Reply to NYC law partner w/ kids: "$850K gross is not enough to live on"

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Reply to "NYC law partner w/ kids: "$850K gross is not enough to live on""

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The whole post by the NYC lawyer makes no sense to me.  She basically claims that her $850k per year translates into just $21k per month take home pay.  Even with self funded retirement it should be close to $40k per month after tax.  The poster is either dishonest or dumb.  [/quote]

She didn't say that her her take-home pay was limited to $21k per month, she said her take home draw was $21k per month.  A significant portion (depending on the firm, the majority of her compensation) is made through partner distributions, which may be paid in sums throughout the year, or, in some cases, entirely in the following calendar year.

I'm not saying she's right - it's tough to sympathize with someone making close to $900k each year.  But when you call someone "dishonest or dumb" without either reading carefully or understanding the compensation schedule and structure she's talking about, you out yourself as being the dumb one.

tl;dr - you're an idiot.[/quote]

Does she or does she not have a much bigger annual take home income than $21k/month would suggest? [/quote]

Likely but impossible to know. Every firm does it differently. My husband prefers a large draw and a smaller payout vs the opposite. Once he has proven his ability to earn a certain amount several years in a row, they allow a large draw. [/quote]

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