{ "media_type": "text", "post_content": "My firm pays contract partners using a K-1. Is that normal? The taxes are crazy - we have offices in so many states and with the cap on the SALT deduction it is awful. Also do firms provide matching 401k for contract partners? I am at an Amlaw 200 firm (not Biglaw) for comparison purposes. I’m not trying to compare to the really high end firms. Just trying to figure out if I’m getting as raw a deal as it seems.", "post_id": "61e62e0ece54bd002a319433", "reply_count": 10, "vote_count": 3, "bowl_id": "5ebe077dd8e52a0021018e12", "bowl_name": "Law Partners", "feed_type": "bowl" }

My firm pays contract partners using a K-1. Is that normal? The taxes are crazy - we have offices in so many states and with the cap on the SALT deduction it is awful. Also do firms provide matching 401k for contract partners? I am at an Amlaw 200 firm (not Biglaw) for comparison purposes. I’m not trying to compare to the really high end firms. Just trying to figure out if I’m getting as raw a deal as it seems.

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Am at a AmLaw 100 and we pay all partners, whether equity or contract on a K-1 as well and agree it’s a killer

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Same here. Everyone on k-1

I'm at AmLaw 100 and a couple years ago my firm moved away from K-1s to W-2 for non-equity partners for this reason. Base salary I understand went down though so I think it ended up being a wash for us.

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The K-1 is normal for all partners, contract or not. The SALT deduction, IMO, is BS because it subsidizes high tax states.

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and the federal government otherwise generally subsidizes low-tax states, which is also BS

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Does that mean no SS retirement accumulating for years worked as a k1 partner?

Thanks for that info!!

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