Reply to NYC law partner w/ kids: "$850K gross is not enough to live on"

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Reply to "NYC law partner w/ kids: "$850K gross is not enough to live on""

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I mean, not in a VHCOL area. What’s difficult to understand about that?

People in finance and tech make that much or more AND they work many fewer hours with much better work/life balance.

I totally get a Big Law Lawyer thinking “is this it????” [/quote]

Correct. Big law takes the cake for awful somewhat remunerative career path. You’re much better off in tech and finance. [/quote]

As a big law wife I can vouch for that. We aren’t poor but my husband works like a dog. I wouldn’t wish it on anyone.[/quote]

Big law rarely provides life changing liquidity events or those bonuses you can retire on like finance and tech often do.  [/quote]

That's correct, no one time liquidity events that are life changing.  But at 48 we have a net worth of $20 million, and I plan to retire in my mid-50s (probably with close to double that net worth).  So it has provided an opportunity to retire wealthy at a relatively young age.[/quote]

You’d have made more in PE and FAANG and been retired by now[/quote]

That may be right.  But I had no idea about those kinds of jobs 30 years ago.  I grew up in poverty and since I did well in school, I was encouraged to be a doctor or a lawyer.  Those were the paths I always thought were the ticket to a better life.[/quote]

And I respect that grind. The social backgrounds of big law attorneys tends to be lower than their peers in high finance. That said, I point this out not to be disrespectful but to illustrate for anyone younger to understand their choices. Becoming a big law attorney to live lavishly in nyc is a fools errand. Your only hope, short of inheriting or marrying money, is to start a business or enter high finance or tech and cash out ASAP. [/quote]

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