Anonymous wrote:My DH is a partner at a V50 and there are definitely partners in niche practice areas that make less than senior associates in his group. Anyone who doubts this doesn't know what the hell they're talking about.
Anonymous wrote:Honestly being a “big law partner” is a lot broader than DCUM imagines. In the V50-100 it’s really not so rare for nonequity partners to make less than associates. I wouldn’t stress too much in your shoes. If he keeps working on BD and making forward strides I doubt he has a target on his back.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:What you describe is not what an “income partner” is. My DH is an income partner. He is staffed on cases brought in by others or that he helped pitch, and makes more like $750k. There is never any “runway” at his firm for a lateral income partner because they’re not looking to take off for anything else. It sounds like what your husband has going on is that the firm was hoping he would bring in so much business he would make equity in 2 years, but also with such a low base they aren’t really upset that ramping up has not gone better.
OP here. Thx for this input. I guess my DH is a glorified associate, but even an associate would get some billable work to do.
At least he gets the "partner" title, which is definitely helpful in trying to build up a book of business.
I guess his situation does not fit neatly into any category. He is paid a gross amount (and we get a schedule K instead of a W-2, creating a lot of extra tax work for me). I think he'll try to continue to build up his book of business, and then if more conflicts arise at the current firm, he'll leave for another firm or set up his own shop. DH seems content in the situation, even if he's kind of surprised and disappointed that no one has given him any billable work. He's looking on the bright side -- he likes being his own boss, and not having the hierarchy of the federal government. He's got plenty of leisure time. So it's not all bad.
And what do you do, Wife?
OP here. I am in-house counsel at a Fortune 100 company. I've been the main breadwinner for a while.
Based on your previous posts, I don't believe this (and I'm sure I'm not alone).
And if by some chance it's true, I am guessing you practice employment law?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:What you describe is not what an “income partner” is. My DH is an income partner. He is staffed on cases brought in by others or that he helped pitch, and makes more like $750k. There is never any “runway” at his firm for a lateral income partner because they’re not looking to take off for anything else. It sounds like what your husband has going on is that the firm was hoping he would bring in so much business he would make equity in 2 years, but also with such a low base they aren’t really upset that ramping up has not gone better.
OP here. Thx for this input. I guess my DH is a glorified associate, but even an associate would get some billable work to do.
At least he gets the "partner" title, which is definitely helpful in trying to build up a book of business.
I guess his situation does not fit neatly into any category. He is paid a gross amount (and we get a schedule K instead of a W-2, creating a lot of extra tax work for me). I think he'll try to continue to build up his book of business, and then if more conflicts arise at the current firm, he'll leave for another firm or set up his own shop. DH seems content in the situation, even if he's kind of surprised and disappointed that no one has given him any billable work. He's looking on the bright side -- he likes being his own boss, and not having the hierarchy of the federal government. He's got plenty of leisure time. So it's not all bad.
And what do you do, Wife?
OP here. I am in-house counsel at a Fortune 100 company. I've been the main breadwinner for a while.
Based on your previous posts, I don't believe this (and I'm sure I'm not alone).
And if by some chance it's true, I am guessing you practice employment law?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:What you describe is not what an “income partner” is. My DH is an income partner. He is staffed on cases brought in by others or that he helped pitch, and makes more like $750k. There is never any “runway” at his firm for a lateral income partner because they’re not looking to take off for anything else. It sounds like what your husband has going on is that the firm was hoping he would bring in so much business he would make equity in 2 years, but also with such a low base they aren’t really upset that ramping up has not gone better.
OP here. Thx for this input. I guess my DH is a glorified associate, but even an associate would get some billable work to do.
At least he gets the "partner" title, which is definitely helpful in trying to build up a book of business.
I guess his situation does not fit neatly into any category. He is paid a gross amount (and we get a schedule K instead of a W-2, creating a lot of extra tax work for me). I think he'll try to continue to build up his book of business, and then if more conflicts arise at the current firm, he'll leave for another firm or set up his own shop. DH seems content in the situation, even if he's kind of surprised and disappointed that no one has given him any billable work. He's looking on the bright side -- he likes being his own boss, and not having the hierarchy of the federal government. He's got plenty of leisure time. So it's not all bad.
And what do you do, Wife?
OP here. I am in-house counsel at a Fortune 100 company. I've been the main breadwinner for a while.
Anonymous wrote:So OP is an in-house counsel and let her husband take a "partner" job at a 500+ attorney law firm for $300k?! I find that hard to believe. It's well known that senior associates and counsel make over $500k, and that a lateral partner from the government should make at least that much.
Anonymous wrote:Anonymous wrote:My takeaway here is that OP understands everything about her DH's position except that it's not at a BigLaw shop. He's an income partner that they may or may not care if he ever makes equity at a small law firm that is not on the Cravath scale. He has some kind of expertise that they use to bring in work (CLE presentations, etc.) but the equity partners keep it for themselves because the pie is not big. It doesn't sound like a terrible gig but he may want to shop his book around since so much of his work is getting conflicted out at this firm. Even coming on as counsel in a BigLaw firm would be a raise.
I tend to agree. I can't imagine any "income partner" in Biglaw getting paid so little money AND having no work sent their way. It's not the model, that's for sure. OP's husband has to be at a smaller shop.
OP, how big is your husband's law firm? How many lawyers in how many cities? You can tell us that without revealing the name of the firm.