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partnership Q (cross-post from Infirmation.com)
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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