Reply to Biglaw - twelfth-year associate??

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is there really that much of a difference between the associate, the "counsel" paid a salary, or the income partner? They're all paid a salary and are employees, not owners -- it is just nomenclature? [/quote]

I wish.  My DH went from federal government to a big law firm a few years ago, to an income partner position.  It was a lot easier when he was a W-2 employee, than to have to pay the quarterly estimated taxes and file a Schedule K.  (I do the taxes for our household.)  Also, the benefits seem very stingy (compared to my job in-house in corporate America), but maybe that's true for associates too.[/quote]
I'm assuming he's making more than what he made as a Fed? How do you go from being a Fed to an income partner? How do you have a book of business coming over as a Fed? I'm assuming others in the firm are giving him the work?[/quote]

Yes, he's making more money, but not a lot more.  [b]He thought that the firm would give him billable work, but he has had to hustle to bring in clients[/b], which he has been pretty successful in doing (perhaps because his area is a unique niche).  Even though it's not big money (compared to the federal government), he prefers working at the law firm because he's got more freedom and likes the challenge of being his own boss.  [/quote]

No one going to BIGLAW should ever believe they're going to be fed clients/hours unless they have that in writing with the firm.  Your husband should have created a plan for developing business before he left the government.  This involves being honest with yourself whether you can generate business from your business contacts.  Never promise more than you can deliver.[/quote]

I think my DH is a big more savvy that your perception, but sure, it was perhaps not a seamless transition.  He had reason to believe that they could use his expertise with existing clients.  No matter, he's been able to build up a book of business (good well-regarded companies).  He serves his own clients, and does not use associates. He's not making a ton of money (more than a fed), but he's content and has a good quality of life.  The firm seems to like him.  But if they want to ditch him, that's OK and he's confident that his firm will follow.[/quote]

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