Reply to Net worth over $20 million

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[quote=Anonymous]I retired early a decade ago as an equity partner in one of the top Biglaw firms in DC.  It's one that everyone who knows DC law firms has heard of.  My experience is a little dated, obviously, and the average equity partner now surely makes a lot more than they did then, but still . . .

I find the "weirdo" who has been posting here about Biglaw equity partners in the DMV easily accumulating $20+ million net worths amusing.  Whoever that is is clearly not a Biglaw partner himself and doesn't know very many either.  They mention the Kirkland lawyer, but of course equity partners there make a lot more money than at virtually any other firm and making equity partner there is also extremely difficult -- so they're real outliers.

Law firms aren't handing out $3-5 million to the average equity partner in DC Biglaw.  The average partner is making about half that, many are making less, and the top partners are making much more.  The American Lawyer publishes average profits per partner, the median number, and the median is almost always lower than the mean.  Then there's taxes, both federal and state, which are enormous, expensive homes, private schools, you name it.

I know a handful of "frugal" partners, but not many.  The majority have pretty high end taste, and pay for it.  It's also not in the nature of most partners to work their asses of for 60 or 70 hours a week and not spend their money -- or allow their spouses and kids to spend it.  Very few look to retire early.

Etc.   [/quote]

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