Winter Update

It’s about time for a winter update.  I’ve now been married for a few months.  Everything is going very smoothly and we’ve adjusted to married life quite well.

The other big news is I made partner at my firm!  It’s a non-equity position, which I prefer for the time being.  While my compensation is less than that of an equity partner, I don’t have to buy-in.  That means I don’t have to put up a mid-six figure sum as a capital contribution to the firm.  As a result of the recent collapses of firms like Dewey, Howrey, Heller, etc. I’ve run across more than one partner who’s lost their buy-in.  Heck, I even know a guy who lost his buy-in twice — meaning he lost over a million dollars in a few years just because his firms were run by bozos!  But he made much more than a million in that time frame so he still came out ahead.  I especially feel bad for the brand-new partners who take out loans for their buy-in right before their firms go under.  It must be such a roller coaster to first make partner, then see your firm collapse and lose your capital contribution in the process.  I wonder if they would still personally on the hook for the total amount — I would imagine so.  It would suck having to pay back a loan on a worthless asset!

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