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Reply to "If you left Big Law…"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You should be fine based on what you've said. You or your husband should be able to review your expenses over the last year or 6 months online pretty easily to ensure that is the case. The one thing I'll say is your husband will probably not want to go back to big law (depending on the area of expertise, he probably can without much difficulty in a better legal market but the desire is unlikely to be there), so the two of you should think about this as a longer term move to a lower income group. Reviewing expenses is important even with great savings because one of you might look at an expense differently in 2 months creating some disagreement. I'd encourage you to stay a little more involved in your family's overall financial planning too![/quote] Alternative voice here…my DH is a GS-15 lawyer with the government. Take home after healthcare, pension contribution (which will be 4.1% for a new government employee), fsa, and taxes is about $8,000/month (with two extra paychecks per year). That’s assuming no 401k contributions. After their mortgage they are looking at $3500/month for all other expenses. Is it doable without drawing from savings? Doubtful or difficult. And very unlikely he’ll want to go back. If OP doesn’t want to work I think DH should look in-house or this isn’t going to be very sustainable. We have a similar mortgage but I work.[/quote] GS-15 attorney who also takes home a similar amount after taxes, health insurance, retirement, dependent care etc. Is your $2M in savings your retirement savings too? If so I would not be comfortable. I think you need to go back to work to make this a feasible plan. [/quote]
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