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]OP, I think the absence of responses is your response.  Not many big law folks are accumulating a ton.  Likely spending a lot so they can spend their time working.  [/quote]

It’d be easy to make around 1M a year the first 10 years, expecting it to climb quickly thereafter.  So what’s wrong with 6 mil?  When did 6 mil become “not a ton”?

My parents had a similar set up to this, to keep it vague, spent lavishly with one parent SAH, retired at 62, and they have a net worth now if almost 20 mil. I don’t think they wish they’d been more frugal when they were younger.  And my parent made partner older, not younger, and not at a super high paying firm.

6 mil quickly grows.[/quote]

Exactly!  I believe this is actually the typical biglaw partner profile.  I think there's a lot of schadenfreude about divorce, not seeing kids, spending too much, etc.  My guess is this profile is what represents the majority of outcomes.  Wealthy enough to afford any typical expense but certainly not living the jetset lifestyle.  A relatively low risk but hard working career with a high probability weighted expected outcome versus trying to hit the "home run" to end up with jets & yachts.[/quote]

Yes, I think lawyers know where they stand among the rich. It’s a wonderful life, for those who like the work, and it affords a nice home, vacation house, private school, regular nice vacations, etc. But no one thinks they are “hitting it big” by becoming a lawyer, because they know its limits.

My BIL is a banker-turned-business-man, built a business worth maybe 10 mill, now is a crypto currency investor.  HE is trying to hit it big. Not even for the money, just for the thrill.

Lawyers are not those people, and so they will never be the ones, as PP said, with the jets and the yachts.  And they are ok with that!![/quote]

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