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][quote=Anonymous]Anyone thinks a 10+ year biglaw equity partner hits $10m+?

So...say you are 24 when you graduate law school...associate for 8 years?  Non-equity for 3 years?  Equity partner for 10 years...at 45 I would think if you save & invest you could have $10m+.[/quote]

Pipe dream. Maybe if you have a two big law partner spouses for ten years and are relatively frugal but otherwise no way based solely on the big law salaries. I know those PPP look really nice, but the majority of equity partners won't be getting that average PPP ten years in. And don't forget you need to pay for housing and stuff, you can't just put every penny into investments unless you live in your parents' basement.[/quote]

So you're saying that two big law partner spouses average perhaps $2m of combined annual compensation for 10 years = $20m.  [b]$2m combined seems reasonable to me as less than $2m in earlier partner years and more than $2m in later years. [/b] After tax take home of $11-12m.  Average spending of perhaps $300k-$500k annually so call it a total of $4m.  So that's $7m-$8m not including any investment returns and or savings from the first 10-12 years as senior associates & non equity partners?  $10m doesn't seem like a stretch at all.  In fact, it seems like it should be typical for two biglaw partner spouses.  I could see $15m+ even as a stretch.[/quote]

It's not linear like that.  Very few partners will ever make more than $2M a year.[/quote]

Sorry perhaps you didn't read what I wrote:  combined $2m on average annually over 10 years.  We're talking biglaw as in V25 or V50, etc where PPP are $1.5m+.  So perhaps the first year if both spouses make $500k each and the last year both spouses make $1.5m each then the combined average for both is $2m.[/quote]

You're right, I missed the "combined."  That sounds reasonable, for double biglaw partner marriages.  Not sure how common that is, but however many couples there are like that, I agree they should be fairly rich.[/quote]
I can't name one couple where both spouses are Biglaw partners and I know a lot of people from various circles.[/quote]

I can think of two couples like this, and I've worked at 3 BigLaw firms.  One thing to consider is that when both spouses are partners, expenses for things like childcare and house stuff go way up.  Like, full-time nanny + household manager + au pair up.[/quote]

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