Partners: How often are you paid? Do you receive regular paychecks/distributions in equal amounts? Does the firm ever withhold a check during a cash crunch?

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My current firm dribbles money out until August. From then on we receive distributions based on anticipated revenue and actual YTD collections. My last firm paid you once a year on 12/31. You learn to budget. It’s true - partnerships pay all expenses first and then and only then do partners get paid.

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Fixed draws of 10k twice a month, with supplemental draws sometimes depending on how the firm is doing. Starting in the fourth quarter we get additional draws that eventually get us to our target salary amount (assuming the firm made budget). Bonuses a month or two following year-end.

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It's a straight up eat what you kill formula, with sliding percentages depending on how much you collect, and different percentages for different categories (eg, percentage A if someone else brings in the work but you do it, percentage B if you bring it in and you do it, percentage C if you bring it in but don't do it, and A, B, and C slide as previously stated). Paid once a month based on prior months collections.

So this means my pay swings wildly. You just learn to budget and build up a large cash reserve in case things get slow.

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Following, OP how do you get paid?

Thank you!

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