Anonymous User wrote:jb9 wrote:ITT: bunch of creepy people who spend too much time on the internets looking up lawyers.
Its just lawyers guys. Let's not forget how unprestigious/distasteful the law profession is outside of the stupid bubble.
Also, in the grand scheme of the economy, don't forget what an insignificant and pathetic role big law litigators play.
Everyone knows what a Goldman Sachs is. Nobody knwos what a "Williams and Connolly" is. The average Wachtell lawyer will never have wealth, but he WILL be rich with just a horrendous hell of a life. He won't be able to buy a mansion, but he'll sure as heck have a nanny for kids who will never see him bec the ex got custody.
Legal profession is viewed from the outside as a bunch of risk-averse definitionally unethical anti-entrepreneurs who entered the profession because they don't know how to do anything else, and who spend their lives adding to costs of production for the most part.
Hey maybe that's why law is infected with the prestige disease - its the one way they can convince themselves their profession actually means something. They're really the bottom rung of the upper middle class with a structural ceiling that is basically unbreakable because it is a service profession.
^ cool story huh bro? =)
Agree, now think of it.
Was an outsider just a year ago, and found that the only attractive part of the whole profession was the STARTING salary.
Will get an MBA from H/S/P after 2-3 years of biglaw. Then I will be golden.
You likely won't homie. I'll teach you the big lesson of life in like less than 15 words: there is no determinsitic formula for wealth, there are a shit-ton - and I really mean, a shit-ton of formulas for getting into the upper-middle class. Law school used to be one formula of exclusively the latter type. Not so much anymore unless you're top 25% in t10.
If anything, law is one surefire way to never get wealthy. You're assuming NO RISK. Wealth necessarily involves risk assumption or inheritance.
Well, let me qualify that - playing with a loaded gun involves a lot of risk yet nobody's going to make bank with that. What I'm referring to is entrepreneurial market risk, where you somehow enter an unsaturated field, or respond to a market demand or create market demand by introducing a cool service or product WITH SCALE.
The people who create THE timekeeping software for law firms make 10x more than Wachtell partners, at the founder level. I can guarantee you there are more multi-millionaire entrepreneurs who have "serviced" the legal industry with some cool idea than there are Wachtell partners. Now think of the entire universe of market demand an entrepreneur can fiddle with, versus the tiny market that Wachtell is in.
I mean, hell, the TestMasters guy probably is as rich as the Wachtell folks. The Lexis/Westlaw founders are probably richer than all Wachtell partners combined.