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

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

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[quote=Anonymous][quote=Anonymous]I think the PP first year partner numbers sound about right. I’m 8 years into biglaw (up for promotion this year) with a household networth of about $700K. So that include spouse’s worth (though spouse does not work in biglaw, salary about $100K). Between us we had about $160K in loans. We spent 4 years paying those off, then saved a down payment and bought a house in 2016. We also had two kids along the way and now pay $4500/month in childcare. So yeah, the money goes fast. [/quote]

I am the PP first year non-equity poster.  We have a somewhat similar situation, but my wife makes very little money working more in a humanitarian type role (like $60k).  We had student loans, though not too bad, and around the same $160k total. Have never spent lavishly at all.  Did buy a house in 2014 that we are way ahead on based on improvements that were mostly my physical work.  Also, I am at a "biglaw" firm inside the "v50" that doesn't generally have, during those years, consistent salaries with other firms, or high bonuses.  Some years, good bonuses, other years, not so much.  Also had family having to "borrow" money, and yeah, it goes fast.  I also spent time outside the US with my firm, and had a business plan for that, but there was cost in that too.  Overall, I am not going to sweat $200k +- on those issues.       [/quote]

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