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Reply to "If you left Big Law…"
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[quote=Anonymous][quote=Anonymous]I've been following this thread with some interest. I'm a woman in biglaw and the main breadwinner. Our pretax HHI is around 650K, with my DH bringing in around $130K of it as a non-lawyer fed. Our financials are not super different; retirement is only $950K and 529 is only $300K total (I think OP had more on both counts), but we have about $1.8 in brokerage accounts so about the same total. Our mortgage is higher and we have less equity, but also have some special circumstances that resulted in that -- i.e., parents who moved in with us so we can help with health issues but who happily contribute to mortgage/bills/etc -- and we left a very low mortgage ($2200) to accommodate them. We'd be happy to downsize house if my parents no longer needed the space. My kids are 6 and 3 and I often think of leaving big law in the next 3-5 years. I don't think I want to be a partner, but I'm fairly confident I could stay in my counsel position for a while if I wanted to do so. Part of me thinks I should just to save up, pay for life, keep doing it while it feels manageable. Part of me would love to pursue other options (which have uncertain or certainly lower salaries) that I think I would enjoy more. The overwhelming majority of folks on this thread seem to think operating on fed salary and drawing down savings to fill the gap is insane, though, which would probably be our plan too. [/quote] I'm a woman who was in your position 3 years ago (HHI less by about $100k because I didn't get a bonus, less in brokerage and 529, but only one kid, but DH making the exact same as a non-lawyer fed) who is now in house, part time. I think the reason the leap was easier for me was that I never, in a million years, planned to stay in BigLaw forever. I was there longer than I imagined I would be. We don't spend down savings, we live within our means (~$350k). I would never have left if it meant shrinking our net worth instead of our growth rate. If your job feels manageable I'd stay. It will be hard to replicate that income elsewhere, and making that money for even a decade is a chance to set your kids up for life. But if it's grinding you down, affecting your health, impacting your marriage: just make a plan and get out.[/quote]
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