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.
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Sometimes flat sum- sometimes tied to the (small) percentage you intitially own. If large typically some financing is offered. At some firms it's a way to fuck you one (they say) last time and line the older guy's pockets.
but it varies. And you can certainly ask. the only reason you shouldn't ask would be if your reviews/feedback have been bad. There's a sock called Ironweed. He had homogenously bad reviews. After his 6th year review he asked details re. partnership, and the guy actually took the NYT's help wanted pages out of his trash can and handed it to him. True story.
