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Friend up for biglaw partner... firm added non-equity tier, extended timeline
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Date: October 24th, 2025 10:46 AM Author: Nazca Redlines A friend works at a reasonably well regarded V50 firm. As of a few months ago, the firm had a 1-tier partnership. No non-equity partners. He was up for partner this year and said he had a good shot.
But, the firm announced (a) the creation of a non-equity tier and (b) that associates and counsel would need to spend "at least 3-5 years" in the non-equity tier before consideration for the equity tier. Presumably, this means no one will get a real breakfast for the next 3-5 years.
Said friend is very unhappy. He says he only stayed this long to get breakfast, and he doesn't want to stay another 3-5 years to have a shot at breakfast. However, he doesn't really have any other options for biglaw equity partnership, so he said he is staying despite this. |
Date: October 24th, 2025 10:54 AM Author: lucius quinctius cincinnatus (his own flesh as well as all space was still a cage) This is market. It's creeping up the Vault Rankings too. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49370944) |
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Date: October 24th, 2025 10:58 AM Author: hot coffee mod Hey. Hey. Hey! (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49370955) |
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Date: October 24th, 2025 10:55 AM Author: Gaynigger from Outer Space what difference is another 3 to 5 years?
was he planning on checking out completely once making equity partner? |
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Date: October 24th, 2025 11:04 AM Author: Nazca Redlines It's a huge difference. Probably 1.5-2x the money each year. Getting onto the partnership ladder quicker so you get to mid-level partner money sooner. The certainty of getting breakfast. Having a leadership role. Not having to eat as much shit that rolls down to you as an associate. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49370968) |
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Date: October 24th, 2025 11:41 AM Author: .,.,.;.,..,..,.,:.,:,..,..,::,..,:,.,.:,..:.,:.:, being a partner is like being held down by several burly men who cram shit down your throat as fast as they can imo (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371081) |
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Date: October 24th, 2025 12:00 PM Author: Nazca Redlines OK. Now do being a 9th year associate at an NY V50 firm. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371142) |
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Date: October 24th, 2025 12:03 PM Author: .,.,.;.,..,..,.,:.,:,..,..,::,..,:,.,.:,..:.,:.:, less shit imho (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371162) |
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Date: October 24th, 2025 12:55 PM Author: .,.,...,....,.,........,........ You forgot about the part where we make millions of dollars per year. I’ve never given two shits about equity partner complaints as they make millions. If the schedule is too arduous they can go work a 9-5 barista or construction job. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371319) |
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Date: October 24th, 2025 10:55 AM Author: Kenneth Play that sucks, it's a brutal lifestyle (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49370951) |
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Date: October 24th, 2025 11:02 AM Author: kash patel calling u chief ((zurich is stained)) i was at a lower-ranked firm (V60s) and they had a fake single-tier partnership structure, where you started out at 10% and worked your way up. so basically they have nonequity partners who have a terrible tax burden and a bunch of horseshit to deal with.
that shit sucked. sounds like your friend would be in that boat for a few years, although he will at least be a w-2 employee, which is significant.
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Date: October 24th, 2025 11:05 AM Author: Kenneth Play what's 10%? (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49370969) |
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Date: October 24th, 2025 11:47 AM Author: kash patel calling u chief ((zurich is stained)) at my firm, there are no nonequity partners. you'd think everyone is equity, but that isn't true. every partner has at least a 10% equity stake in the firm. i don't understand the mechanics of this, but firms apparently do it to game the PPP numbers.
if you are a newbie partner, you are saddled with the tax burden of being self-employed, paying taxes in like 15 states, etc. but you don't get the benefit of truly being an equity partner, because 90% of your pay is a salary, and only 10% is based on firm profits.
there are several tiers there, like 30%, 50%, 60%, etc. i know a dood with a $2m book and he's stuck in the 30 or 40% tier. i never made it out of 10% |
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Date: October 24th, 2025 11:49 AM Author: .,.,.;.,..,..,.,:.,:,..,..,::,..,:,.,.:,..:.,:.:, what is the denominator ffs (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371103) |
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Date: October 24th, 2025 12:04 PM Author: kash patel calling u chief ((zurich is stained)) what they seemed to do with fake equity partners like me is come up with a salary they thought you should be paid and just back into the number so that 90% of it was a set payment and 10% varied with firm profits. i had like 0.000000012% of the firm, or some retarded number like that. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371171) |
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Date: October 24th, 2025 12:09 PM Author: .,.,.;.,..,..,.,:.,:,..,..,::,..,:,.,.:,..:.,:.:, i see. at my firm, all partners have some percentage of the overall pot and that's it. they express it in terms of units though and don't tell you how many units there are, so you can't figure out your percentage of the total (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371196) |
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Date: October 24th, 2025 11:06 AM Author: Nazca Redlines I was under the impression the new tier--assuming he gets non-equity breakfast--would be 0% equity, but I'm not sure.
What made the tax burden terrible? Paying W2 taxes on 90% of your income, then needing to file returns in a bunch of other states for the rest? |
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Date: October 24th, 2025 11:36 AM Author: lucius quinctius cincinnatus (his own flesh as well as all space was still a cage) They'll pay you on a 1099, offer nothing in terms of retirement or health insurance, you pay 100% of FICA. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371061) |
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Date: October 24th, 2025 11:48 AM Author: kash patel calling u chief ((zurich is stained)) yeah that's it. the tax burden was a good 20% haircut. pretty 180 if you're making $700k or whatever, but not if you're making a little more than a senior associate. (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371097) |
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Date: October 24th, 2025 11:51 AM Author: China Numba One Country in World with the taxes you are making less as a new partner than as a senior associate? or still more? (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371108) |
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Date: October 24th, 2025 11:53 AM Author: kash patel calling u chief ((zurich is stained)) i wound up getting a decent bump where i made (net) slightly more than i did my last year as an associate, but barely more.
from there, i got $10k raises each year. after like three years of this i left. issue was i was on a rainmaker's team and the guy didn't share client credit for shit. i stole $1m of his book, so it worked out. |
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Date: October 24th, 2025 12:02 PM Author: Nazca Redlines (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371151) |
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Date: October 24th, 2025 11:54 AM Author: AI_concubine What is breakfast in this context? (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371121) |
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Date: October 24th, 2025 11:59 AM Author: the walter white of this generation (walt jr.) Breakfast = equity
Continental breakfast = new business cards that say "partner" and a 1-word modification to you firm website bio |
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Date: October 24th, 2025 12:06 PM Author: Nazca Redlines It's frustrating because this is yet another insult from boomers and the handful of gen x'ers who made it. My friend worked hard, did good work, and now, at the end of this stage, people who got breakfast after 7 years billing 1700 hours in a world without email tell him, "Give us another 3-5 years and we'll talk," and it's purely to juice their already-7-figure PP(E)P numbers.
I told him he should hie to in house. |
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Date: October 24th, 2025 12:47 PM Author: artificial intelligence This is everywhere now (http://www.autoadmit.com/thread.php?thread_id=5789340&forum_id=2"#49371304) |