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][quote=Anonymous]For some people, lifestyle expands with income. In particular, you get the big house --- but mostly on the idea that you'll be making big bucks for years to come. So you've got a big house, but perhaps still not a big pile in the bank in the early years after making partner.[/quote]

Lawyers aren't the best with money generally. IDK anyone who has made partner who hasn't upgraded right away from a perfectly nice house to a full on mansion in Bethesda or Westchester (NYC partners). And then there's the private school. Then there's the sudden 4 vacations a year where only the Ritz Carlton is acceptable. And a lot of this happens on the "promise" of -- I made partner, my income will just keep going up and up forever. At my firm there was a LOT of shock when in 2008-09 people who had been partner for 10 yrs and were STILL only service partners were asked to go -- bc honestly the work they were doing could be done by a 7th yr. And that practice has kept up even now (pushing people out who can't produce) -- and yet it STILL doesn't stop people from really really upgrading lifestyles in the first 5 yrs after partnership. IDK why they don't wait until they're more established though maybe it's the fear that they'll never make money like this again so get all the goods you want now.[/quote]

This. Terrible investors too. Kid you not I had a conversation with a junior partner who fancies himself really really financially savvy -- cut above the rest. We're talking about the market and he literally says "oh I don't invest in the S&P -- any peon can do that, MY GUY gets me private placements and the best sector investments" and then proceeded to brag about how he has the BEST financial advisor in ALL the land and the two of them are geniuses at cooking up awesome investments. Turns out he hasn't beat the S&P in TWO years -- despite 19% and 11% gains for the broader market in the last 2 yrs; turns out his guy had him almost completely in energy last yr and in solar the yr before -- the worst performing sectors in each yr. And genius partner had no idea until the end of the yr. SMDH. My older partners aren't much different but far less braggy about it . . . .[/quote]

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