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First, get the firm’s financials for the past 2 years. How much debt is there? How much profit?
Second, what’s the partner’s goal? Expand the firm? Retire?
Third, this should take a couple of meetings to work out. Hear what is offered, think about it, and think some more. What is your ability to bear debt? Employees gotta get paid- every two weeks. Do you want to work off the buy-in, or pay in?
The first question I would have is: am i making money for the firm? If you are, as an owner of a firm (and I am one) I wouldn't ask you to go into debt - I would give you stock based on performance - a win/win.
My point was for the associate to go into partnership with both eyes open. Firms are a business, and a business owner gets reward and risk. Just know the financial history and obligations. Profit is what is left over.