Counsel roles often mean a mix of salary and bonus that doesn't map neatly to prior years — and a real question about what happens if partnership comes next.
Counsel sits between senior associate and partner — typically more senior and better compensated than an associate, but not yet an equity partner. At some firms, it's an explicit steppingstone on the partnership track. At others, it's more of an in-between role: not quite committed to making partner or staying on that track, but also not ready to leave BigLaw or move in-house just yet.
Reviewing your current compensation structure, tightening up your investment and tax picture, and stress-testing what a shift to K-1 income would actually mean for your cash flow.
If partnership is realistically on the table, several things tend to change at once. Here's what to have on your radar.
Most partnership tracks require a capital contribution at or before entry. We model the amount and timing early so it doesn't force a scramble later.
Some firms give you a “tax holiday” in your first year due to how K-1 filings lag. Others pay very low monthly draws with backloaded distributions later in the year — which can create a real cash flow crunch if you're not planning around it.
Moving from W-2 to K-1 income means no more automatic withholding — you become responsible for quarterly estimated payments, and your effective tax picture can shift meaningfully.
Many firms require new partners to make additional retirement plan contributions above the normal 401(k) cap. We build this into your cash flow plan ahead of time, not after the first contribution hits.
Making sure your CPA, estate attorney, and financial plan are all pointed the same direction as your compensation gets more complex.
Not every counsel role is a straight line to partner. We build plans that work whether you're tracking toward partnership, staying put, or keeping your options open.
W-2 income has taxes withheld automatically by your employer. K-1 income is your share of a partnership's profit, reported to you once a year, with no automatic withholding — you're responsible for paying tax on it yourself, typically through quarterly estimates.
Try the Tax Calculator →We estimate your annual tax liability early and set up a quarterly payment schedule so you're not caught short at filing time.
Try the Tax Calculator →We look at financing options, timing, and how the buy-in fits into your broader cash flow and savings plan well before the check is due.
Read more on the blog →Worth a look — mandatory retirement contributions at most firms are all pre-tax, so adding Roth savings elsewhere in your plan can be a good way to diversify how your future withdrawals get taxed.
Read more on the blog →Often yes, with the right process in place — it usually comes down to pre-clearance and restricted lists rather than an outright ban.
Read more on the blog →Semi-annual check-ins, year-round access to your advisor, and all of your accounts aggregated in one place so you always know where things stand.
See the Client Experience →