Partner

I’m a solo practitioner with a focus on bankruptcy/restructuring. I’m in discussions with a former law partner (finance) about forming a partnership. We want to learn the best way to locate independent contractor/per diem associates with finance and/or bankruptcy backgrounds. Any suggestions? NY admissions preferred. Thank you in advance.

My partner is in an industry they love but almost always has to work weekends. Their off days are during the week. I was able to cope/avoid it when I was occupied by work travel, but since covid I’m really discouraged by it now and when thinking long term. It feels like I’m alone all the time and like I can’t plan trips or time together to make up. I have great benefits but they seem useless in our situation. I usually enjoy alone time, but it’s starting to get to me. Any advice?

Anyone start a consultancy on their own? How was it? Looking at my rate, partner pension definitely soaks up all the winnings (not complaining, we are paid well), but I’d like to be the captain of my own ship and take more of the earnings.

I’m a 5th year associate at an AM200 firm where typical partner track is 7-8 years. The firm is pretty hush re partnership likelihood, but I’ve always gotten good reviews, met hours, and even generated a little business. That said, I honesty have no idea if I want to be partner. I don’t know what comp looks like, collection expectations, equity buy-in, or benefits looks like.... when is the appropriate time to ask these questions? I’d hate working another 3+ years for something I don’t want.

Partner at firm is looking to hire mid level transactional jr assc. Commercial transactional experience a must. Strong corporate experience preferred. 100 K plus benefits, downtown firm. Feel free to chat if interested. Should add its a smaller shop but in case anyone is looking of has friends laid off on the market.

I am lucky enough to have a long maternity leave of 16-23 weeks. My husband also can take 16 weeks. I plan to take 21 weeks with STD and Family Leave. For those who are lucky enough to have both partners receiving family leave, how did you break it up? Or for those who wish their partners had more time, when do you think it’s best for the other partner to take their leave time?

Just made partner and my wife and I are expecting a baby. Curious if anyone has been in this position previously and how they did their paternity leave. For the record, my business practice is very supportive, but I am worried about metrics/targets in my first year too. Any insight (especially anecdotal) would be appreciated!

Non-equity partner here, planning to put my name in the hat for an equity vote next fall. Looks like my buy-in will be approximately $100k. Question: how do people pay for their buy-in? I've diverted my 401k savings into a savings account for now (my firm doesn't offer a match, but gives us a flat percentage of salary contribution), but won't have the entire amount in the bank by next year. Thoughts? Personal loan? Home equity? Other?

Thoughts on technology consulting SM who doesn't see partner track playing out going to a $1.5B PE firm to do tech strategy work as VP for both the PE internally and also for select companies under management. Not much increase in base pay but 10-20% better bonus and similar benefits. Also an opportunity for carry but not sure how much. Anyone have experience with exits for technology strategy folks to PE firms?

Hi everyone- I am a NE partner at a Work Comp firm. I’m considering moving into a County Council (CC) position. There are a lot of considerations and one being I’ll make a lot more money initially at the CC position, eventually there’s a cap to how much I can make in government work. But I also don’t know the salary potentials at my current firm so maybe 245k (top range of CC position) is about the same as partner + the other benefits(CalPERS Etc) advice on considerations in this decision?

Why would a partner leave the Firm if they make good money and have a pension waiting?

What is KPMG's parental leave policy for partners versus employees (MDs and below)? Trying to plan life and figure out if it makes a difference to have a child before or after one makes partner in terms of parental leave benefits. Thanks!

First time home-buyer questions re: tax (or other) benefits. I am looking to buy a house with my partner (not married). She already owns a home, this would be my first home (and it would become our primary residence). Our combined income is $325k/yr (120k/205k for her and I, respectively) and we both have good credit scores such that either one of us could get a mortgage for enough to buy what we want. What are the benefits of the mortgage being in one vs. both of our names? (CONTINUED)

Do big4 directors retire with the same benefits as partner or some other?

Leaving Financial Services audit role after 4 years, have a few questions for anyone who has gone thru this process - How does the whole handing in your laptop process go down these days? - Any advice on who I should first communicate this news to? (PML/counselor, Partner, HR) - Any advice on things I should look to do during my last 2 weeks with the firm? (i.e. CPE credits - How is 401k account handled? Should I reach out to someone at my investment advisor, or will I be contacted by someone?

What is a reasonable amount to pay for a mortgage each month? If my partner and I make a combined 350k a year, how much should our house budget be? Struggling to decide what a realistic cost is. We live in NYC and don’t have much overhead besides standard bills (cell phone, internet, electricity) medical, and 401k contributions. Any examples of what others have and pay is much appreciated!

Fellow Partners/Principals, how does Partner deferred comp/pension work at PWC and EY. I have direct admit offers (verbally confirmed today) from both. I am also in the process of switching to Principal track Deloitte in the upcoming FY and Deloitte’s pension is based on avg of your best 3 yr. I am hearing that may not be the case at PWC. I would like to account for that in negotiating fair signing bonus and/or annual income offer. I am leaning towards PWC. Thanks in advance!

What does an Operating Partner at a PE firm make (base/bonus/carry/other benefits)? How hard is it to make that move as a big4 Manager/Senior Manager or is there another way in?

How much is the partner pension at Big 4 firms? How many years do you get paid for?

Partner Question: If your top line monthly distribution is $100k, how much are you actually earning after taxes, medical, 401k etc.? I’d imagine the big 4 firms have fairly complicated state tax structures but curious if there’s a benchmark you use to think about it

I grew up poor. I work in biglaw now. I just about paid off my student loans over the last few years. I saved a small emergency fund, and I’ll now have a good amount of extra money every month. I’m also maxing out my 401k contributions. I’d like to use the extra $ to set myself up for the future, but I don’t know what on my own and I don’t have anyone in my family to talk to about it with. How do you pick a financial advisor? Is it tacky to ask a partner or someone at work for a recommendation?

How does big 4 partner pension work? What is the calculation based on?

My partner is a PhD student, US resident alien, and Indian national who has been a student in the US for 6-7 years now. He’s struggling to find a tax filing platform which’ll allow him to report income from fellowships and PhD salary, and also claim India-US tax treaty benefits. Does anyone know where he can get started?

Can anyone share what the process looks like when you resign as a Big4 partner? Likely taking a position with a competitor. Expecting some difficult conversations around the client non-compete but not sure what to expect in terms of getting your capital out and cashing out pension (not vested yet), tax support for current calendar year, etc.

On paternity leave for next month. Also have a 3 yr old. Partner emails and asks if I have 10 hours over the next couple of weeks to work. What do I do?

How is maternity leave for equity partners handled at your firm? I’ll be the first female equity partner at my firm to have a baby (which is insane, but let’s set that aside) so there’s no policy at this point. I think the other partners are looking to me for suggestions, but I’m not sure what to propose. Would love to hear how other firms handle this. In case it’s relevant, I work at a boutique firm in Chicago.

Anyone in the UK here? Looking for some FIRE tips. Current ‘waterfall’ is: 1/ Max out pension contributions (just under the new taper threshold so £40k/year) - mix of tracker and active 2/ Max our 3 year carry forward allowance on pensions, 3/ 20k/year in ISA (had paid into a LISA for one year but live with my partner who owns, so unlikely to use this for first home purchase; will wait until 60), 4/ Paying down mortgage before end of 5 yr fix, so we’ll be at 60% LTV. Any tips beyond this?

Second year Consultant who came from a benefits broker. I feel like I am very much still learning the ropes of consulting. Was asked to help on a deck for proposal work for something I have no background/knowledge in. Told by the partner that I wouldn’t be creating content just story boarding and managing and organizing in the deck. The manager, familiar with the proposed solution, however seems to be annoyed with me that I didn’t create content. Not sure what to make of this?

Big 4 partners: is there a firm-specific risk to the partner pension, like if the firm were to go under (e.g. Arther Anderson)? I assume you could mitigate this by taking lump sum, and investing, but wasn’t sure how this works.

Does anybody know how HSA benefits work with unmarried domestic partners? We are on same health plan but it’s unclear whether hsa is tax advantaged or not for my partner. Online info is very unclear as well.

What partner retirement packages do big 4 offer? Do partners typically get an annual compensation for life after retirement or do they just get a retirement pension (fixed sum) that they can withdraw from after retirement?

Just curious if I might be a little protected from layoffs since I had told HR that my partner is pregnant way before all this. Trying to make it to paternity leave. Does it matter?

Why does the Big 4 pay their consultants so much less? Is it because our margins are lower or because of the partner pension plan?

ECDs and partner-level people: what are the revenue share benefits you work out? Do you get percentages of the business you win for as long as you keep it? What do these deals look like?

For B4 equity partner/principals- how do put a value on pension in terms of annual replacement cost and years invested? In conversations with a public firm and need to put a line in the sand for offer