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Sally Yates - spill the beans, por favor.
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Do you want the Social Security # as well?
Its a good question, most new partners made more as senior manager than first year partner
Honestly it's very tough to compare in first (or even second) year. There are sooo many differences--taxes (they are not withheld, you have to pay estimated taxes quarterly), benefits (no more "firm paid" anything...health insurance costs will make your eyes pop), monthly distribution vs bimonthly paycheck, distribution % vs annual income. It FELT like it was about the same or maybe a modest increase (similar to a decent annual salary increase).
One thing that is probably true for all (although I can only speak for P): If you're chasing this for the short term month-to-month cash flow you are doing it for the wrong reasons. It's about building long term equity, and taking the long view of how to grow the business. There are easier ways to make more more short term cash compensation.
The better question is- what was your net take home pay your last year as Director vs. 1st year Partner. Partners 1&2 where you at?
That sounds about like what I've heard and was walked through it during SM level meetings that I attended.
Equity in smaller and boutique firms can be different but most any partnership agreement should look at a longer term build. That said smaller firms can have better short term upside but it comes with more risk as well.
No one has offered any hard numbers yet!
So if as a Senior Manager 6 you are making $250k a year and first year Partner Salary is $450 a year it just feels like a modest increase due to the lack of paid benefits like Health and operating cash flow strain of quarterly taxes and less frequent pay. Is that a fair summary? Beyond base of $425 in this hypothetical example is there bonus or is your full comp now what is called your salary?