Reply to Big Law and conspicuous shows of wealth

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you are from old money can you really say there’s “lots of money” in big law?

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Not even sure what old money means in this context.

Met very few biglaw families like this.  They tend more to live large but as a family.  [/quote]

Maybe it’s just my circle but I don’t even know many big law attorneys who really live large. I can think of 3: two who are very high up in their firms and one who has a trust fund (the one with a trust fund doesn’t live conspicuously, but she does all the wealthy things, rather than having to pick and choose like most big law attorneys do). [/quote]

Really.  20 year partners mostly have $2 million plus homes, beach house, possibly another house 1-3 country clubs.  Nice expensive cars -- Mercedes, BMW, mostly fly themselves and family first class.  Europe and Caribbean every year.  If they ski -- then that.  [/quote]

? I've never known a DC-based partner who lives like this and both me and my husband have been in biglaw 10 years [/quote]

I don't know a non-new partner who does not live like this.  Maybe we are thinking of different firms?[/quote]

Then say the firm you mean. Truly, I know so so so many partners who have been partner a long time and having the FULL list above (not picking and choosing priorities like beach house vs multiple international vacations a year) is unusual for DC-based partners. Especially when they typically have 2-3 kids in private schools or colleges and involved with expensive extracurriculars. [/quote]

I’ll name some firms: Arnold and Porter, Covington and Burling, Wilmerhale, Latham, Gibson Dunn, Davis Polk…

I agree that many many partners don’t have flashy things (and many are just not car people) but private schools, beach house, expensive vacations, 2M+ house? Yes, for sure, easily.[/quote]

This. We ALL do. This debate is stupid. What do you think people that make $2 million a year spend their money on. [/quote]

If is a stupid conversation because people have jumped from big law attorneys to big law partners to big law partners who have been there for 20 years. I was the PP who said that I only know a few big law attorneys who live large and somebody responded with “big law partners who have been there for 20 years do.” Okay, but that wasn’t the question was it? [/quote]

Also hate to break it to you but partners at the above firms who are in their late 30s and early 40s are easily making that much and definitely buying all those things. You don't need to have been in big law for 20 years.  You just have to make it as a partner (and many of the top firms only have equity partnership...)

They are NOT, however, buying their friends random expensive gifts, so I'm really curious what in the world the OP was talking about![/quote]

No, partners in their late thirties at those firms are not making 2M a year. I just looked it up and the average big law partner makes 1.3M. Let's say the average partner at more prestigious firms makes 2M, which means that you have to be farther along than late thirties to be making that.

DH is a (brand new this year) partner at a V20 firm. I did just buy my friend some rifle and paper co. dessert plates from Anthropologie. Maybe I'm part of the problem. [/quote]

Just FYI the PPP at the firms named is way more than 1.3.[/quote]

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