Anonymous wrote:For some reason it’s all law partners posting here

I’m curious to know about the compensation & lifestyles of MBB consulting partners, as well as big 4 audit, tax and consulting partners.

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Anonymous wrote:Leaving govt after a long long time - newly empty nester (woman) - have non equity partner offers

Is this worth trying? I don’t need the money - it would certainly be nice but I think there are jobs I could get that would pay closer to a govt salary and lifestyle would be okay.

Completely depends on law firm - what does NEP mean, is there a path to equity, what is the pay and how much if any depends on originations, what is the expectation on you to bring work in, how do they support laterals, do they have work for you, etc etc
And depends on you and what you want!

If she’s already an empty nester and doesn’t need the money she might not care about oath to equity. But definitely worth figuring out what work they have for you and if you’ll be expected to bring in business. Sending you to conferences to schmooze and talk and hang out govt credentials out to entice clients is one thing, but if they’re gojng to base your comp on what you actually pull in (eat what you kill), that may not be worth the stress for you. But some firms already have the clients but need the expertise to fill out an existing practice or something like that — this could be a very cushy path to retirement for you.

PP here considering a firm, for the offer I think I’m leaning towards there will be some business development but more in terms of using my expertise to expand work with existing clients and then having me oversee that work in an area where I have a lot of expertise (niche regulatory practice).

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Anonymous wrote:I am a CPA for a few downtown and they (my clients) make between 3M and 7M fairly consistently. Some do broach $10M+

That is insane! Wow.

So do most partners fall in the 3-7M range? And what are their ages?

NO. Most do not. PP has somehow cultivated the higher end of the range for clients.

Makes sense, because partners making that kind of money are more likely to need a CPA. Also if the firm does business in multiple states, the partner needs to file non-resident returns in each of those states.

Every partner with a K-1 needs a CPA. Most firms reimburse partners for their tax preparer (ours pays up 4k I think).

The 7MM figure is definitely high end. That’s only remotely normal at a handful of firms (Wachtell, Kirkland, DPW, S&C, maybe Cravath). For most “good not great” firms there will be a good handful in the 7MM-12MM range and a whole lot more in the 2MM-3MM range.

Not to scoff at 2MM. Most biglaw partners are making that kind of pro athlete money by 50. But it’s backup QB money, not Mahomes money… you get to pick one thing: a yacht, a beach house, a house in southern France, a car collection. But you don’t get them all. And given that most are divorced at least once and paying for who knows how many college tuitions and underachieving kids, they may need to be happy with a Range and a CC membership.

Man… why is this? I don’t know a single particularly successful kid of a big rainmaker partner. It’s scary.

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Anonymous wrote:I am CPA for many Big Law partners in DC and the range is anywhere from 2M - 12M from what I have personally seen.

Those over 7M work more in the M&A and Anti-Trust side for the largest of transactions.

They work like dogs and many of them are burnt out by 50 but the golden handcuffs keep them chugging along.

I understand that you have good reason to know how much money they are making, what with you doing their taxes and all, but how the hell do you know how hard they’re all working?

...because I have a relationship with them and talk about it?? I know their kids. We've worked together for years and I need to communicate with them very regularly.

It's a little unusual to have that kind of relationship with multiple clients. I am a biglaw partner and communicate with my accountants a few times per year at most, and they would have no occasion to meet my kids. It's a professional relationship.