baltassoc |
03-07-2006 12:02 PM |
partnership Q (crosspost from Ohio board)
Quote:
Originally posted by redheaded stepkid
I'm not sure if this board gets much substantive play, but I am casting a wide net for info......
I'm a first year at Ohio BIGlaw and while it may be a little early to have partnership questions, I like to be prepared (and as tax time approaches I am doing a little long-term economic plannin).
When someone becomes a partner at a biglaw firm, what is the typical buy-in? Is it a flat sum? Percentage? What is the basis? Physical assets plus some calculated revenue valuation? Is it all due upon election to partnership or is it a graduated buy-in over time? Is the buy-in tax deductible as a business expense?
thanks.
|
The answer to all of these questions is: it depends. There's a lot of variability out there.
Very few people turn down a partnership offer because even though they want it they can't afford it. They may turn it down because it doesn't make economic sense, because they can hop elsewhere for a better deal, but not because they are stuck and can't afford it.
Better now to concentrate on positioning yourself to make partner: client development is key.
But the prevailing philosophy on this board seems to be that the partnership goal is a questionable one: it's a pie eating contest where the prize is more pie. So take what you hear here with a grain of salt.
Best of luck.
|