Help Explain Winstead? Forum

[Newbie7749]

How does Winstead (a TX regional firm with only equity partners) have a PPP of about $1,700,000? What are most partners making there? Are there a handful of partners that are throwing off these figures?

[The Lsat Airbender]

only equity partners

I see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.

Looks like they are a high-end regional firm with exposure to energy, RE, and corporate work in markets where those practices are super busy (and with plenty of mid-market clients who tend to be rate-sensitive and therefore avoid biglaw). Not a lot to explain here.

[nealric]

only equity partners

I see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.

Looks like they are a high-end regional firm with exposure to energy, RE, and corporate work in markets where those practices are super busy (and with plenty of mid-market clients who tend to be rate-sensitive and therefore avoid biglaw). Not a lot to explain here.

There are 151 partners, but are you sure they are equity partners? A lot of firms have a lot of non-equity partners whose comp agreements (and lack of equity) are not public. It's easy to goose PPP numbers when only a few of the big rainmakers actually have equity.

Keep in mind that even among equity partners, very few partners actually make the PPP number. It's usually a few rainmakers making big bucks and a bunch of rank and file making a fraction of that. Finally, the PPP numbers are not typically audited financials, so are subject to various games to goose the numbers.

[The Lsat Airbender]

only equity partners

I see 93 associates and 46 of counsel on their website, against 151 equity partners. 1:1 leverage is pretty normal for midlaw.

Looks like they are a high-end regional firm with exposure to energy, RE, and corporate work in markets where those practices are super busy (and with plenty of mid-market clients who tend to be rate-sensitive and therefore avoid biglaw). Not a lot to explain here.

There are 151 partners, but are you sure they are equity partners? A lot of firms have a lot of non-equity partners whose comp agreements (and lack of equity) are not public. It's easy to goose PPP numbers when only a few of the big rainmakers actually have equity.

Keep in mind that even among equity partners, very few partners actually make the PPP number. It's usually a few rainmakers making big bucks and a bunch of rank and file making a fraction of that. Finally, the PPP numbers are not typically audited financials, so are subject to various games to goose the numbers.

Agree with all of this.