If you have been a biglaw partner for 10+ years, how much wealth have you accumulated?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:10 year = 3M plus paid off all debt

Oh man this is so low. I feel bad for you. You are poor in BigLaw terms.

+ 1 sad

Really?!? You feel sad for someone worth $3m? I'm assuming all of you must be worth $10m+? I'll take $3m happily.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH has been biglaw partner since 2007.
House worth $2M - $750,000 mortgage
2nd house worth $800K, no mortgage
Retirement accounts - $1.9M
529s/HSA - $395K
Investment/bank accts - $1.1M
Firm capital acct - $500K?

In other words, $6 million net worth, after 11 years as BL partner.

Yes, that's realistic. And not bad

Exactly the point the PP made about two married biglaw partners having a net worth of at least $10m+. This makes sense. Net worth should also climb quickly & more than double over the next 10 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH has been biglaw partner since 2007.
House worth $2M - $750,000 mortgage
2nd house worth $800K, no mortgage
Retirement accounts - $1.9M
529s/HSA - $395K
Investment/bank accts - $1.1M
Firm capital acct - $500K?

In other words, $6 million net worth, after 11 years as BL partner.

Yes, that's realistic. And not bad

Exactly the point the PP made about two married biglaw partners having a net worth of at least $10m+. This makes sense. Net worth should also climb quickly & more than double over the next 10 years.

So that at age 55 a single biglaw partner could have a networth in the $15m range and two married partners could have a net worth of $25m+

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH has been biglaw partner since 2007.
House worth $2M - $750,000 mortgage
2nd house worth $800K, no mortgage
Retirement accounts - $1.9M
529s/HSA - $395K
Investment/bank accts - $1.1M
Firm capital acct - $500K?

In other words, $6 million net worth, after 11 years as BL partner.

Yes, that's realistic. And not bad

Exactly the point the PP made about two married biglaw partners having a net worth of at least $10m+. This makes sense. Net worth should also climb quickly & more than double over the next 10 years.

So that at age 55 a single biglaw partner could have a networth in the $15m range and two married partners could have a net worth of $25m+

55 yo single biglaw partner has probably been through two marriages and been bled dry, not to mention trying to keep up with the Joneses/spending most of what he makes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It's hard to stack coins until the line between oppressor and oppressed is crossed. Depending on the individual, that doesn't happen until late 40s (for those who went straight through) or 50s or later (for those who took a more circuitous route, such as spending a lot of time in government). Only senior partners, esp big rainmakers, make a lot more than they bring in. Many relationships are institutional, and only are inherited late in one's career. Biglaw is not a path to great riches. Don't get me wrong, it's plenty comfortable. But only a small handful get to one percent wealth (currently around $12m in net worth) through law.

I know this guy is at the top of the stack but still:

http://www.yolandaslittleblackbook.com/blog-1/2018/01/21/jeff-hammes-kirkland-ellis-house/

If he's buying a $15m SECOND home what kind of net worth do you think he has? My guess is you probably have minimum of $50m and probably $75m+. Don't know many careers where you can make that kind of money without taking some entrepreneurial risk of losing everything. Big law is one of the only careers you can make that kind of money just by giving advice and not being a principal.

Pretty sure he has family money.

[Anonymous]

Eh, once you get above 5 mill, your money is growing for you pretty aggressively. Hence, the rich get richer. To have 6 mill net worth after ten years, with presumably years of the HIGHEST earning years ahead of them, is pretty good and probably standard.

In my observation the people who make equity partner young can end up quite rich; those who are older when it happens, either because they worked in government first or because they were non-equity for a while, don’t quite reach the same level as the other guys (and gals).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:DH has been biglaw partner since 2007.
House worth $2M - $750,000 mortgage
2nd house worth $800K, no mortgage
Retirement accounts - $1.9M
529s/HSA - $395K
Investment/bank accts - $1.1M
Firm capital acct - $500K?

In other words, $6 million net worth, after 11 years as BL partner.

Yes, that's realistic. And not bad

Exactly the point the PP made about two married biglaw partners having a net worth of at least $10m+. This makes sense. Net worth should also climb quickly & more than double over the next 10 years.

So that at age 55 a single biglaw partner could have a networth in the $15m range and two married partners could have a net worth of $25m+

55 yo single biglaw partner has probably been through two marriages and been bled dry, not to mention trying to keep up with the Joneses/spending most of what he makes.

+100000

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It's hard to stack coins until the line between oppressor and oppressed is crossed. Depending on the individual, that doesn't happen until late 40s (for those who went straight through) or 50s or later (for those who took a more circuitous route, such as spending a lot of time in government). Only senior partners, esp big rainmakers, make a lot more than they bring in. Many relationships are institutional, and only are inherited late in one's career. Biglaw is not a path to great riches. Don't get me wrong, it's plenty comfortable. But only a small handful get to one percent wealth (currently around $12m in net worth) through law.

I know this guy is at the top of the stack but still:

http://www.yolandaslittleblackbook.com/blog-1/2018/01/21/jeff-hammes-kirkland-ellis-house/

If he's buying a $15m SECOND home what kind of net worth do you think he has? My guess is you probably have minimum of $50m and probably $75m+. Don't know many careers where you can make that kind of money without taking some entrepreneurial risk of losing everything. Big law is one of the only careers you can make that kind of money just by giving advice and not being a principal.

Pretty sure he has family money.

Are you pretty sure? That's pretty glib comment perhaps a lot of people tell themselves. Because the fact is that he is not from money. It's easy to google given he's a high powered executive.

[Anonymous]

PP with 3M is probably a non equity partner.

I speak from experience. I usually make around 750k and I work part time ish (40 hours). It's a sweet gig. Don't have to bring in any business.

[Anonymous]

So I think the answer seems to be: easily 5 million. If you are young you can amass that much while spending freely, and if you are older you might choose to be more frugal and amass more.

Of course, this means “partner” in the terms we think of it, not a non-equity person at a low ranking firm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone thinks a 10+ year biglaw equity partner hits $10m+?

So...say you are 24 when you graduate law school...associate for 8 years? Non-equity for 3 years? Equity partner for 10 years...at 45 I would think if you save & invest you could have $10m+.

Pipe dream. Maybe if you have a two big law partner spouses for ten years and are relatively frugal but otherwise no way based solely on the big law salaries. I know those PPP look really nice, but the majority of equity partners won't be getting that average PPP ten years in. And don't forget you need to pay for housing and stuff, you can't just put every penny into investments unless you live in your parents' basement.

So you're saying that two big law partner spouses average perhaps $2m of combined annual compensation for 10 years = $20m. $2m combined seems reasonable to me as less than $2m in earlier partner years and more than $2m in later years. After tax take home of $11-12m. Average spending of perhaps $300k-$500k annually so call it a total of $4m. So that's $7m-$8m not including any investment returns and or savings from the first 10-12 years as senior associates & non equity partners? $10m doesn't seem like a stretch at all. In fact, it seems like it should be typical for two biglaw partner spouses. I could see $15m+ even as a stretch.

It's not linear like that. Very few partners will ever make more than $2M a year.

Sorry perhaps you didn't read what I wrote: combined $2m on average annually over 10 years. We're talking biglaw as in V25 or V50, etc where PPP are $1.5m+. So perhaps the first year if both spouses make $500k each and the last year both spouses make $1.5m each then the combined average for both is $2m.

You're right, I missed the "combined." That sounds reasonable, for double biglaw partner marriages. Not sure how common that is, but however many couples there are like that, I agree they should be fairly rich.

I can't name one couple where both spouses are Biglaw partners and I know a lot of people from various circles.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone thinks a 10+ year biglaw equity partner hits $10m+?

So...say you are 24 when you graduate law school...associate for 8 years? Non-equity for 3 years? Equity partner for 10 years...at 45 I would think if you save & invest you could have $10m+.

Pipe dream. Maybe if you have a two big law partner spouses for ten years and are relatively frugal but otherwise no way based solely on the big law salaries. I know those PPP look really nice, but the majority of equity partners won't be getting that average PPP ten years in. And don't forget you need to pay for housing and stuff, you can't just put every penny into investments unless you live in your parents' basement.

So you're saying that two big law partner spouses average perhaps $2m of combined annual compensation for 10 years = $20m. $2m combined seems reasonable to me as less than $2m in earlier partner years and more than $2m in later years. After tax take home of $11-12m. Average spending of perhaps $300k-$500k annually so call it a total of $4m. So that's $7m-$8m not including any investment returns and or savings from the first 10-12 years as senior associates & non equity partners? $10m doesn't seem like a stretch at all. In fact, it seems like it should be typical for two biglaw partner spouses. I could see $15m+ even as a stretch.

It's not linear like that. Very few partners will ever make more than $2M a year.

Sorry perhaps you didn't read what I wrote: combined $2m on average annually over 10 years. We're talking biglaw as in V25 or V50, etc where PPP are $1.5m+. So perhaps the first year if both spouses make $500k each and the last year both spouses make $1.5m each then the combined average for both is $2m.

You're right, I missed the "combined." That sounds reasonable, for double biglaw partner marriages. Not sure how common that is, but however many couples there are like that, I agree they should be fairly rich.

I can't name one couple where both spouses are Biglaw partners and I know a lot of people from various circles.

You must not work in big law? Not the norm but there are certainly plenty of well-known partners with partner spouses. At top, top firms.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone thinks a 10+ year biglaw equity partner hits $10m+?

So...say you are 24 when you graduate law school...associate for 8 years? Non-equity for 3 years? Equity partner for 10 years...at 45 I would think if you save & invest you could have $10m+.

Pipe dream. Maybe if you have a two big law partner spouses for ten years and are relatively frugal but otherwise no way based solely on the big law salaries. I know those PPP look really nice, but the majority of equity partners won't be getting that average PPP ten years in. And don't forget you need to pay for housing and stuff, you can't just put every penny into investments unless you live in your parents' basement.

So you're saying that two big law partner spouses average perhaps $2m of combined annual compensation for 10 years = $20m. $2m combined seems reasonable to me as less than $2m in earlier partner years and more than $2m in later years. After tax take home of $11-12m. Average spending of perhaps $300k-$500k annually so call it a total of $4m. So that's $7m-$8m not including any investment returns and or savings from the first 10-12 years as senior associates & non equity partners? $10m doesn't seem like a stretch at all. In fact, it seems like it should be typical for two biglaw partner spouses. I could see $15m+ even as a stretch.

It's not linear like that. Very few partners will ever make more than $2M a year.

Sorry perhaps you didn't read what I wrote: combined $2m on average annually over 10 years. We're talking biglaw as in V25 or V50, etc where PPP are $1.5m+. So perhaps the first year if both spouses make $500k each and the last year both spouses make $1.5m each then the combined average for both is $2m.

You're right, I missed the "combined." That sounds reasonable, for double biglaw partner marriages. Not sure how common that is, but however many couples there are like that, I agree they should be fairly rich.

I can't name one couple where both spouses are Biglaw partners and I know a lot of people from various circles.

I can think of two couples like this, and I've worked at 3 BigLaw firms. One thing to consider is that when both spouses are partners, expenses for things like childcare and house stuff go way up. Like, full-time nanny + household manager + au pair up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone thinks a 10+ year biglaw equity partner hits $10m+?

So...say you are 24 when you graduate law school...associate for 8 years? Non-equity for 3 years? Equity partner for 10 years...at 45 I would think if you save & invest you could have $10m+.

Pipe dream. Maybe if you have a two big law partner spouses for ten years and are relatively frugal but otherwise no way based solely on the big law salaries. I know those PPP look really nice, but the majority of equity partners won't be getting that average PPP ten years in. And don't forget you need to pay for housing and stuff, you can't just put every penny into investments unless you live in your parents' basement.

So you're saying that two big law partner spouses average perhaps $2m of combined annual compensation for 10 years = $20m. $2m combined seems reasonable to me as less than $2m in earlier partner years and more than $2m in later years. After tax take home of $11-12m. Average spending of perhaps $300k-$500k annually so call it a total of $4m. So that's $7m-$8m not including any investment returns and or savings from the first 10-12 years as senior associates & non equity partners? $10m doesn't seem like a stretch at all. In fact, it seems like it should be typical for two biglaw partner spouses. I could see $15m+ even as a stretch.

It's not linear like that. Very few partners will ever make more than $2M a year.

Sorry perhaps you didn't read what I wrote: combined $2m on average annually over 10 years. We're talking biglaw as in V25 or V50, etc where PPP are $1.5m+. So perhaps the first year if both spouses make $500k each and the last year both spouses make $1.5m each then the combined average for both is $2m.

You're right, I missed the "combined." That sounds reasonable, for double biglaw partner marriages. Not sure how common that is, but however many couples there are like that, I agree they should be fairly rich.

I can't name one couple where both spouses are Biglaw partners and I know a lot of people from various circles.

I can think of two couples like this, and I've worked at 3 BigLaw firms. One thing to consider is that when both spouses are partners, expenses for things like childcare and house stuff go way up. Like, full-time nanny + household manager + au pair up.

Full time nanny = 60K max
Full time housekeeper = 80K max
Au pair = 25K

Total cost = 165K after taxes, which is roughly 330 in income

Not insignificant, but not what I would call "way up", relative to income.

Plenty of equity partners have spouses who either don't work or work part-time or in a (relatively) low-paying field and ALSO have a full time nanny and full time housekeeper.

There are lots of two-partner couples who don't advertise their status to the world, and I can think of plenty that were a surprise after many years. I mean, how often did you know the occupation of the spouse of every single person you worked with?

[Anonymous]

Anonymous wrote:So I think the answer seems to be: easily 5 million. If you are young you can amass that much while spending freely, and if you are older you might choose to be more frugal and amass more.

Of course, this means “partner” in the terms we think of it, not a non-equity person at a low ranking firm.

You're pretty snotty for someone who isn't a partner anywhere and doesn't have millions parked in a bank account.