Getting out of the rat race at 35 (biglaw)

[Anonymous]

Anonymous wrote:Why is everyone questioning the OP's facts? Who cares whether he makes 550 or 650? He also said that he lives in a VHCOL area that is not DC so the salaries may be higher there too. In any event, here is my opinion, fwiw (as former biglaw): 1. You do not have enough money to retire at 35. But don't rely on my anonymous internet post. Talk to a financial advisor. The $30,000 that your portfolio is going to give you is not going to be enough - especially if you have a kid or two or have a medical emergency that isn't covered by your ACA plan. 2. There is nothing wrong with taking a year to travel but see if you can take a leave of absence from your firm rather than quitting. You may still want to quit afterward (nothing wrong with that) but at least it will give you some flexibility if your job search takes longer than you expected. 3. Don't assume that you can buy a house in your target area for the low end of the average. You have $2M and you make $650,000 now. I assume that you are used to nice things and if you have kids you are going to want them to go to one of the top school districts in your target area (again, nothing wrong with that). So, just because you can buy a house in XYX area for $100,000, doesn't mean that you actually will buy a house for $100,000 (BTDT). 4. But you may not have to make $650,000 in the new area either to have the quality of life you want in one of the top school districts. Since you'll have your nest egg, you can probably buy a house for cash or a low mortgage and either start your own practice or get a job that you really enjoy. That $2 million will give you flexibility. Good luck!

because when posts aren't internally consistent, they are usually made up. So, OP makes a salary that is inconsistent with what non-equity partners generally make, but he also spends only $50,000 a year in the same unidentified VHCOL? Doesn't seem likely.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You make $650,000 as a non-equity partner? I call troll.

Yeah that is pretty bizarre.

Sure is. Plus, many partner rejects said they "should" make partner. Assuming arguendo this isn't a troll, listen up: a man needs to keep working.

[Anonymous]

Agree, take a long vacation or sabbatical first. If you still can't stomach the thought of going back to work, then you will be fine. But making partner in 2 years sounds tempting...retiring at 40 is still young! Which would you regret more: giving up partner and more money to retire at 40-ish or giving up a few years of freedom?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Why is everyone questioning the OP's facts? Who cares whether he makes 550 or 650? He also said that he lives in a VHCOL area that is not DC so the salaries may be higher there too. In any event, here is my opinion, fwiw (as former biglaw): 1. You do not have enough money to retire at 35. But don't rely on my anonymous internet post. Talk to a financial advisor. The $30,000 that your portfolio is going to give you is not going to be enough - especially if you have a kid or two or have a medical emergency that isn't covered by your ACA plan. 2. There is nothing wrong with taking a year to travel but see if you can take a leave of absence from your firm rather than quitting. You may still want to quit afterward (nothing wrong with that) but at least it will give you some flexibility if your job search takes longer than you expected. 3. Don't assume that you can buy a house in your target area for the low end of the average. You have $2M and you make $650,000 now. I assume that you are used to nice things and if you have kids you are going to want them to go to one of the top school districts in your target area (again, nothing wrong with that). So, just because you can buy a house in XYX area for $100,000, doesn't mean that you actually will buy a house for $100,000 (BTDT). 4. But you may not have to make $650,000 in the new area either to have the quality of life you want in one of the top school districts. Since you'll have your nest egg, you can probably buy a house for cash or a low mortgage and either start your own practice or get a job that you really enjoy. That $2 million will give you flexibility. Good luck!

because when posts aren't internally consistent, they are usually made up. So, OP makes a salary that is inconsistent with what non-equity partners generally make, but he also spends only $50,000 a year in the same unidentified VHCOL? Doesn't seem likely.

Pp here. I'll grant you that the $50,000 in expenses did give me pause. But maybe he lives in the middle of nowhere and has a huge commute and brings his lunch, etc. Who knows? I did work with some people who made a fortune but lived like they never enjoyed a penny of it. Maybe living on $50,000 in a VHCOL area is contributing to OP's stress level.

[Anonymous]

Yeah, the income seems very high for a non-equity partner at a BigLaw firm, and the expenses seem very low for a high COL city. It makes it hard to relate to OP's situation or give any advice as to what they should do with their lives. $2M sounds great for someone in their mid-30s, but they haven't paid for kids and schools yet, and they could live to their 90s.

[Anonymous]

Anonymous wrote:You make $650,000 as a non-equity partner? I call troll.

Qft.

More like 350

[Anonymous]

Anonymous wrote:

Anonymous wrote:You make $650,000 as a non-equity partner? I call troll.

Qft.

More like 350

New poster here.

OP is 100 percent trolling. The salary scales at the BigLaw firms are well known among lawyers and widely posted online.

Here is one of the highest paying firms in NYC:

http://www.lawfirmstats.com/firms/Desmarais/all-offices/compensation.php

Nowhere near $650k. Not at Cravath either. Not at any Biglaw firm for an associate.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You make $650,000 as a non-equity partner? I call troll.

Qft.

More like 350

New poster here.

OP is 100 percent trolling. The salary scales at the BigLaw firms are well known among lawyers and widely posted online.

Here is one of the highest paying firms in NYC:

http://www.lawfirmstats.com/firms/Desmarais/all-offices/compensation.php

Nowhere near $650k. Not at Cravath either. Not at any Biglaw firm for an associate.

Previous poster who's been calling out OP here, just to clarify a point OP never said he was an associate, just that he expected to make equity partner in a couple of years. It's entirely possible he's counsel or a non-equity partner currently, and so wouldn't fall within the associate payscale.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:You make $650,000 as a non-equity partner? I call troll.

Qft.

More like 350

New poster here.

OP is 100 percent trolling. The salary scales at the BigLaw firms are well known among lawyers and widely posted online.

Here is one of the highest paying firms in NYC:

http://www.lawfirmstats.com/firms/Desmarais/all-offices/compensation.php

Nowhere near $650k. Not at Cravath either. Not at any Biglaw firm for an associate.

Previous poster who's been calling out OP here, just to clarify a point OP never said he was an associate, just that he expected to make equity partner in a couple of years. It's entirely possible he's counsel or a non-equity partner currently, and so wouldn't fall within the associate payscale.

Yeah, I thought it was relatively clear from context OP was claiming to be a non-equity partner.

[Anonymous]

OP here. Thanks for responses. Not an associate. Not trolling about income or expenses. We've been focused on maximizing our savings, without impacting our lifestyle. Managed to get to where we are today by not following the herd. At this point, we just want to take time off and reassess what we want to do with our lives. Maybe we will pursue some employment or business down the road, but know that we don't have to do so.

[Anonymous]

Read the Mr. Money Mustache blog. He would say you can definitely retire, you just need go cut down on expenses somewhat.

[Anonymous]

Anonymous wrote:Read the Mr. Money Mustache blog. He would say you can definitely retire, you just need go cut down on expenses somewhat.

MMM is good, but they are an extreme example that retired very young with not a lot of money and make it work by living a lifestyle most of DCUM would be appalled at. I think Financial Samurai is more closely fitting the model that OP could do. He's a young Wall Street guy that got out really early with a decent sized chink of cash like OP.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Read the Mr. Money Mustache blog. He would say you can definitely retire, you just need go cut down on expenses somewhat.

MMM is good, but they are an extreme example that retired very young with not a lot of money and make it work by living a lifestyle most of DCUM would be appalled at. I think Financial Samurai is more closely fitting the model that OP could do. He's a young Wall Street guy that got out really early with a decent sized chink of cash like OP.

*chunk

[Anonymous]

I would guess a nonequity, newbie partner at Wachtell makes over 600k, but would be shocked if that were the case for a newbie partner at any other firm. senior, senior associates are just under 300k base, right? why would income double almost right after making partner? at that point, you're just an associate with a title.

either way, I work at one of the national management-side labor firms. should make partner at the end of the year, currently making 180k. we should have about a million in assets within the next 5-6 years. I've considered just leaving at that point myself. life's too short.

[Anonymous]

I thought only lawyers who were never going to make partner left. OP probably won't make partner in 2 years.

Lots of moms do what OP is suggesting but OP is the guy and he doesn't even have kids yet.