Anonymous wrote:Anonymous wrote:You have to realize that your life does not actually require that income. If you don't believe it, create an artificial experiment and live on your alternative salary for a year while socking away the rest in investments. You may be surprised.
Also, when you look at salaries for in house positions, what you don't see are the bonuses and value of stock options and that you aren't paying self-employment and benefits. In house, we have a base salary in the 300 range, but pay taxes on over 800. That may sound like 'not enough' to you, but we have kids full pay in private schools and colleges too. We have more than anyone needs. If you cannot accept that as truth, then the problem is your relationship with money, not your golden handcuffs. You hold the key to those cuffs.
That's not even remotely close to typical in-house comp.
Anonymous wrote:Anonymous wrote:Anonymous wrote:My spouse is a big law partner. We send our kids to public school and have a house that is in the cheaper area of bethesda (oxymoron) and mostly live like UMC people — nothing designer, our house is super outdated, our cars are heaters, kids don’t go to those expensive sleepaway camps, etc. we do splurge on vacations because he is so overworked that he wants vacations just to be as easy as possible. I think you need to make decisions about where to spend your money to keep your sanity.
We have a ton saved up because he has always wanted to quit but for him the golden handcuffs has really been finding something that is equally prestigious and would not require moving cross country. At a certain point it becomes hard to off ramp because you are so senior no one wants to hire you for a regular old job. He now has sort of a plan of trying to retire at 55 and get a job with a non-profit. We’ll see if that happens.
In this scenario do you have a job?
SAHWs are a big part of the golden handcuff problem. Them not working, and having lots of expensive nice stuff, beach houses on the coast, etc. are a reason the men often have to keep working.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:^ Don't you regret missing all that time with your family? I dunno, early retirement is great and I'm all a out it but it seems like you paid a heavy price for it.
NP. I second this, but I wonder if the truth is that PP probably came from a background where dad went out to work and provided resources for the family, and didn't get much more involved. I think a lot of guys of his generation and older were like that. So early retirement is more about himself and getting to do things he wants to do. So trading time with one's family when young for time for an early retirement that's probably focused on himself.
I think there is a generational shift happening where guys want to be much more involved with their kids. I know I do. Because I'm a government attorney, I get to WFH 4 days a week, eat lunch with my little girl at her school a couple of times a month, and I do things like Mystery Reader and chaperone. I spend all day Saturday and Sunday with her and my wife, and it's rare that either my wife and I have to work on weekends. Heaven on earth, my friends.
I'm the early retired partner. I guess you didn't read my response. I was not a "dad who went to work and didn't get much more involved." Far from it. One anecdote to illustrate the point: the very first day of my job as an associate happened to coincide with my oldest kid's first day of first grade. I told the firm I'd be late for new associate orientation because I wanted to be with my kid at the bus stop to see them off. That's the tone I set.
When my kids were growing up I did virtually everything that you describe yourself now doing with your kid -- except the WFH part -- and I had four of them and not just one. I made it work because it was important to me. You don't know me or how involved I was or wasn't in my family upbringing, your generalization about my "generation's" approach to fatherhood is both inaccurate and even if it were accurate it doesn't apply to me specifically. Bottom line: Your choices are fine, you should feel confident about them, and you shouldn't feel the need to belittle mine or anyone else's to justify them.
I'm the PP. I understand what you are saying, but it is not physically possible for you to have worked the kinds of hours you would have had to work in a firm and be really present for four children, plus a spouse. It's just not. I spend every Sat and Sunday with my family...there's no way you could do that. I'm sure you did the best you could and I don't doubt that you believe it was sufficient. What you're really saying is that you found the time with your kids sufficient enough for you, because you also had this personal goal of early retirement...to live a life you enjoy as an empty nester. I'm not judging you, I'm simply stating the facts. To each his own. Many in my generation, including myself, are just not choosing that road.
Not the PP you’re responding to, but another big law partner. I never work weekends. Ever. Like never. Well I guess once or twice a year some random call comes up requested by a client that lasts ten minutes. But my husbands non legal job has that too. I’m not saying that’s all biglaw jobs, but it’s not an anomole. Im aware that with that kind of schedule im unlikely to be a super start rainmaker that beaks $2m or whatever. But im 17 years out and still doing this, and the messaging im getting from the firm is nothing but good - so I definitely have at least five more years.
I think dcum is populated by a lot of women who either are sahm married to biglaw partners who are the types who do work a lot of hours, or are women who left biglaw and are defensive about it. So both those categories are likely to paint a narrative about it being an unbearable horrible place, because they need to believe that to rationalize where their life landed. But their picture only describes a part of biglaw.
It describes their personal experience. It's OK if your practice involves fewer hours and more control over deadlines, but that doesn't make them liars. Many practice areas are incompatible with having the flexibility with your time that parenting can sometimes require.
This. I’m one of the women you’re disparaging and honestly, biglaw looked very different for me than white men. I saw that early on, and my husband and I (we are both lawyers) decided early on he’d be the one with the shot at partner without eating shit 24/7, which I am for better or worse not particularly good at. I know he wishes it were the opposite because biglaw is stressful and hard, but part of the reason he made partner is because he doesn’t want a less prestigious position. I on the other hand could not care less; I know I’m pretty much the smartest person in the room so why do I need to prove that to anyone or correct their assumptions? Honestly my job doesn’t come up much in real life - both my husband and I answer lawyers to what do you do and everyone’s eyes glaze over and we move on.
You could have a different experience but that doesn’t invalidate anyone else’s.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:^ Don't you regret missing all that time with your family? I dunno, early retirement is great and I'm all a out it but it seems like you paid a heavy price for it.
NP. I second this, but I wonder if the truth is that PP probably came from a background where dad went out to work and provided resources for the family, and didn't get much more involved. I think a lot of guys of his generation and older were like that. So early retirement is more about himself and getting to do things he wants to do. So trading time with one's family when young for time for an early retirement that's probably focused on himself.
I think there is a generational shift happening where guys want to be much more involved with their kids. I know I do. Because I'm a government attorney, I get to WFH 4 days a week, eat lunch with my little girl at her school a couple of times a month, and I do things like Mystery Reader and chaperone. I spend all day Saturday and Sunday with her and my wife, and it's rare that either my wife and I have to work on weekends. Heaven on earth, my friends.
I'm the early retired partner. I guess you didn't read my response. I was not a "dad who went to work and didn't get much more involved." Far from it. One anecdote to illustrate the point: the very first day of my job as an associate happened to coincide with my oldest kid's first day of first grade. I told the firm I'd be late for new associate orientation because I wanted to be with my kid at the bus stop to see them off. That's the tone I set.
When my kids were growing up I did virtually everything that you describe yourself now doing with your kid -- except the WFH part -- and I had four of them and not just one. I made it work because it was important to me. You don't know me or how involved I was or wasn't in my family upbringing, your generalization about my "generation's" approach to fatherhood is both inaccurate and even if it were accurate it doesn't apply to me specifically. Bottom line: Your choices are fine, you should feel confident about them, and you shouldn't feel the need to belittle mine or anyone else's to justify them.
I'm the PP. I understand what you are saying, but it is not physically possible for you to have worked the kinds of hours you would have had to work in a firm and be really present for four children, plus a spouse. It's just not. I spend every Sat and Sunday with my family...there's no way you could do that. I'm sure you did the best you could and I don't doubt that you believe it was sufficient. What you're really saying is that you found the time with your kids sufficient enough for you, because you also had this personal goal of early retirement...to live a life you enjoy as an empty nester. I'm not judging you, I'm simply stating the facts. To each his own. Many in my generation, including myself, are just not choosing that road.
Not the PP you’re responding to, but another big law partner. I never work weekends. Ever. Like never. Well I guess once or twice a year some random call comes up requested by a client that lasts ten minutes. But my husbands non legal job has that too. I’m not saying that’s all biglaw jobs, but it’s not an anomole. Im aware that with that kind of schedule im unlikely to be a super start rainmaker that beaks $2m or whatever. But im 17 years out and still doing this, and the messaging im getting from the firm is nothing but good - so I definitely have at least five more years.
I think dcum is populated by a lot of women who either are sahm married to biglaw partners who are the types who do work a lot of hours, or are women who left biglaw and are defensive about it. So both those categories are likely to paint a narrative about it being an unbearable horrible place, because they need to believe that to rationalize where their life landed. But their picture only describes a part of biglaw.
It describes their personal experience. It's OK if your practice involves fewer hours and more control over deadlines, but that doesn't make them liars. Many practice areas are incompatible with having the flexibility with your time that parenting can sometimes require.
Anonymous wrote:Anonymous wrote:A lot of biglaw partners tells themselves they’ll retire at 50 after saving up enough to be comfortable. Then 50 rolls around and they are hooked on the cash and they decide they can hang in there a few more years. Then they get upset when their firms start forcing them out at around age 60.
You have no idea what you're talking about. No biglaw firm is "forcing out" partners at 60. Many do at 65.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:^ Don't you regret missing all that time with your family? I dunno, early retirement is great and I'm all a out it but it seems like you paid a heavy price for it.
NP. I second this, but I wonder if the truth is that PP probably came from a background where dad went out to work and provided resources for the family, and didn't get much more involved. I think a lot of guys of his generation and older were like that. So early retirement is more about himself and getting to do things he wants to do. So trading time with one's family when young for time for an early retirement that's probably focused on himself.
I think there is a generational shift happening where guys want to be much more involved with their kids. I know I do. Because I'm a government attorney, I get to WFH 4 days a week, eat lunch with my little girl at her school a couple of times a month, and I do things like Mystery Reader and chaperone. I spend all day Saturday and Sunday with her and my wife, and it's rare that either my wife and I have to work on weekends. Heaven on earth, my friends.
I'm the early retired partner. I guess you didn't read my response. I was not a "dad who went to work and didn't get much more involved." Far from it. One anecdote to illustrate the point: the very first day of my job as an associate happened to coincide with my oldest kid's first day of first grade. I told the firm I'd be late for new associate orientation because I wanted to be with my kid at the bus stop to see them off. That's the tone I set.
When my kids were growing up I did virtually everything that you describe yourself now doing with your kid -- except the WFH part -- and I had four of them and not just one. I made it work because it was important to me. You don't know me or how involved I was or wasn't in my family upbringing, your generalization about my "generation's" approach to fatherhood is both inaccurate and even if it were accurate it doesn't apply to me specifically. Bottom line: Your choices are fine, you should feel confident about them, and you shouldn't feel the need to belittle mine or anyone else's to justify them.
I'm the PP. I understand what you are saying, but it is not physically possible for you to have worked the kinds of hours you would have had to work in a firm and be really present for four children, plus a spouse. It's just not. I spend every Sat and Sunday with my family...there's no way you could do that. I'm sure you did the best you could and I don't doubt that you believe it was sufficient. What you're really saying is that you found the time with your kids sufficient enough for you, because you also had this personal goal of early retirement...to live a life you enjoy as an empty nester. I'm not judging you, I'm simply stating the facts. To each his own. Many in my generation, including myself, are just not choosing that road.
Not the PP you’re responding to, but another big law partner. I never work weekends. Ever. Like never. Well I guess once or twice a year some random call comes up requested by a client that lasts ten minutes. But my husbands non legal job has that too. I’m not saying that’s all biglaw jobs, but it’s not an anomole. Im aware that with that kind of schedule im unlikely to be a super start rainmaker that beaks $2m or whatever. But im 17 years out and still doing this, and the messaging im getting from the firm is nothing but good - so I definitely have at least five more years.
I think dcum is populated by a lot of women who either are sahm married to biglaw partners who are the types who do work a lot of hours, or are women who left biglaw and are defensive about it. So both those categories are likely to paint a narrative about it being an unbearable horrible place, because they need to believe that to rationalize where their life landed. But their picture only describes a part of biglaw.
Anonymous wrote:A lot of biglaw partners tells themselves they’ll retire at 50 after saving up enough to be comfortable. Then 50 rolls around and they are hooked on the cash and they decide they can hang in there a few more years. Then they get upset when their firms start forcing them out at around age 60.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Why dont lawyers pushback against the boomers and demand to get paid the same for 40 hours a week. Millennials are doing it for all other industries including tech
? Bc if they’re only working 40 hrs/wk that’s all they’ll be bringing in. Do you not understand how partnerships work?
Yes, clients are not going to pay double the rate so lawyers can work less and get paid the same.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:^ Don't you regret missing all that time with your family? I dunno, early retirement is great and I'm all a out it but it seems like you paid a heavy price for it.
NP. I second this, but I wonder if the truth is that PP probably came from a background where dad went out to work and provided resources for the family, and didn't get much more involved. I think a lot of guys of his generation and older were like that. So early retirement is more about himself and getting to do things he wants to do. So trading time with one's family when young for time for an early retirement that's probably focused on himself.
I think there is a generational shift happening where guys want to be much more involved with their kids. I know I do. Because I'm a government attorney, I get to WFH 4 days a week, eat lunch with my little girl at her school a couple of times a month, and I do things like Mystery Reader and chaperone. I spend all day Saturday and Sunday with her and my wife, and it's rare that either my wife and I have to work on weekends. Heaven on earth, my friends.
I'm the early retired partner. I guess you didn't read my response. I was not a "dad who went to work and didn't get much more involved." Far from it. One anecdote to illustrate the point: the very first day of my job as an associate happened to coincide with my oldest kid's first day of first grade. I told the firm I'd be late for new associate orientation because I wanted to be with my kid at the bus stop to see them off. That's the tone I set.
When my kids were growing up I did virtually everything that you describe yourself now doing with your kid -- except the WFH part -- and I had four of them and not just one. I made it work because it was important to me. You don't know me or how involved I was or wasn't in my family upbringing, your generalization about my "generation's" approach to fatherhood is both inaccurate and even if it were accurate it doesn't apply to me specifically. Bottom line: Your choices are fine, you should feel confident about them, and you shouldn't feel the need to belittle mine or anyone else's to justify them.
I'm the PP. I understand what you are saying, but it is not physically possible for you to have worked the kinds of hours you would have had to work in a firm and be really present for four children, plus a spouse. It's just not. I spend every Sat and Sunday with my family...there's no way you could do that. I'm sure you did the best you could and I don't doubt that you believe it was sufficient. What you're really saying is that you found the time with your kids sufficient enough for you, because you also had this personal goal of early retirement...to live a life you enjoy as an empty nester. I'm not judging you, I'm simply stating the facts. To each his own. Many in my generation, including myself, are just not choosing that road.
Not the PP you’re responding to, but another big law partner. I never work weekends. Ever. Like never. Well I guess once or twice a year some random call comes up requested by a client that lasts ten minutes. But my husbands non legal job has that too. I’m not saying that’s all biglaw jobs, but it’s not an anomole. Im aware that with that kind of schedule im unlikely to be a super start rainmaker that beaks $2m or whatever. But im 17 years out and still doing this, and the messaging im getting from the firm is nothing but good - so I definitely have at least five more years.
I think dcum is populated by a lot of women who either are sahm married to biglaw partners who are the types who do work a lot of hours, or are women who left biglaw and are defensive about it. So both those categories are likely to paint a narrative about it being an unbearable horrible place, because they need to believe that to rationalize where their life landed. But their picture only describes a part of biglaw.
Anonymous wrote:Anonymous wrote:Why dont lawyers pushback against the boomers and demand to get paid the same for 40 hours a week. Millennials are doing it for all other industries including tech
? Bc if they’re only working 40 hrs/wk that’s all they’ll be bringing in. Do you not understand how partnerships work?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Early retired Biglaw partner here. It’s difficult to avoid the golden handcuffs but it absolutely can be done. Don’t buy a expensive house. Send your kids to public schools and good state colleges. Avoid extravagant vacations and luxury automobiles. In short, just live reasonably.
I distinctly recall the reaction of one of my partners when I told him I was checking out: “I’m so jealous. I could never afford that.” The guy was probably making double what I was at the time - if I had to guess, I’d say between $1.5 and $2 million - and after taxes, mandatory retirement and capital contributions, health insurance, etc. he probably took home half of that. He had a $4 million house, a beach house, three and kids enrolled in top DC privates since kindergarten. My understanding from social media is that the kids ended up in colleges of the Tulane/NYU/Emory variety. If that’s the life you’re going to choose, it’s going to cost you. It’s that simple.
Curious how old you were when you retired and what your finances looked like when you made the decision? I am in BL and am looking for an early retirement (still have a ways to go as 39), but interested in hearing stories!
I was 53. I had spent 27 years (!) in Biglaw before retiring, basically 1/3 of the time an an associate, 1/3 of the time as counsel, and 1/3 of the time as (equity) partner. I married and had kids young, and made the decision to walk away after my youngest of four kids graduated from college. At the time of my retirement (just shy of a decade ago), I had a net worth of $4.7 million, about half of which was my retirement account (invested entirely in stock index funds) and the other half a combination of my brokerage account (also all index funds), real estate equity, and the cash value of my capital account with my law firm. With all of the kids out of college, our low interest monthly mortgage payments on our DC rowhome fully covered by our basement rental, and the firm allowing us continued access to its group health care plan (with us paying the full premium, obviously), I was confident that we could make it work.
Fast forward nearly a decade, our net worth is now $7 million (down from a high of $8 million a year or so ago), so we're doing just fine. The one big change that I've made since retiring is hiring someone (a little too late, in retrospect) to manage my retirement accounts, so I'm now much more diversified than when I first retired.
I haven't regretted my decision ever. Not once. Not even for a nanosecond. In fact, I've never actually met anyone who has left biglaw and regretted it.
Thank you for your post. Is the participation in group health plan in retirement even offered anymore? Please forgive me my cynicism.
Anonymous wrote:My kids go to public schools in Bethesda, and they have lots of classmates with a parent working in Big Law.
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:^ Don't you regret missing all that time with your family? I dunno, early retirement is great and I'm all a out it but it seems like you paid a heavy price for it.
NP. I second this, but I wonder if the truth is that PP probably came from a background where dad went out to work and provided resources for the family, and didn't get much more involved. I think a lot of guys of his generation and older were like that. So early retirement is more about himself and getting to do things he wants to do. So trading time with one's family when young for time for an early retirement that's probably focused on himself.
I think there is a generational shift happening where guys want to be much more involved with their kids. I know I do. Because I'm a government attorney, I get to WFH 4 days a week, eat lunch with my little girl at her school a couple of times a month, and I do things like Mystery Reader and chaperone. I spend all day Saturday and Sunday with her and my wife, and it's rare that either my wife and I have to work on weekends. Heaven on earth, my friends.
I'm the early retired partner. I guess you didn't read my response. I was not a "dad who went to work and didn't get much more involved." Far from it. One anecdote to illustrate the point: the very first day of my job as an associate happened to coincide with my oldest kid's first day of first grade. I told the firm I'd be late for new associate orientation because I wanted to be with my kid at the bus stop to see them off. That's the tone I set.
When my kids were growing up I did virtually everything that you describe yourself now doing with your kid -- except the WFH part -- and I had four of them and not just one. I made it work because it was important to me. You don't know me or how involved I was or wasn't in my family upbringing, your generalization about my "generation's" approach to fatherhood is both inaccurate and even if it were accurate it doesn't apply to me specifically. Bottom line: Your choices are fine, you should feel confident about them, and you shouldn't feel the need to belittle mine or anyone else's to justify them.
I'm the PP. I understand what you are saying, but it is not physically possible for you to have worked the kinds of hours you would have had to work in a firm and be really present for four children, plus a spouse. It's just not. I spend every Sat and Sunday with my family...there's no way you could do that. I'm sure you did the best you could and I don't doubt that you believe it was sufficient. What you're really saying is that you found the time with your kids sufficient enough for you, because you also had this personal goal of early retirement...to live a life you enjoy as an empty nester. I'm not judging you, I'm simply stating the facts. To each his own. Many in my generation, including myself, are just not choosing that road.