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!