But he said both positions are stressful as fuck because the senior associate needs to make partner or is out, and the low performing partners who don't originate work are always afraid they can be fired at a moments notice.

LOL BIGLAW

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49207365)

Anyway, my first year as partner I made $313,500 (lol). And I got small bumps each year after that bc I had no client credit. When I left I was making 350 or 360. There was a senior associate in my group (who actually worked for me) making 350, and he didn’t get raped with taxes like I did. I wound up stealing about $1m in biz and stole around another $1m at a firm I went to after that. If my book stays around $2m I should make $780k on the deal I’m on now, and when I make equity I’ll make $880-900k. Of course I worry always that my book will collapse, but that’s another story. I’m likely quitting firm life in 3-4 years.

The more prestigious firms pay their partners well regardless of originations but most of biglaw (“vault 100”) are shit, eat what you kill outfits now. And even bh has made it super hard to make partner. Boomers continue pulling the ladder up.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49207381)

where do you draw the line between the top of BIGLAW that pays all partners well and the shitty V100? is it basically everything outside of V20 at this point?

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208135)

just get the money quick and get out if you want work life balance.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208185)

Before that, I billed like 2000-2100 a year (legit work)

Because of the rainmaker running a mini firm inside the firm, my experience probably isn’t reflective of the norm.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208189)

LOL, what? flame?

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208209)

Gunneratttt knows me irl and has met my wife and kids. He could confirm I’m not flame. My life was a fucking wteck for a while. But honestly fun in part lol.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208214)

and what does this even mean, it's not like you're being double taxed, so why is this any worse than just paying income tax in one state?

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208148)

Last year I was an equity “shareholder” at a firm that w-2s everyone. That was great. I’m a w-2 now at my current firm but will go back to k-1 in 2017 when I get made equity. I might actually turn equity down because I kinda want to go in house or become an arbitrator in 4-5 years. Not sure it’s worth dealing with the tax bullshit abd setting up a “personal corporation,” which is how my firm is set up.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208204)

I lived in Md and paid nyc commuter tax.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208183)

The rumor has always been that like a new income partner takes a pay cut. I would expect that 90% of the time, after 2-3 years this changes. After 5 years most of these income partners are making much more than a senior associate.

But it's a little like "boohoo" you only made $480,000 instead of $510,000 while being put on the path to make millions...

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208162)

the people here are insane for nitpicking one salary vs. the other in BIGLAW. If you are already partner level and in the midst of promotion to equity it means you've already been in BIGLAW for 10 years and should easily have a million saved. at that point fuck it, last 5 more years, equity or not, get your savings higher and you can retire young.

I bet the biggest problem is the lifestyle creep whereby people never want to quit then wake up at age 60 and realize they wasted their life away in BIGLAW.

(http://www.autoadmit.com/thread.php?thread_id=5765548&forum_id=2:#49208194)