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Money and Finances
Reply to "Yes, tiny violin - did anyone else struggle first years of law partnership?"
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[quote=Anonymous]Get a credit line. I'm sure the firm has relationships with banks that have favorable programs/rates. And for the penny-pinchers reading this who just flipped out, this is not to add leverage or debt, this is to deal with a cash flow timing issue since OP will receive the cash at some point (uaually Nov-Dec in a huge distrubtion). So use the credit for mothly expenses and use the distributions (and what's left of the tax distribs) to pay off the line. That's what we do. I have never had an outstanding balance for more than a month this way, and the one time I did I paid a bit of interest on it, but that was worth the ability to purchase what we needed during the year. You can do it, but it takes a different cash and spending mindset. I suspect that most people on this board receive a W-2 and don't have to think about it that way.[/quote]
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