It was the wrong thread

Originally posted by Hank Chinaski
Sometimes flat sum- sometimes tied to the (small) percentage you intitially own. If large typically some financing is offered. At some firms it's a way to fuck you one (thry say) last time and line the older guy's pockets.

but it varies. And you can certainly ask. the only reason you shouldn't ask would be if your reviews/feedback have been bad. There's a sock called Ironweed. He had homogenously bad reviews. After his 6th year review he asked details re. partnership, and the guy actually took the NYT's help wanted pages out of his trash can and handed it to him. True story.

I hear there's a sweet opening in a talent boutique practice in LA. One door closes and another one opens.

[baltassoc]

Originally posted by redheaded stepkid
I'm not sure if this board gets much substantive play, but I am casting a wide net for info......

I'm a first year at Ohio BIGlaw and while it may be a little early to have partnership questions, I like to be prepared (and as tax time approaches I am doing a little long-term economic plannin).

When someone becomes a partner at a biglaw firm, what is the typical buy-in? Is it a flat sum? Percentage? What is the basis? Physical assets plus some calculated revenue valuation? Is it all due upon election to partnership or is it a graduated buy-in over time? Is the buy-in tax deductible as a business expense?

thanks.

The answer to all of these questions is: it depends. There's a lot of variability out there.

Very few people turn down a partnership offer because even though they want it they can't afford it. They may turn it down because it doesn't make economic sense, because they can hop elsewhere for a better deal, but not because they are stuck and can't afford it.

Better now to concentrate on positioning yourself to make partner: client development is key.

But the prevailing philosophy on this board seems to be that the partnership goal is a questionable one: it's a pie eating contest where the prize is more pie. So take what you hear here with a grain of salt.

Best of luck.

[Mmmm, Burger (C.J.)]

Originally posted by baltassoc


But the prevailing philosophy on this board seems to be that the partnership goal is a questionable one: it's a pie eating contest where the prize is more pie. So take what you hear here with a grain of salt.

Best of luck.

Mmmm, pie.

[redheaded stepkid]

Originally posted by Hank Chinaski

but it varies. And you can certainly ask. the only reason you shouldn't ask would be if your reviews/feedback have been bad. There's a sock called Ironweed. He had homogenously bad reviews. After his 6th year review he asked details re. partnership, and the guy actually took the NYT's help wanted pages out of his trash can and handed it to him. True story.

I hear it leaves an uncool impression, unless you are on the cusp of partnership. As for the story, I am not sure if any of the partners at my place would be that big of assholes, but I am also not sure exactly how egregiously poor this person's performance was.

[redheaded stepkid]

Originally posted by baltassoc
The answer to all of these questions is: it depends. There's a lot of variability out there.

Very few people turn down a partnership offer because even though they want it they can't afford it. They may turn it down because it doesn't make economic sense, because they can hop elsewhere for a better deal, but not because they are stuck and can't afford it.

Better now to concentrate on positioning yourself to make partner: client development is key.

But the prevailing philosophy on this board seems to be that the partnership goal is a questionable one: it's a pie eating contest where the prize is more pie. So take what you hear here with a grain of salt.

Best of luck.

Thanks. Any advice on client development for very junior associates in a city where you don't exactly have deep roots? I'm transactional, if that makes any difference.

[baltassoc]

Originally posted by redheaded stepkid
Thanks. Any advice on client development for very junior associates in a city where you don't exactly have deep roots? I'm transactional, if that makes any difference.

Try to get in front of clients. It takes a while, but this will get you new clients. Join the local Art League/Museum/Symphony, and get on the board (takes a couple of years). Teach, both seminars and in a law school or business school. Marry someone with good local contacts.

None of these pay off for a few years, but you've got a few years.

[Hank Chinaski]

Originally posted by redheaded stepkid
I am also not sure exactly how egregiously poor this person's performance was.

Read politics and fashion boards for a few weeks and you'll have a real good sense of how poor.

Originally posted by Hank Chinaski
Read politics and fashion boards for a few weeks and you'll have a real good sense of how poor.

And I save my best work for the politics board, too. :frown:

[redheaded stepkid]

Originally posted by baltassoc
Try to get in front of clients. It takes a while, but this will get you new clients. Join the local Art League/Museum/Symphony, and get on the board (takes a couple of years). Teach, both seminars and in a law school or business school. Marry someone with good local contacts.

None of these pay off for a few years, but you've got a few years.

Right on, this all makes good sense. I dumped (or got dumped by, depending on the source) my LS gf, so I am free to find a local up and coming socialite with connections.....if I can find a way out of the office to socialize.

[Replaced_Texan]

Originally posted by redheaded stepkid
Right on, this all makes good sense. I dumped (or got dumped by, depending on the source) my LS gf, so I am free to find a local up and coming socialite with connections.....if I can find a way out of the office to socialize.

I hear art girls are easy.

[redheaded stepkid]

Originally posted by Hank Chinaski
Read politics and fashion boards for a few weeks and you'll have a real good sense of how poor.

I'm sensing an inside joke, so I am unsure how to respond, but have a different question-how does one get an avatar like yours (or others I see here)? I went to the select avatar page but the choices seem limited.

[redheaded stepkid]

Originally posted by Replaced_Texan
I hear art girls are easy.

Hah. i would take easy. "Easy with connections", is that easy to find? An artist might be a pleasant change from a law student or lawyer. I find the insularity of this profession suffocating at times.

[ltl/fb]

Originally posted by redheaded stepkid
Hah. i would take easy. "Easy with connections", is that easy to find? An artist might be a pleasant change from a law student or lawyer. I find the insularity of this profession suffocating at times.

Great bone structure, awesome body, rich, socially adept, an acrobat in bed, social connections up the wazoo -- women and men like that are thick on the ground, my friend. You should have your pick.

[Replaced_Texan]

Originally posted by redheaded stepkid
Hah. i would take easy. "Easy with connections", is that easy to find? An artist might be a pleasant change from a law student or lawyer. I find the insularity of this profession suffocating at times.

Depends on the art girl. Though if you hang around enough openings at enough galleries, you'll probably meet enough people who know enough other people to make it your while.

As for the avatars, you can upload your own custom image from another site. Hit "change avatar" in whichever user CP field has avatars, and you have the option of putting in the url for any image that's smaller than 120x120 pixels.

If you ask nicely, I can even resize and upload the image for you if you have one that's either too big or not hosted on some other site.

[Mmmm, Burger (C.J.)]

Originally posted by Replaced_Texan
Depends on the art girl. Though if you hang around enough openings at enough galleries, you'll probably meet enough people who know enough other people to make it your while.
.

I hear the best openings are in Wisconsin.