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][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So, one multi-millionaire and two kinda-sorta?  Isn’t DC loaded with Biglaw people?  I thought this thread would be filled with moneybag responses. [/quote]

Lawers typically have low rate of saving compared to a certain type of wage slaves.[/quote]

I know people who didn't save a dollar outside of retirement for the first 3-5 years to pay off loans.  Sucks, but it is what it is.[/quote]

Yes but the OP is about the big law partners, who should be past that phase by then.[/quote]

Of course, but the PP I was responding to is referencing a stat that is not limited to partners.  The majority don't make partner, and don't save much when they're associates, not necessarily because they're spendthrifts but because they're risk averse and the debt is the most pressing thing for them.

For the OP's question, I'd imagine that it's years 4-10 that really count (you must have some clients if you haven't been pushed out, you're probably equity by then), so if you can save about half a mill a year for those 7 years you're probably doing well.  $3.5 or above (outside of retirement) is respectable for someone who's been partner for 10 years, I think.[/quote]

The point is those people tend to be big spenders and poor savers, so the ratio of their saving is much lower than others.[/quote]

Who is "those people" in this post?  Because my point is that it is the opposite -- BigLaw lawyers make great salaries but have very high starting debt.  Paying that off instead of saving might be the less financially astute move, but it's not "big spender" behavior.  Partners make less than people realize in the beginning, and expecting them to accrue $1M per year of partnership (including the first years) or be called out as financially illiterate spendthrifts is not a good read of the situation IME.[/quote]

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