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re: How many lawyers do you know and are they wealthy?
Posted on 8/1/24 at 10:54 am to Redstickbaw
Posted on 8/1/24 at 10:54 am to Redstickbaw
My roommates from college are all judges 3 now. One Federal one elected one hired. They all seem to do very well. Others just regular lawyers doing fine
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Posted on 8/1/24 at 11:05 am to frankthetank
quote:
and I make 350-400k a year
quote:
But I'm nowhere near wealthy.
You left out how long you've been working...but generally, this does not compute.
Either you're spending or saving it. If you're saving it, and have been, you're wealthy.
I've never made anywhere near that but am easily in the top 10% after 25 years of working/saving/investing.
Posted on 8/1/24 at 11:06 am to Redstickbaw
Lawyer here. Not "wealthy" not broke either. Self-employed and do pretty well for myself, and get to do all of the extracurricular activities with the kids.
I could kill myself working and probably ball out, but I'm a self-employed lawyer for the flexibility and not having to miss out on my kids growing up.
I know I make more than many other attorneys at my age level and even some older attorneys.
Could I make the same or more money if I worked at the plants? Probably, but I wouldn't be home with my kids everyday at 5:30 or see my kids every weekend instead of working.
The really wealthy lawyers you see are most likely workaholics and don't enjoy life.
I could kill myself working and probably ball out, but I'm a self-employed lawyer for the flexibility and not having to miss out on my kids growing up.
I know I make more than many other attorneys at my age level and even some older attorneys.
Could I make the same or more money if I worked at the plants? Probably, but I wouldn't be home with my kids everyday at 5:30 or see my kids every weekend instead of working.
The really wealthy lawyers you see are most likely workaholics and don't enjoy life.
Posted on 8/1/24 at 11:08 am to Redstickbaw
I know a lot of lawyers. Many neighbors are lawyers and a lot of the parents at my kids’ school are as well. Some of them are rich, some make decent wages.
Most of them drink a lot.
Most of them drink a lot.
Posted on 8/1/24 at 11:21 am to swamplynx
quote:
The really wealthy lawyers you see are most likely workaholics and don't enjoy life.
I mostly see them day drinking around town so they must work at night
Posted on 8/1/24 at 11:33 am to Redstickbaw
I would say the majority of the ones I know do extremely well compared to my other friends.
Posted on 8/1/24 at 11:38 am to Redstickbaw
I know over a dozen and most are upper middle class. One took over his dad’s practice so he is wealthy.
Someone else pointed out that most are miserable. I would agree with that perception.
Someone else pointed out that most are miserable. I would agree with that perception.
Posted on 8/1/24 at 11:51 am to frankthetank
quote:
I'm in-house counsel for a middle sized company (~700 employees) and I make 350-400k a year. I have no overhead expenses that private practice attorneys may have, and have great benefits and stock options.
I’d be tickled pink in your position. If somebody can’t live off that, something is wrong.
Posted on 8/1/24 at 12:36 pm to StringedInstruments
quote:
One lives in a $1.5 million home in Mountain Brook and owns a place on 30A. She just turned 40.
Paid cash?
Does she need to rent out the 30A place when not there?
Need to know before I can validate the wealth status.
Posted on 8/1/24 at 12:39 pm to Redstickbaw
A lot, but I do work for a number of partners at Am100 law firms.
Posted on 8/1/24 at 12:44 pm to Redstickbaw
Dad was a lawyer for 45+ years. He was married to a public school teacher that insured us all via Blue Cross Blue Shield.
Brother is a lawyer and has been for almost 20 years.
I pondered law school but I didn't want to raise a family in Oxford, MS and my brother and I would have killed each other if we were business partners.
They both do (did) very well. On a side note, my dad and brother are both greedy assholes.
Brother is a lawyer and has been for almost 20 years.
I pondered law school but I didn't want to raise a family in Oxford, MS and my brother and I would have killed each other if we were business partners.
They both do (did) very well. On a side note, my dad and brother are both greedy assholes.
Posted on 8/1/24 at 12:47 pm to Redstickbaw
I date a wealthy lawyer. She eats fancy Jordan almonds and rides a horse and uses the word “ dilettante “ in sentences and speaks fluent French and other fancy rich people things.
I reupholster used cargo vans and eat meatloaf. I am likely to attempt to pay with pesos.
I reupholster used cargo vans and eat meatloaf. I am likely to attempt to pay with pesos.
Posted on 8/1/24 at 12:49 pm to Buryl
If you intend on opening a personal injury office, you should have several hundred thousand on hand. You will be fronting peoples medical bills the entire time until the case settles which can take many years. Malpractice insurance is expensive as well. Estate planning and other property areas have a much lower barrier to entry
Posted on 8/1/24 at 1:09 pm to redstickrick
quote:
If you intend on opening a personal injury office, you should have several hundred thousand on hand. You will be fronting peoples medical bills the entire time until the case settles which can take many years.
There are services that handle that for you.
Note: I am not part of that cool club anymore, but I seent it in the past.
Posted on 8/1/24 at 1:10 pm to yellowfin
quote:
I mostly see them day drinking around town so they must work at night
Lawyers are like other jobs where to get really wealthy/rich, you need to extract that labor value from employees, and ensure you have enough work for lots of employees.
The problem with most lawyers is they're terrible with business. Not doctor level, but close.
That's why I developing a few SAAS products to sell to lawyers
Posted on 8/1/24 at 1:12 pm to swamplynx
quote:
I could kill myself working and probably ball out, but I'm a self-employed lawyer for the flexibility and not having to miss out on my kids growing up.
I know I make more than many other attorneys at my age level and even some older attorneys.
Could I make the same or more money if I worked at the plants? Probably, but I wouldn't be home with my kids everyday at 5:30 or see my kids every weekend instead of working.
This freedom is given to lawyers more than most other options.
You can run a firm with overhead lower than almost any other business and hourly rates above almost any other business.
Posted on 8/1/24 at 1:17 pm to Redstickbaw
The industry has changed considerably in the past 10-15 years. The big names at the top are making more than ever while the average associate at a big firm is not getting paid enough to justify the cost of law school. A "power law" distribution has emerged (look it up).
TIFWIW I'm not a lawyer but a lot of my family members are. The old guys who worked for corporate clients are indeed low-level wealthy, but I'm not sure that pathway is replicable for 99% of law grads.
TIFWIW I'm not a lawyer but a lot of my family members are. The old guys who worked for corporate clients are indeed low-level wealthy, but I'm not sure that pathway is replicable for 99% of law grads.
This post was edited on 8/1/24 at 1:17 pm
Posted on 8/1/24 at 1:18 pm to Grievous Angel
quote:
You left out how long you've been working...but generally, this does not compute.
I haven't been working long enough to be considered wealthy yet, and I haven't been at this salary level my entire career. My wife also doesn't work and we have small kids and debt were paying off. I do hope to be wealthy enough to retire at a relatively you age though.
Posted on 8/1/24 at 1:18 pm to SlowFlowPro
quote:
That's why I developing a few SAAS products to sell to lawyers
The fact that you have to do that kind of illustrates the point.
Posted on 8/1/24 at 1:20 pm to Redstickbaw
Most lawyers aren't wealthy. Many do not even practice law. You can tell simply by going to CLEs and looking around the room. You can also roughly calculate this when you take into account the fact that there are 20,000 lawyers in Louisiana. For every wealthy lawyer there are many more who are not.
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