re: How many lawyers do you know and are they wealthy?

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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.

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You forgot #4 the primary reason most people accept a Biglaw job: making partner. Biglaw attrition now is about 75-80% depending on the firm through the first 6-7 years. Over 50% of those leaving most firms did not make the choice it was made for them because of the pyramid. You have to cull the herd each year keeping only the ones that look like they are still on track to be partner material. You have some that leave because they are unwilling to deal with the op tempo but most have mentally committed to it before they took the job. The rigors of working in the cubicle section are not a mystery and if anything it is overblown to make potential 1st years think twice.

I am occasionally asked by 1st years if I have any advice, I always say "live like you did in law school for at least 3 years, tomorrow is never guaranteed."

How does one go about starting their own firm right out of school? How much $$& would you need to invest? Genuinely curious.

I was lucky enough to have a client from day 1 in a family member who operated a mortgage company, so I immediately learned lender document preparation, and I did that for about 15 months. I then reinvested profit (a lot of it) into opening a fee attorney office that produced closings and transactional legal work. I’ve grown it from there to include 6 main practice areas with 4 full time (soon to be 5, my brother finishes the bar exam tomorrow) and 4 contract attorneys.

Thank you. As most have said, it’s a lot of stress. I am a driven person, but I often question is it worth it all. There are good times, but I personally hate trading time away from my family for money.

2023 my total compensation was around 500k. 2022 I lost close to 800k on a bad timed and likely poorly executed business venture. This year it’s looking like total comp between 350-400k because I have some leftover expenses and growth costs I have to front.

Quite a few, and all of them.

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99% of wealthy people I know ow if is generational wealth.

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no cap

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Even more than that for #BigLaw. Same goes for Birmingham, Atlanta, Nashville, and Tampa.

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Nashville big law first year associates start around $180k now. That number was around $110k 10 years ago. That said, their work life sucks and they all appear miserable most of the time. No thanks

I do fine for myself at a boutique firm doing primarily family law and have a great work/life balance. It has its stressful times but all jobs do. But I wouldn’t trade the time I get to spend with my kids for more money

I know a lot and I know a lot that passed the bar and never practiced or quit after about a year.

I know a defense lawyer who is right this minute in his office working, probably reading this thread and billing someone’s file 6 minutes at a time.

I know a few. They're all comfortable, but none are OT Ballers.