Anonymous wrote:I find this all very interesting. My DH is a first year non-equity partner in a AmLaw 100 firm (lower 50) and he makes $460K base and then got a $125K bonus for an all in of $585K as his first year as a non-equity partner. So more than his last year as a senior associate/counsel but definitely low for a partner compared to some of the big AmLaw 100 firms. I think the rain maker in his group got a $7 million bonus last year but that is from winning a very large contingent case that year. I think the profits per partner in his firm are around $1.2 million (average obviously).

Being a successful partner in a law firm just means you get more pie from the pie eating contest - it never ends. My DH billed around 2000 hours last year and all in was close to 3000 hours with non-billable/business development stuff. An average 40 hour work week person works 2080 hours. That means DH worked close to 900 more billable hours (which is not a 1:1 for hours actually worked) than a normal 9-5 employee. Basically he works all the time.

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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.

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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.

My dad is retired now but was a successful big law partner and one of my brothers is even more successful in finance. Another sibling also very successful in finance. My dad told us not to be lawyers, lol.

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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!

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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.

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.

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Anonymous wrote:For me, non-equity base comp was $425k-$545k (3 year stretch); equity has been $750k-$1.3mm (in 3rd year now).

Questioning my choices. -doctor

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.

Anonymous wrote:For me, non-equity base comp was $425k-$545k (3 year stretch); equity has been $750k-$1.3mm (in 3rd year now).

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Anonymous wrote:How prestigious is Big Law in DC? In the Bay Area, it was viewed as a very good but second tier job type for the area. I think a higher-stress orthodontist might be the best comparison. There were a couple of exceptions based on particular firms but it wasn't going to impress many people at a cocktail party (and you were rarely going to be close to the wealthiest or highest income in the room as an attorney).

Sorry you don’t make as much money as a BigLaw partner.

I do just fine I didn't know service industry jobs were so well respected in DC though.

Is Big Law really toward the top of the pyramid here though? It honestly isn't out west or even in NYC where Wall Street dominates. Before moving here, I had heard there were a lot of lawyers comparatively so maybe it is different. This also isn't the same type of hub for huge $$ industries like the New York (finance) and the Bay Area (tech). The lawyers really might be among the biggest earners here.

How long have you lived here, two weeks? Do you ever branch out from behind your computer?

If you really have to ask whether being at the top of the legal profession in the nation’s capital - a town built on making and enforcing laws - is considered “prestigious” - then I don’t know what to tell you.

Isn't Big Law a really wide grouping though? I wasn't under the impression that being a generic Big Law partner was the top of the legal profession here. Is it? If you are a partner at Wachtell, it is a huge deal in NYC but very few are going to be impressed by just being a partner at most firms.

DC is totally different than NYC where finance is on top. Law really is close to the top of the pyramid in DC.

Seriously. Enough already. Lawyers are at the top of the food chain in DC. Spend a week here and you’ll have figured that out.

Anonymous wrote:All these DH’s. Hope there are some women out there!

Anonymous wrote:😂😂😂😂😂

This comment made me laugh. Thank you!

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Anonymous wrote:How prestigious is Big Law in DC? In the Bay Area, it was viewed as a very good but second tier job type for the area. I think a higher-stress orthodontist might be the best comparison. There were a couple of exceptions based on particular firms but it wasn't going to impress many people at a cocktail party (and you were rarely going to be close to the wealthiest or highest income in the room as an attorney).

Sorry you don’t make as much money as a BigLaw partner.

I do just fine I didn't know service industry jobs were so well respected in DC though.

Is Big Law really toward the top of the pyramid here though? It honestly isn't out west or even in NYC where Wall Street dominates. Before moving here, I had heard there were a lot of lawyers comparatively so maybe it is different. This also isn't the same type of hub for huge $$ industries like the New York (finance) and the Bay Area (tech). The lawyers really might be among the biggest earners here.

How long have you lived here, two weeks? Do you ever branch out from behind your computer?

If you really have to ask whether being at the top of the legal profession in the nation’s capital - a town built on making and enforcing laws - is considered “prestigious” - then I don’t know what to tell you.

Isn't Big Law a really wide grouping though? I wasn't under the impression that being a generic Big Law partner was the top of the legal profession here. Is it? If you are a partner at Wachtell, it is a huge deal in NYC but very few are going to be impressed by just being a partner at most firms.

DC is totally different than NYC where finance is on top. Law really is close to the top of the pyramid in DC.