Reply to I don’t know a single person making 7 figures

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[quote=Anonymous][quote=Anonymous]Early retired Biglaw partner here.  I remember sitting in partner meetings in my old firm over a decade ago and thinking to myself “how surreal is it that every person in this room with me right now is making $1 million a year or more?”

They definitely were.  No lying involved.

As for the posters who scoff at these lawyers as merely “servicing the rich” or having to work around the clock to make their money, that’s only true to an extent.  After a few years as an equity partner most Biglaw partners have made enough money that they could walk away rich if they wanted to and just let the money that they’ve already earned work for them.  They just choose not to because it’s not in their nature.

My own personal situation is a good illustration.  When I left my law firm around a decade ago, in my early 50s, I had been an equity partner for about ten years.  I was counsel for about 10 years before that.  As counsel, I made in the low six figures.  As an equity partner, I started in the mid six figures and finished at just under $1 million.  I was one of the lowest paid equity partners in my firm - a very well known one in DC.

My current net worth is about $8 million. I haven’t worked at all since leaving Biglaw. My net worth is about double what it was since leaving my firm thanks to the market, etc.

So, no, personally I’m not rich but I have to figure that my former partners - who all made more money than me and who all keep working - have net worths well into 8 figures.  It’s impossible for them not to have that much money at this point.  That they are continuing to work is a personality thing.   They just can’t stop themselves.[/quote]

I wonder if your partners who continue to work really do have those net worth figures. A number of partners in my firm, who have been here for a while, have surprisingly little saved. At least the ones who will admit it. Notwithstanding the fact that they’ve been working as partners for 10+ years making easily more than $2 million a year, a handful of them said they don’t even have $2 million saved. One of them told me that he was hoping that he could save at least $300,000 this year, which will be the first time he’s ever been able to do that. It’s breathtaking.

But they each have multiple homes, they fly first class or private, kids are in private schools, they vacation overseas, at least once a year, so at deer valley and vail with private lessons and private chefs, etc. etc. etc.  There’s no shortage of ways to spend your money, and these guys seemed to have found many of them.

Golden handcuffs at its finest. [/quote]

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