The most prestigious law school admissions discussion board in the world.
|
 |
 
|
Converting firm from partnership to LLC. Taking questions for a few minutes
| '''"'''""' | 09/28/24 |
| Lionel Tiger | 09/28/24 |
| '''"'''""' | 09/28/24 |
| npb | 09/28/24 |
| '''"'''""' | 09/28/24 |
| npb | 09/28/24 |
| '''"'''""' | 09/28/24 |
| '''"'''""' | 09/28/24 |
| Live Free or Die. | 09/28/24 |
| '''"'''""' | 09/28/24 |
Poast new message in this thread
Date: September 28th, 2024 4:04 PM Author: '''"'''""' I’ll have 25 percent of shares. We have to pay prior firm owners $3 million from operating accounts back over the course of 5 years. The numbers look decent. Anyways, I’ll be making more $$ even in bad years. Will probably just draw against the anticipated year end profits just like salary, pay taxes on it thru S Corp style, then get big “bonus” at the end of the year when we split profits. We have some good cases lined up for 2025 etc.
Some years it has been 4 million profit left at the end of the year even after routine salary-like draws throughout the course of the year. |
Date: September 28th, 2024 4:07 PM Author: Lionel Tiger What sort of law and how much do you expect to make per year (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140843) |
 |
Date: September 28th, 2024 4:11 PM Author: '''"'''""' Personal injury,’product liability, med mal. I’ll draw more or less consistent with my current monthly pay, so it won’t make a difference until the end of the year 2025 when we split the profits. But if we have a good year which we are poised to do it could more than double my total comp for the year. A handful of years like that and I’ll be in great shape. |
|
Date: September 28th, 2024 4:19 PM Author: npb Are you hiring new partners? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140870) |
|
Date: September 28th, 2024 4:21 PM Author: '''"'''""' We’ll need new associates once we see how the next year goes. I actually don’t know how one goes about hiring someone to make them a new shareholder. I wouldnt want to give up any of my shares to make that happen. I guess someone “sells” some of their shares? But why would I do that? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140881) |
|
Date: September 28th, 2024 4:34 PM Author: npb sorry not looking for a wagecuck position (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140920) |
|
Date: September 28th, 2024 5:37 PM Author: '''"'''""' Ok 👍 (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48141125) |
|
Date: September 28th, 2024 4:19 PM Author: '''"'''""' We also are moving our offices to something much less expensive and happy to have us — basically free rent for half the year too — so that will also impact the bottom line. (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140874) |
|
Date: September 28th, 2024 4:36 PM Author: Live Free or Die. how much did/will you pay in rent? (http://www.autoadmit.com/thread.php?thread_id=5602798&forum_id=2\u0026show=6hr",#48140927) |
|
Date: September 28th, 2024 5:39 PM Author: '''"'''""' I should study the analytics more. But I do know that the new place is less expensive by half and also separate from that free for like 8 months. We had the new place all worked up with offices built in, cool waiting room, etc. we will keep the old firm name because it is ancient. |