, including the effect on your health insurance premiums, and how the capital contribution will be funded. Hopefully they have a good borrowing facility in place for the latter. In my firm we get paid more interest on our capital contribution than the bank funding it charges, so it’s a little better than a wash. Good luck! [/quote]
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