Partners are now digging deeper than ever into their earnings for the privilege of partnership. Many large firms are hiking equity partner paid-in capital obligations or broadening their capital calls to include formerly excluded income partners.
But paid-in capital is an investment; and like any investment, it comes with risk. The return of capital is not a given. It can be withheld when disputes arise between firms and former partners over lateral moves. And as recent history has shown, firm failures typically wipe out partner capital.
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