Tax Implications for New Partners

Becoming a partner in a law firm can be stressful, we can help.

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Become future ready.

For many lawyers, becoming a partner is a priority, yet it's surprising how few are prepared for the financial implications of such an undertaking. In fact, many are uninformed about what joining a law firm partnership really entails, both in terms of the financial commitment and the personal wealth management the partnership requires.

Navigate your new financial concerns including:

Tax return preparation with self-employment tax
Tax extensions to accommodate for K-1 distribution
Quarterly estimated tax payments
Changes in cash flow and solutions to accommodate for less income, such as home equity loans
Increased insurance needs and estate planning responsibilities
Immediate retirement plan payments
How to prepare for your child's education while paying your school loans
Best practices for your federal, state, multi-state and foreign income tax planning