Getting out of the rat race at 35 (biglaw)

[Anonymous]

I'm 35 and my wife is 29. I work in Biglaw making $650K a year. Should make equity partner in two years. But I really can't take it anymore and don't plan on sticking around. We have about $1.75M saved and expect to hit $2M+ by the end of the year. We spend approximately $50K a year in expenses for the two of us in a VHCOL location (more than DC/NoVA). After quitting, we plan on doing some international slow travel (e.g., 1 month in various places for about a year), then settling down in a secondary city (e.g., Denver, Portland, Austin). No kids yet, but may have in future. The decreased housing costs should easily offset any child costs, especially when both parents are around. Plus, there's healthcare, but we should be able to swing an ACA plan.

Part of me is not sure if I want to get back on the treadmill again, certainly not Biglaw. The other part of me thinks I shouldn't walk away from potentially making seven figures a year and being ironclad set for life. Financially speaking, the worst case is we decide never to work again. Do you guys think uber-early retirement is in the cards? What would you do if you were in our shoes? Not worried about lifestyle, as I'm sure we can keep ourselves busy.

[Anonymous]

Anonymous wrote:I'm 35 and my wife is 29. I work in Biglaw making $650K a year. Should make equity partner in two years. But I really can't take it anymore and don't plan on sticking around. We have about $1.75M saved and expect to hit $2M+ by the end of the year. We spend approximately $50K a year in expenses for the two of us in a VHCOL location (more than DC/NoVA). After quitting, we plan on doing some international slow travel (e.g., 1 month in various places for about a year), then settling down in a secondary city (e.g., Denver, Portland, Austin). No kids yet, but may have in future. The decreased housing costs should easily offset any child costs, especially when both parents are around. Plus, there's healthcare, but we should be able to swing an ACA plan.

Part of me is not sure if I want to get back on the treadmill again, certainly not Biglaw. The other part of me thinks I shouldn't walk away from potentially making seven figures a year and being ironclad set for life. Financially speaking, the worst case is we decide never to work again. Do you guys think uber-early retirement is in the cards? What would you do if you were in our shoes? Not worried about lifestyle, as I'm sure we can keep ourselves busy.

Edit to add she makes $70K a year and we get $30K a year in taxable interest/dividends.

[Anonymous]

Do not give up your big law job yet.

Instead, take a long vacation or sabbatical. Then re-assess.

Even if you work in a secondary market later, you will still work long hours and make much less $. Not worth it.

[Anonymous]

Make partner first. It will be easier to set yourself up for your future career that way.

I would recommend lining up a new job before quitting and then just try to negotiate a deferred start date so you can travel.

[Anonymous]

If you pass the Oregon bar and start working in PDX, you'll find a COMPLETELY different work/life balance there. The Northwest is big into that. Seattle would work for you too.

[Anonymous]

What does your wife say? Where is she doing on having kids?

[Anonymous]

This guy did the early retirement thing and seems to have made it work - http://www.financialsamurai.com/about/.

[Anonymous]

You don't realize how expensive it is to raise children in a middle class lifestyle. Now if you're talking upper crust lifestyle (best private schools, international travel, best camps and extra-curriculars), your money will evaporate in the blink of an eye. And I'm not even talking about college.

Talk to your peers who have kids. Assess with your wife about what you want in life. Accept the possibility that what you want might change over time.

I understand you need at least a long vacation, and that you are burnt out - noone would talk about the rat race like this otherwise. Your occupation in life should be meaningful to you. Instead of forfeiting future earnings, you could consult a career psychologist, and see whether you could change careers. Definitely take a long vacation as well!

Good luck. Don't make any rash decisions.

[Anonymous]

My story is similar to yours. I would not recommend quitting cold turkey or an early retirement. Although your savings are impressive, you can go through them in a matter of years. Like you, I remember the burn-out I felt. There is something psychological that happens when you work that hard for so long under such stress. At some point, a sort of depression sets in and tunnel vision too. I would recommend finding an in-house job and taking a couple of months in between jobs to travel. But you are really young and very marketable while at biglaw; you will never be that marketable again. I left for in-house and it took me a couple of years to regain my sanity from biglaw. There is light at the end of the tunnel, you just need to make sure not to make poor decisions because you are psychologically burnt-out.

[Anonymous]

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

[Anonymous]

If you have children, I care that at least one of the two parents is the primary caregiver.

Congratulations on your financial success, and that you didn't sacrifice the well-being of your children to get there.

[Anonymous]

Where are you making $650k a year without being equity?

[Anonymous]

I don't know anyone non-equity pulling that kind of cash. Shit, some equity folks don't pull that kind of cash

[Anonymous]

Think about doing your thing. If you money needs are not great it's a good time to do it. It usually takes about 5 years.

[Anonymous]

Where should I send my resume?