Income partner comp at V50 firms Forum

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Re: Income partner comp at V50 firms

Post by Anonymous User » Thu Jul 29, 2021 12:58 pm

Does Cravath, S&C, or DPW have income partners?

hdr

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Re: Income partner comp at V50 firms

Post by hdr » Thu Jul 29, 2021 1:34 pm

Raiden wrote:
Thu Jul 29, 2021 11:00 am
Is PPP pretty indicative of what equity partners make? Would be nice if they provided a median too.
Generally not. If you're really curious you should look at financial disclosures from presidential appointees and judicial nominees; they'll give you a preview of the earnings variation among partners.

tlsguy2020

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Re: Income partner comp at V50 firms

Post by tlsguy2020 » Thu Jul 29, 2021 3:25 pm

hdr wrote:
Thu Jul 29, 2021 1:34 pm
Raiden wrote:
Thu Jul 29, 2021 11:00 am
Is PPP pretty indicative of what equity partners make? Would be nice if they provided a median too.
Generally not. If you're really curious you should look at financial disclosures from presidential appointees and judicial nominees; they'll give you a preview of the earnings variation among partners.
https://projects.propublica.org/trump-town/

Endlessly fascinating link. Junior appellate partner at Kirkland making $400k, senior environmental & commercial partner at $3.8M.

Mid level jones day partner in Pittsburgh at $1M, senior appellate partner $3.8.

One Sullivan Cromwell partner at $2M and another at $7M.

Data points galore and just shows how random partner comp can be.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Thu Jul 29, 2021 4:27 pm

tlsguy2020 wrote:
Thu Jul 29, 2021 3:25 pm

https://projects.propublica.org/trump-town/

Endlessly fascinating link. Junior appellate partner at Kirkland making $400k, senior environmental & commercial partner at $3.8M.

Data points galore and just shows how random partner comp can be.
That junior appellate partner at K&E would have only been a non-share partner. The minimum number of shares times the EPS any time in the recent past is far more than 400k. That said, it is true there that the range between the bottom and top share partners is very close to 10x.

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k_moreno

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Re: Income partner comp at V50 firms

Post by k_moreno » Fri Jul 30, 2021 9:27 am

tlsguy2020 wrote:
Thu Jul 29, 2021 3:25 pm

https://projects.propublica.org/trump-town/

Endlessly fascinating link. Junior appellate partner at Kirkland making $400k, senior environmental & commercial partner at $3.8M.

Mid level jones day partner in Pittsburgh at $1M, senior appellate partner $3.8.

One Sullivan Cromwell partner at $2M and another at $7M.

Data points galore and just shows how random partner comp can be.
That K&E junior partner is a non-share. Permanent income partners there are high six figures at the moment.

It's interesting, though probably not surprising, that clearly none of these people is at the very top for their firms.

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soft blue

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Re: Income partner comp at V50 firms

Post by soft blue » Sat Jul 31, 2021 8:49 am

Not K&E so curious if someone could tell me - my sense was that K&E's "eat what you kill" model was just points on all the revenue you bring in. The shares system seems quite different than that. Are shares reset every year, or?

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Re: Income partner comp at V50 firms

Post by Anonymous User » Mon Aug 02, 2021 11:51 am

Shares are determined every 2 years by the management committee. K&E isn't pure "eat what you kill", but of course you will be given more shares if management sees you as delivering value. Based on current projections on earnings per share and base level share count, the lowest paid share partner will make over 2 million this year.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Wed Aug 18, 2021 5:01 pm

Anyone know how Greenberg's partner comp is structured? Is it all salary/draw or is it in the form of salary and annual bonus?

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 11:10 am

Bumping this to see if anyone can share current 2023 data/insight re income partner salaries. I’m up soon at a V50-75.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 2:52 pm

I’m a first year partner at a V20. We have a hybrid model but most of my comp is income/guaranteed. My all-in comp is $700k.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 4:13 pm

You able to give a rough break down of income v. bonus component? Also do you have to pay for your own health insurance? I realize these nuances will be different across firms but just curious what your situation is and if you’re generally pleased.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 4:50 pm

Currently is a 1/7 equity and 6/7 guarantee split. I get health insurance through my wife but through the firm it’s not subsidized (as you are no longer a W-2 employee) and pretty expensive especially if you have a family (which I do).

We also have a number of retirement plans where participation is mandatory (both defined contribution and a cash balance plan), which is obviously tax efficient, but does eat into take home comp.

I’m happy enough. I’m told that overall comp ramps significantly after the first few years as you get allocated more units FWIW.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 6:05 pm

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 6:27 pm

It’s more but not a ton more and also harder to gauge because I’m still getting used to paying all of my taxes quarterly. I’d just reiterate the mandatory retirement piece. I’m saving close to $96k in retirement accounts this year v. previously I was capping out at the employee side 401k max plus a back door Roth. The retirement related withdrawls are frontloaded in the year, so draws will be quite a bit bigger later in the year. Also, it’s a pretty soft year for my practice area so there’s no guaranty I would have hit hours for bonus as an associate this year.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 6:40 pm

One piece I neglected to mention is the buying the units themselves. I understand in some shops you buys these upfront in cash and so are typically financed with third party bank debt. My firm fronts the units and you purchase them over time from comp withdrawals, i.e., basically an interest free loan to purchase the units.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Sun May 07, 2023 6:45 pm

All good info. Curious if folks have info on other firms.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Mon May 08, 2023 6:53 am

V30 income partner. In my second year now. First year, I made just under $1M. Made about $450K in base and then got a $500K bonus at year-end.

I had decent hours (2,200), a few large fee M&A deals that I got some credit for, have a good reputation at the firm and have always gotten strong performance reviews. There’s no formula, but basically came down to (1) did good work, (2) did it at a decent volume and (3) I was around revenue, even if not bringing it in. I don’t expect 2023 comp to be quite as high because of the market.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Mon May 08, 2023 10:07 am

Anyone have info on Gibson Dunn comp numbers/structure? I know that they have recently overhauled their system for partner pay.

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Re: Income partner comp at V50 firms

Post by klpps » Mon May 08, 2023 3:38 pm

Do you get a K1 or a W2?

Anonymous User wrote:
Mon May 08, 2023 6:53 am
V30 income partner. In my second year now. First year, I made just under $1M. Made about $450K in base and then got a $500K bonus at year-end.

I had decent hours (2,200), a few large fee M&A deals that I got some credit for, have a good reputation at the firm and have always gotten strong performance reviews. There’s no formula, but basically came down to (1) did good work, (2) did it at a decent volume and (3) I was around revenue, even if not bringing it in. I don’t expect 2023 comp to be quite as high because of the market.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Mon May 08, 2023 3:48 pm

klpps wrote:
Mon May 08, 2023 3:38 pm
Do you get a K1 or a W2?

Anonymous User wrote:
Mon May 08, 2023 6:53 am
V30 income partner. In my second year now. First year, I made just under $1M. Made about $450K in base and then got a $500K bonus at year-end.

I had decent hours (2,200), a few large fee M&A deals that I got some credit for, have a good reputation at the firm and have always gotten strong performance reviews. There’s no formula, but basically came down to (1) did good work, (2) did it at a decent volume and (3) I was around revenue, even if not bringing it in. I don’t expect 2023 comp to be quite as high because of the market.
K1. With PTE rules not sure how much I come out ahead and behind vs w-2

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Re: Income partner comp at V50 firms

Post by Anonymous User » Mon May 08, 2023 4:37 pm

I assume this means you pay your own health insurance and have other expenses that an associate would not have. But it sounds like you're coming out well ahead.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Tue May 09, 2023 10:33 pm

Anonymous User wrote:
Mon May 08, 2023 10:07 am
Anyone have info on Gibson Dunn comp numbers/structure? I know that they have recently overhauled their system for partner pay.
Bump. Considering a potential offer there, am close to pship in class year.

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Re: Income partner comp at V50 firms

Post by Anonymous User » Thu May 11, 2023 5:08 pm

Does anyone know what income partner compensation looks like at STB? Does it vary in satellite offices, like TX for example, vs NY?

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Re: Income partner comp at V50 firms

Post by Anonymous User » Thu May 11, 2023 5:22 pm

Anonymous User wrote:
Thu May 11, 2023 5:08 pm
Does anyone know what income partner compensation looks like at STB? Does it vary in satellite offices, like TX for example, vs NY?

Also interested in this.

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