Partners, what are the best and worst parts of your job? Also how do you finance the cash injection needed?

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I hope you don’t view being a biglaw partner as the only way to be a partner.

I love the flexibility in terms of what work I choose to do, I really enjoy running my firm (the business aspects) and training younger people, I enjoy having enough seniority and grey hair that when I tell a client how to structure a deal, not only do I know what I am talking about but the client listens. And I still derive intellectual satisfaction from my specialty.

I don’t enjoy the stress of worrying about having enough business to keep all these people employed, hate working with opposing counsel who mistake their job with their ego and thus make doing a deal harder and don’t enjoy feeling incompetent with the ever changing technology (yes I know how to redline).

The money has given my family and me a very privileged life and the prestige is nice too. I could never have lasted very long on just that, though. I honestly don’t understand people 20, 30 years into practicing law who say they hate it.

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Not a P, but I think most firms let you finance your contribution, or take it out of your pay over time.

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Agree

Overall everything is better about being a partner. You should stick it out

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Even as a NEP?

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Context - considering sticking it at out a firm to make partner or moving in-house

Requiring a cash contribution to become a partner is very old school! Make sure you know what you’re getting for that cash contribution and what you get/when you get it when you leave. Often, firms will use it as a way to hold you hostage and discourage leaving, which the ABA said last December is unethical. Also watch out for what can get charged to you if you try to leave. Lots of firms with this older draconian model also make you guaranty part of their line of credit and their lease on their office space. Then when you leave, they claim you owe them a ton of money on those guarantees.

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