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Relationship between PPP and Partner saleries?
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Date: July 1st, 2009 1:38 PM Author: Ruby vibrant sanctuary Are they one in the same? (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132774) |
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Date: July 1st, 2009 1:42 PM Author: Topaz Area Death Wish I'm going to assume you meant to say "one and the same"? (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132806) |
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Date: July 1st, 2009 1:43 PM Author: Ruby vibrant sanctuary In Barack Obama's America, in is the new and. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132817) |
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Date: July 1st, 2009 3:31 PM Author: Vermilion bateful internal respiration His phrasing is fine for all intensive purposes. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12133582) |
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Date: July 1st, 2009 10:21 PM Author: naked pale business firm dingle berry 180 (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12137395) |
Date: July 1st, 2009 1:44 PM Author: maroon home chad No, they are not. At a firm with a PPP of $2 million, you'll find that some partners are making as much as $4.5 million while others may be making as low as $650k (new partner). It depends. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132823) |
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Date: July 1st, 2009 1:49 PM Author: Poppy field pervert what is the likelihood of this at firms with lower PPP. that is, and this is just an assumption, firms at the high end of PPP probably have similar partnership models and so there is great disparity in the high and low ends of actual equity partners' compensation. does this also hold true for firms with PPP of $1mill? (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132861) |
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Date: July 1st, 2009 1:52 PM Author: Ruby vibrant sanctuary Is this the case even in firms with 1 level of partner? (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12132887) |
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Date: July 1st, 2009 3:07 PM Author: Topaz Area Death Wish Tough to generalize. There are certainly firms with low PPP with very high spreads because of two-tier and/or eat-what-you-kill models. Alternatively, the very highest PPP V10 type firms tend to have lower spreads and are almost, if not entirely, fully lockstep. However, that's not true of some high PPP firms like Kirkland, Dechert or Cadwaladar.
The other issue is that PPP is not an accurate reflection of average take-home in a given year either because partners are required to leave reserves, fund capital calls, buy additional units, etc. |
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Date: July 1st, 2009 3:15 PM Author: Ruby vibrant sanctuary What is this buying units you speak of? (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12133444) |
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Date: July 1st, 2009 3:23 PM Author: Topaz Area Death Wish Every partner owns a certain number of units or shares of the partnership, allocated among the partners based upon seniority, production, firm service, etc. Generally when a partner is allocated additional units or shares he or she has to buy the units or shares at that year's value. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12133492) |
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Date: July 1st, 2009 3:32 PM Author: gay spectacular parlor dysfunction ITT: Naive, biglaw-gunning law students becum sadly disappointed when they realize partnership doesn't mean you simply receive a check for $70,000 once a month after you becum "partner."
Yes dipshits, not only do you have a less than 10% chance of making the cut, but it will likely be about ten years, you don't make millions right away, and you still work like a dog - the firm comes first.
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Date: July 1st, 2009 6:25 PM Author: Ruby vibrant sanctuary Excelent working in of the word cum. Yoolur post makes me feel sorry for strivers working in DC or NYc. Much easier partnership prospects in smaller markets. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12135353) |
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Date: July 1st, 2009 7:13 PM Author: confused cordovan main people Depends on the firm, and you can't really break it down by ranking/prestige. You can see a big spread between partners at firms like Skadden, S&C, and Dechert, while I think Cleary, Debevoise, and Cravath still have lockstep partnership. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12135787) |
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Date: July 1st, 2009 7:43 PM Author: Crusty brunch people who are hurt lockstep doesnt mean you cant have a big spread between junior and senior dude (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12136062) |
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Date: July 1st, 2009 8:00 PM Author: flushed stirring spot karate Lockstep is still usually broken down into 4 levels. At a firm with $2M PPP, a first year partner would likely make around $660k, 4-5th year partner around $1.34M, a partner who has been a partner for 9-10+ years would likely be right at the $2M PPP, and then you'd have a few head guys (possibly the named founders) who get around $2.5M. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12136200) |
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Date: July 1st, 2009 11:15 PM Author: domesticated nursing home idea he suggested I think a lot of the high PPP lockstep firms have around a 4:1 spread. (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12138074) |
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Date: July 1st, 2009 11:17 PM Author: Topaz Area Death Wish You're low. Unless you mean those to be take-home numbers (ignoring forced unit purchases). (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12138102) |
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Date: July 2nd, 2009 8:57 AM Author: Poppy field pervert can you present a model of what you think to be a typical partnership scenario and what expected payout would be per tier/partnership year. here are your assumptions. firm with PPP of $2 million; leverage of 3 associates to 1 partner; equity partners only. rest of the assumptions are yours (i.e., amount of forced unit purchases, equity tiers, etc.) (http://www.autoadmit.com/thread.php?thread_id=1031429&forum_id=2#12140307) |