Reply to DH is a new big law partner and I have no clue how to budget

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[quote=Anonymous]I haven’t read through all of the responses so apologies if I am repeating what others have already said.

First, I would suggest your husband connect with more senior partners and find out if there is a tax accounting firm that many of them turn to for their personal taxes.  We have been working with an accounting firm that does work for about half of the partners at my husband’s firm, and also does a lot of work for people at my organization (which has its own tax-related issues), and it has helped a lot.

Second, wanted to say that you are not at all alone. For our part, take-home income is much lower through the first third of the year and then goes up significantly. Part of that is based on client pay cycles, part on frontloading of taxes, part on our higher retirement contributions earlier in the year, part on paying insurance early in the year, and a few other things. It makes a pretty big difference and can feel a little and grounding to have such a fluctuating income over the various seasons, and I say that as someone who has been living the cycle for many years.  Also, depending on the law firm structure and your husbands compensation, it’s not unusual for partners to take home less money than they did as senior associates. In addition to changing pay structure, this is also because he may be paying off a required capital contribution, which cuts into take-home pay.

We work with Julie Schoen at Citron as an accountant and she’s terrific.  Really, though, I suggest finding out if there’s a firm that represents the partners individually.[/quote]

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