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Reply to "s/o--so how did you afford a 2 million dollar home?"
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[quote=Anonymous][quote=Anonymous]It all depends what he makes, PP, and where he is partner. There are in big DC firms where partners make far less than I make (non-partner at non-DC firm). And there are places where partners make $10 million or more per year. A partner making $1 million or more is pretty common, even for non-rainmakers, in some firms. We could do it pretty easily if we wanted to, but we would have to sell our second home for us not to feel house poor, and we don't want to do that yet. It isn't clear to me that you really get that much more for $2 million than our current $1.25m house anyway. What I'd really like to know is how to afford a $3+ million house![/quote] The number of law firms in DC where partners in their early 40s pull down anything like $10 million a year is very limited. He'd either need to be a huge rainmaker or the firm would have to have hit the jackpot with a big contingency fee. $1 million a year pre-tax for someone with no family money isn't an amount that would make me feel comfortable having two mortgages on $3 M or more in real estate. [/quote]
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