Bridge Rocks: A "Things Could Be Worse" Update
Posted: Sun Mar 08, 2009 9:08 pm
I may manage to land on my feet after all.
As I mentioned, my firm switched my compensation to hourly at a rate that, even if I kept my plate full, would result in a 25%-30% pay cut. However, to soften the blow, the firm also made the highly unusual move of authorizing me to moonlight. They even suggested that I contact one of the former partners, who left to open his own firm a few years ago.
As it happens, when I got the news of the change in my compensation, I had arranged a bridge game with one of my teammates from the Flight B Grand National Teams -- the event in which we had lost in the finals. Bruce is a lawyer with a two-person firm. A couple of months ago, he'd sent me a small bit of business. I thanked him and told him, of course, that I'd be more than happy to keep my eyes open for opportunities to reciprocate. Surprisingly, though, he asked me not to -- he already had more business than he could handle.
So naturally, after our game Tuesday night, I explained my new situation to Bruce and asked if he had work I could help him with. He does. Lots. He's telling me he thinks he can keep my plate full. Even better, he's willing to pay me at a rate that, if projected to a full year, would result in a substantial pay increase even after accounting for self-employment taxes. The other guy, in contrast, is willing to pay me the same hourly rate that the firm is now paying me, so I end up netting even less than I would from the firm. However, he, too, tells me that he can give me enough work to fill my day. And on top of that, a patent analysis just came into the firm that will give me a decent chunk of work.
So it looks like I had more resources than I knew. I'll still be sweating a bit for the next month or two while the new income streams come on line, but it appears that there's at least a reasonable chance I'll be able to weather this storm without too many cutbacks. Let's hope everything works out. --Bob
As I mentioned, my firm switched my compensation to hourly at a rate that, even if I kept my plate full, would result in a 25%-30% pay cut. However, to soften the blow, the firm also made the highly unusual move of authorizing me to moonlight. They even suggested that I contact one of the former partners, who left to open his own firm a few years ago.
As it happens, when I got the news of the change in my compensation, I had arranged a bridge game with one of my teammates from the Flight B Grand National Teams -- the event in which we had lost in the finals. Bruce is a lawyer with a two-person firm. A couple of months ago, he'd sent me a small bit of business. I thanked him and told him, of course, that I'd be more than happy to keep my eyes open for opportunities to reciprocate. Surprisingly, though, he asked me not to -- he already had more business than he could handle.
So naturally, after our game Tuesday night, I explained my new situation to Bruce and asked if he had work I could help him with. He does. Lots. He's telling me he thinks he can keep my plate full. Even better, he's willing to pay me at a rate that, if projected to a full year, would result in a substantial pay increase even after accounting for self-employment taxes. The other guy, in contrast, is willing to pay me the same hourly rate that the firm is now paying me, so I end up netting even less than I would from the firm. However, he, too, tells me that he can give me enough work to fill my day. And on top of that, a patent analysis just came into the firm that will give me a decent chunk of work.
So it looks like I had more resources than I knew. I'll still be sweating a bit for the next month or two while the new income streams come on line, but it appears that there's at least a reasonable chance I'll be able to weather this storm without too many cutbacks. Let's hope everything works out. --Bob
