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Simple question. I've seen the numbers on profits per partner, but how much in take home income?

No simple answer. The range is probably from about $280k (maybe less in some cases) to $8mm+ (in a few very rare cases)

RaceJudicata wrote:No simple answer. The range is probably from about $280k (maybe less in some cases) to $8mm+ (in a few very rare cases)

Thanks.

Would you say that 280K figure is for someone who just recently became partner and doesn't have a big book of business yet?

Anonymous User wrote:

RaceJudicata wrote:No simple answer. The range is probably from about $280k (maybe less in some cases) to $8mm+ (in a few very rare cases)

Thanks.

Would you say that 280K figure is for someone who just recently became partner and doesn't have a big book of business yet?

Probably more to do with being a junior partner... but there is a lot of other factors that go into this that I can't account for - i.e. different levels of partnership, different comp systems (lockstep vs eat what you kill vs. hybrid), etc.

$280K partners aren't real partners. That's what a 6th year associate makes at market-paying firms. Those are employees.

Partner comp varies by firm but I think most common is they all get some level of "base comp" in the form of partnership interests (like shares of a corporation) that they buy into (and will lead to whatever distributions depending on firm performance). Then depending on other factors (namely how much business they generate) they can earn more of these partnership interests, usually up to a certain cap. Profit per Partner will give you an idea of what an average partner probably makes since law firm retained earnings tend to be low. The level of base vs. flexible will depend almost entirely on the firm.

Anonymous User wrote:$280K partners aren't real partners. That's what a 6th year associate makes at market-paying firms. Those are employees.

Partner comp varies by firm but I think most common is they all get some level of "base comp" in the form of partnership interests (like shares of a corporation) that they buy into (and will lead to whatever distributions depending on firm performance). Then depending on other factors (namely how much business they generate) they can earn more of these partnership interests, usually up to a certain cap. Profit per Partner will give you an idea of what an average partner probably makes since law firm retained earnings tend to be low. The level of base vs. flexible will depend almost entirely on the firm.

PPP is going to way overstate what your average partner brings in, outside of maybe the small handful of true lockstep firms. Comp spreads are much bigger than people realize. I used to work at a firm with no non-equity partners and according to a couple of those in the know the comp spread could be on the magnitude of 20:1 or more in a good year of the tsunamimaker. So PPP was high but your run of the mill service partner wasn't getting close to that.

Anonymous User wrote:$280K partners aren't real partners. That's what a 6th year associate makes at market-paying firms. Those are employees.

Partner comp varies by firm but I think most common is they all get some level of "base comp" in the form of partnership interests (like shares of a corporation) that they buy into (and will lead to whatever distributions depending on firm performance). Then depending on other factors (namely how much business they generate) they can earn more of these partnership interests, usually up to a certain cap. Profit per Partner will give you an idea of what an average partner probably makes since law firm retained earnings tend to be low. The level of base vs. flexible will depend almost entirely on the firm.

Yes, and a fair number of V100 firms (which is what OP asked about) do not pay market. Also, a junior partner's income is going to fluctuate more than a senior associate... I know of at least one junior partner who was paid less as a junior partner than as a senior associate.

Yeah there is a large difference between non-equity/income partners (i.e. not actually partners) and equity partners at firms that have both (I think it's a growing trend). I think at most firms you'll see some jump from associate to income partner salary, but nothing crazy.

People can be income /non-equity partners for awhile. Once you hit equity partner, entirely depends on the firm and the comp spread, to a point where giving you an estimate won't really help. Like saying you'll make between $250k - 10mm really tells you nothing.

I will say that at most of the firms I've seen as well, once you hit equity partner, you'll never fall below what the income partners/senior associates are making, unless you are really shitting the bed or there is some superstar junior.

at my firm, junior partner is 450k and it doesnt really go up (maybe like 10k a year) until you start to bring in steady business and then theyll give you equity.