You can’t plan for your kid to make biglaw partner. They have to have a certain personality for it and want it themselves.

I also don’t know anyone making that much, OP. I know plenty of people making under $100K though and I bet a lot of people on this site don’t. Socioeconomic groupings cluster; I’m probably in the middle of income range among my friends and I think that’s pretty standard.

Anonymous wrote:What are the big law specialties? What should my kid study?

Doesn’t matter. They won’t start specializing until year 2/3 of law school. That said, as a BigLaw wife I don’t recommend law school and neither does my husband, unless you value money over everything else. It’s soul sucking and not family friendly. DH is getting ready to move to the private sector to have more time with our kids before they fly the coop.

Law is one of those fields with big paydays for those at the top, but you’re not guaranteed to get there. Don’t push your kid into law unless they want to be a lawyer.

Lawyers. I work with them. Insane amounts of money. Finance too, but mostly lawyers.

You may know them but you would have no idea. I have the same friends as when our hhi was 250 and we haven’t moved or changed the type of cars we drive. We do stay in nicer hotels than before but that’s not something we’d mention.

What are the big law specialties? What should my kid study?

I know at least 6, all biglaw partners.

I know three. All husbands of my friends. We are stay at home moms. One’s a CEO with an eight figure salary , one is biglaw, one is in science research but not sure what.

Public companies have to publicize their executives salaries so you can get an idea of what they are paid.

If lawyers aren’t in biglaw they are nowhere near 7 figures. More like $150,000.

I worked a part time temp job years ago and one job had a high income, the sales people in high tech. More than the engineers but not 7 figures.

I’m a law firm equity partner in DC. Our firm has around 50 equity partners, and over 1/3 of us make over $1M. We are far from the biggest or most profitable firm in DC. And there are so many firms. If you don’t know DC big law, you don’t understand how many well paid partners there are. And yes as PP notes that’s not the only industry people make big money, but it’s a significant factor in DC.

Anonymous wrote:Big law does well but owning a successful business can cause one to have explosive financial growth. One business leads to another to another to investments to more investments. In my record year I earned nearly $14M. And I don’t mean businesses that pass through to my personal return. The businesses file their own returns. My personal income was 8 figure. Truly insane. That was an atypical year but I have some serious irons in the fire and I don’t think it will be the last time I hit 8 figures in a single year.

Care to share more about the industries and/or your background including how you got started?

A lot of the posts are fake.

Big law does well but owning a successful business can cause one to have explosive financial growth. One business leads to another to another to investments to more investments. In my record year I earned nearly $14M. And I don’t mean businesses that pass through to my personal return. The businesses file their own returns. My personal income was 8 figure. Truly insane. That was an atypical year but I have some serious irons in the fire and I don’t think it will be the last time I hit 8 figures in a single year.

Biglaw

How is there such a large concentration of people earning 7 figures on this site? I work in tech. There isn’t a single person I interact with making over 1M/year. Maybe a few people I’ve been in meetings with 2-3 levels above me but nobody who I interact with regularly. Almost every thread someone mentions they or their DH earning 7 figs. Blows my mind that there can be this many people in DC on that income. Maybe it’s just a handful of people posting incessantly about their 7 figure HHI that gives them tingles?