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]Most lawyers at most large firms don’t make the average PPP.  In my experience, I dont believe most will ever make the average.   The avg is always skewed high by the top dozen or so rainmakers.  The median PPP would be a much better statistic.  And I assume partners in the rope 10-20 firms Have higher bases than the next 30 or more.[/quote]

I know this thread is about money, but there seems to be some common requirements to having big $$$ at the 10+ year point as a BIGLAW partner:

1. You're the primary breadwinner and your spouse has no career (or a very minor one with modest $$$ and maximum flexibility for running the household).
2. You're spending 55-65 (or even 70) hours a week billing your time, rainmaking for clients, and firm administrative work.
3. You're not pushed out (as a non-equity partner) when times get tough (and they always do).

This is a pretty tough road to hoe and requires a spouse who is 100% on board and the stars to align.

What many BIGLAW partners realize after a while is that they can capture more than the 33%-40% of their billable rate once they have $500k or more in clients (or they can capture a firm or another partner's client).  At that point, they can jump to another firm or open their own firm with like-minded partners.  They don't need BIGLAW anymore, so why not cut the umbilical cord?

If you want to make big(ger) money as a lawyer, you need to leverage associates and capture 33% of their revenue stream for working your book of business.[/quote]

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