Do non-equity partners get partnership agreements usually? All I got was an offer letter like the sort I’d get for an associate role. I’m not sure what industry standard is. Thanks all!

helpful
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I did, but nothing really changed in the terms of my employment.

likehelpful

Ah gotcha. Didn’t realize you were switching firms; that makes sense. Hope you get those bonuses!

In my experience, I make more as a NEP but my salary has plateaued and bonuses never happen. Basically, they’re fine to pay my current salary and me stay as NEP but if I want to really see money then I have to make the push to EP.

Generally it’s similar to a regular employee contract. Pretty basic

likehelpful

I got a handshake and nothing else. I left about a year later.

likehelpful

I had a couple clients that I took with me. It felt much harder to leave than it actually was.

helpful

Nep here who signed the partnership agreement and is now a K-1

likehelpful

Lol you're now a k-1? 🤣

Non equity partners do not sign partnership agmts at my firm. Still just salaried employees.

likehelpful

Same at mine, NEPs are still W-2 employees.

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“Non-equity partner” continues to be an oxymoron that baffles me

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Well there is the term “income partner”. That’s a term my first firm used. It didn’t mean anything official, but was a way to categorize two different tiers. I think the term is just used as a title to placate people in a lot of ways.

In my experience, not unless you’re hybrid equity/income. Which is much more common now. Even the partnership agreement is basically take it or leave it. You’re best off getting what you want. Is a side letter.

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More money is always good.

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