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re: How many lawyers do you know and are they wealthy?
Posted on 7/31/24 at 9:19 pm to Redstickbaw
Posted on 7/31/24 at 9:19 pm to Redstickbaw
Law is almost certainly the professional degree with the widest variation in compensation. There are guys scratching out a living doing $500 misdemeanor defense work or $500 no-fault divorces. On the other end, you have lawyers making 8 figures a year. I know attorneys at both ends and every point in between. The vast majority are probably between $120k and $300k with some significant outliers on the ends of the bell.
You can figure that anyone running a medium to large PI firm with lots of ads and a pyramid structure will be making 7 figures easy. Almost all Biglaw firms start 1st year associates near or over $200k and the average Biglaw partner makes about $1.4mm per year.
You can figure that anyone running a medium to large PI firm with lots of ads and a pyramid structure will be making 7 figures easy. Almost all Biglaw firms start 1st year associates near or over $200k and the average Biglaw partner makes about $1.4mm per year.
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Posted on 7/31/24 at 9:20 pm to AbitaFan08
quote:
I am a lawyer and I am not wealthy.
Ditto.
Posted on 7/31/24 at 9:20 pm to Buzz Lightbeer
quote:
My wife is a lawyer.
I know a young woman who is a lawyer. After returning to her firm from a very short maternity leave, her boss told her that he was “glad that little hiccup is out of the way.” LOL Dude called one of the most profound moments of her personal life a “hiccup.” I count my lucky stars that I went to business school instead of law school.
Posted on 7/31/24 at 9:21 pm to Redstickbaw
Most of the ones I know are rich - high income.
A couple are wealthy in the sense they could quit today and never look back.
A couple are wealthy in the sense they could quit today and never look back.
Posted on 7/31/24 at 9:21 pm to Houstiger
quote:
First year associates are starting at 110k -140k in Houston.
Even more than that for #BigLaw. Same goes for Birmingham, Atlanta, Nashville, and Tampa.
I think the upper echelon of firms in Bham went to like $150-160k for first years in 2020 when the market went weird.
NOLA and Mobile are way behind.
This post was edited on 7/31/24 at 9:22 pm
Posted on 7/31/24 at 9:23 pm to Redstickbaw
What is considered wealthy?
Posted on 7/31/24 at 9:24 pm to Redstickbaw
I know a handful personally and I think they do alright, but I wouldn’t say any of them are ballers (if they are they still just live a normal upper middle class lifestyle). I know some tangentially who are ballers 
Posted on 7/31/24 at 9:28 pm to Redstickbaw
I have a lifelong friend who is a well known attorney in legal circles in a particular niche of litigation who showed me his Schedule K-1 from his partnership in his firm and it was a little over $800K. He is not a personal injury attorney.
Posted on 7/31/24 at 9:28 pm to Redstickbaw
I know one girl I grew up with went to law school, became a lawyer, got a job in the DAs office. A year later she was opening up a pre school
Posted on 7/31/24 at 9:29 pm to Redstickbaw
Hundreds...
Very few are pulling over $350k...
The ones I know who are wealthy don't practice law per se and usually have business degrees that allow them to leverage their legal education in areas like finance, et cetera...
Very few are pulling over $350k...
The ones I know who are wealthy don't practice law per se and usually have business degrees that allow them to leverage their legal education in areas like finance, et cetera...
Posted on 7/31/24 at 9:31 pm to Redstickbaw
350
Posted on 7/31/24 at 9:39 pm to Houstiger
quote:
First year associates are starting at 110k -140k in Houston.
Pretty far off there. The range is more like $65k-$225k starting out in a big market like Houston. Far more people making $65k-$100k starting out than those making more than $100k. Then you have a massive amount of attrition from all pay bands over the first 5 years. The ones making $225k are working a ton and will likely only stick at biglaw firms for 3-5 years before they (1) go in house; (2) move down to a smaller (likely lower-paying) firm; or (3) drop law entirely.
Posted on 7/31/24 at 9:43 pm to Cosmo
quote:C$
SFP pulls in about 90k a year
Like $65k USD
Posted on 7/31/24 at 9:46 pm to Redstickbaw
About a hundred. Yes, mostly all wealthy. And, all old.
Posted on 7/31/24 at 9:47 pm to Redstickbaw
I know many. Many many. Some are extremely wealthy, some not so much and everywhere in between, based on how long they have practiced, what their position at their firm is, if they are in a large or small firm—or with a firm at all, area of practice.The variables of practicing law are endless.
Posted on 7/31/24 at 9:52 pm to Redstickbaw
I run and work amongst many attorneys. Most are all living comfortably but only a few are considered “wealthy” by their own.
Posted on 7/31/24 at 9:52 pm to Redstickbaw
One female cousin was/is a lawyer and is currently a federal judge: loaded. Absolutely loaded.
One female cousin is a lawyer and works for a DA’s office: healthy living but nothing exorbitant.
One male cousin is a personal injury attorney. He’s young but has won some huge settlements and is doing great for himself. Will be big time loaded soon.
Many more that aren’t in my family that I’m friends with. Most doing ok for themselves. Some work hard and “play” hard, so there’s some costs to that living.
One female cousin is a lawyer and works for a DA’s office: healthy living but nothing exorbitant.
One male cousin is a personal injury attorney. He’s young but has won some huge settlements and is doing great for himself. Will be big time loaded soon.
Many more that aren’t in my family that I’m friends with. Most doing ok for themselves. Some work hard and “play” hard, so there’s some costs to that living.
Posted on 7/31/24 at 9:52 pm to Crimson1L
quote:
I think the upper echelon of firms in Bham went to like $150-160k for first years in 2020 when the market went weird.
I have some familiarity with the Bham market. Do lawyers at the top firms make nice incomes? Sure. A couple of points though: The vast majority of lawyers aren’t in these firms. Also, income =\= wealth. I have encountered lawyers with nice six figure incomes who were unable to pay their income tax liability because they didn’t have the money.
This post was edited on 8/1/24 at 3:24 am
Posted on 7/31/24 at 9:53 pm to Redstickbaw
I’ve known a bunch of lawyers. Most were either drunks, or spent a lot of their working hours hunting or fishing.
So, most attorneys I’ve known have not been close to being super wealthy.
So, most attorneys I’ve known have not been close to being super wealthy.
Posted on 7/31/24 at 9:54 pm to Redstickbaw
My brother is a patent lawyer. He's loaded.
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