Anonymous
Post 02/23/2024 09:57     Subject: I don’t know a single person making 7 figures
Anonymous wrote: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.


I wouldn't be so sure that them continuing to work is a personality thing. It could be a necessity thing. Many high earners aren't smart about financial planning, and they don't defer much of their massive incomes to savings, and thus, to continue the lifestyle to which they and their spouses have become accustomed, they must continue to work. I think this is especially true for high earners - it is very difficult to save enough to duplicate a 7 figure income in retirement. So for those who don't want to cut back their lifestyle, they must continue to work.
Anonymous
Post 02/23/2024 09:47     Subject: I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote: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.


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.


I imagine many partners who don’t talk about finances don’t have those issues. People who have way more wealth than others don’t want to advertise it because it makes others jealous and resentful, and/or it’s just a douchey thing to do.

But yeah it’s amazing the way some of these guys live these lifestyles without actually being financially secure and then act like its no big deal.
Anonymous
Post 02/23/2024 09:24     Subject: Re:I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote:A lot of well paid lawyers on this thread. But reminder: No one on earth makes more money than successful business owners. The super rich don't get that way because someone is paying them a salary. They get rich from owning businesses that become incredibly valuable.


Very true.

Lawyers do, however, know how to read something, identify relevance, and respond accordingly.

You keep harping on business owners having a better chance of becoming “super rich”. No sh$t. It’s an entirely different risk-reward calculus: exponentially more absolute failures, proportionally much less likely to be a moderately successful low-level millionaire, and a slightly greater but still infinitesimally small likelihood of becoming “super rich”.

In any case, that’s not at all the subject of this thread, so I don’t know why you keep posting different variations of the same statement.

Oh wait, yes I do. Envy and insecurity.



PP here. This was actually the only post I wrote. I think you're confusing me with someone else who doesn't think being a lawyer would be incredibly boring. I'm not jealous. I own a TON of Nvidia stock I bought ten years ago so honestly I'm probably a lot wealthier than you.
Anonymous
Post 02/23/2024 09:01     Subject: I don’t know a single person making 7 figures
Anonymous wrote:You don't make $1M in tech you make it as a business owner


tech business owners can easily make 7 figures. without even trying that hard.
Anonymous
Post 02/23/2024 09:00     Subject: I don’t know a single person making 7 figures
Anonymous wrote: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.


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.
Anonymous
Post 02/23/2024 08:58     Subject: I don’t know a single person making 7 figures
Anonymous wrote:You can definitely make $1m in tech without breaking a sweat or even being very senior


+1

Anonymous
Post 02/23/2024 08:48     Subject: I don’t know a single person making 7 figures
Anonymous wrote: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.


With a net worth of $8 million, you are rich, you're just not as rich as a lot of other people you know.
Anonymous
Post 02/23/2024 08:47     Subject: I don’t know a single person making 7 figures
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.
Anonymous
Post 02/23/2024 08:28     Subject: I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:You don't make $1M in tech you make it as a business owner


Wrong.

https://www.levels.fyi/companies/microsoft/salaries/software-engineer/levels/69


$700K in stock isn't really compensation. When you leave or are asked to leave before the 5 year vesting you've made nothing.


To add to that over 5 years when 1 year vests you've still only made 300K + 150Kish a year.


Except you get another allotment the next year. Not like you only get options when you join…it’s part of your package each year. It starts really compounding.
Anonymous
Post 02/23/2024 08:26     Subject: I don’t know a single person making 7 figures
A lot of people in the DC area start small businesses that do federal government contracting. They grow a successful business and then sell the company when it graduates and can no longer compete for small business set aside work. Every person I know that has done this made millions from the sale.

I also know CEOs of non-profits that make more than a million. Lots of big law partners and those in finance. My spouse has his own company and invests in healthcare real estate. The sale of one of the properties netted a multimillion profit a few years back.



Anonymous
Post 02/23/2024 08:22     Subject: I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:You don't make $1M in tech you make it as a business owner


Wrong.

https://www.levels.fyi/companies/microsoft/salaries/software-engineer/levels/69


$700K in stock isn't really compensation. When you leave or are asked to leave before the 5 year vesting you've made nothing.


To add to that over 5 years when 1 year vests you've still only made 300K + 150Kish a year.
Anonymous
Post 02/23/2024 08:14     Subject: I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I know several married persons making 7 figs, but no one single.




I make 7 figures. Law


You are married.... to the job


This. I cannot speak for other professions, but for lawyers to crack $1M they need to live the job. Even rainmakers work long hours away from family…they just spend their time landing clients rather than grinding out billable hours. But it is still work.

To get rich, you either have to inherit, work harder than anyone else, invent something that a large number of people need, or invest very very wisely. Other than inheriting, all these take either special talent or extremely hard work. There is no substitute. Most people don’t have enough brains or a strong enough work ethic to get there. Period.
Anonymous
Post 02/23/2024 08:12     Subject: I don’t know a single person making 7 figures
It’s still a lot of money but a lot of 7 figure HHI families are actually dual earners with two mid 6 figure incomes.
Anonymous
Post 02/23/2024 08:08     Subject: I don’t know a single person making 7 figures
Anonymous wrote:
Anonymous wrote:You don't make $1M in tech you make it as a business owner


Wrong.

https://www.levels.fyi/companies/microsoft/salaries/software-engineer/levels/69


$700K in stock isn't really compensation. When you leave or are asked to leave before the 5 year vesting you've made nothing.
Anonymous
Post 02/23/2024 08:08     Subject: I don’t know a single person making 7 figures
I work in the cybersecurity space and I know numerous people making 7 figures. It is a combination of salary, bonuses and RSUs. Wall Street loves these companies right now.