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Additional Posts in Partner One
Great discussion board
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For a new partner with the minimum number of shares, it's a little less than $100k but you have to contribute more each year as you get additional shares. For the "average" partner, it's about $200k once they've reached tenure.
The amount of capital required (the "buy in" as you call it) is a function of the number of shares you are allocated. More shares = more capital = higher "buy in."
It's not dependent upon LoS, vertical or competency.
Initially, the number of shares allocated is largely driven by what you made as a director / senior manager/ md. After that, until you make it off the kiddie grid (new partner) and onto the tenure grid you pretty much get the same as everyone else each year with few exceptions unless you're a massive screw up. After that, it's driven by role, sustained performance, political factors, etc. but it's a slow up and slow down process (typically you don't get 50% more shares in a single year)
Hope that helps
One Million Dollars
Does the buy in amount vary by the various practices? For example would the buy in for a cyber advisory partner differ from that of a tax or audit partner?
That's really helpful.. thanks for that.. one follow up though, what dictates the number of shares one is allocated?
Interested in the salary part too.
So, generally speaking, and this was published a few years back, a first year makes about 7x what a campus hire makes (but remember that you have costs as a partner (healthcare, taxes) that are covered by the firm as an employee. The median is north of $850k. However, the retirement plan is where the money really is. If you can make it the distance, that's a nice chunk of change.
What's the minimum number of years you need to be a partner to qualify for the retirement benefits?
I should clarify that this is for US
I m in cyber myself and am interested in our numbers..
Swagger ;)
That's really helpful. Thank u.
So let's say if you're willing to put a million dollars down from your own pocket for buy in can they give you more shares? Or is it only always the other way around where they first decide the shares and you pay accordingly
The Firm decides how many shares you get based upon role and responsibility (new partners admitted internally generally get the same number; externally admitted partners get a wide range of initial shares awarded). You can't put down more $$$ and get more shares.
What's the average salary your first few years while you're "buying" in? I've heard it's low and you don't make your money until you're more tenured, is this true?
10 I think