How much do biglaw lawyers make? Forum

[rayiner]

then what is the way to do it?

Create the next big thing. Start the next Google, the next Microsoft, the next Facebook. Do what they did: CREATE a need, don't just satisfy one. If you want to become fabulously wealthy before you turn 65, that is really the only way to do it.

So, the way to become fabulously wealthy as a lawyer is to become a programmer?

lol @ people who were perfectly successful, respected programmers who give it up to become lawyers.

[Jack Smirks]

[DoubleChecks]

whoah, when did the discussion shift to fabulously wealthy?

Sat Oct 16, 2010 7:24 pm

touche

[Tacitus]

What about going the general counsel/corporate executive route to get fabulously rich as a lawyer?
Some of those guys have got to make a ton.

Not quite, unless you get on as GC of a start up that is wildly successful you will more than likely make far less than an equity partner at a firm. On the other hand it will be far more stable and generally less stressful.

Tell that to KKR's GC (David Sorkin), who pulled in a neat $4.4MM last year.

http://www.law.com/jsp/cc/PubArticleCC. ... 0PAY%20DAY

[Tacitus]

Just for the record since the standard of "fabulously wealthy" has come into question:

When I agreed with one of the earlier posters and said I didn't think most biglaw lawyers got fabulously wealthy, I wasn't thinking Manhattan condo & an Audi A6. I was thinking along the lines of buying, maintaining & operating this:

--ImageRemoved--

For me, I'll be more than thrilled to have the condo & A6 and invites to the yacht from the fabulously wealthy client.

Son, if you run with truly wealthy people, you'll hear this phrase often:

"If it fucks, floats, or flies: rent, don't buy."

[bdubs]

What about going the general counsel/corporate executive route to get fabulously rich as a lawyer?
Some of those guys have got to make a ton.

Not quite, unless you get on as GC of a start up that is wildly successful you will more than likely make far less than an equity partner at a firm. On the other hand it will be far more stable and generally less stressful.

Tell that to KKR's GC (David Sorkin), who pulled in a neat $4.4MM last year.

http://www.law.com/jsp/cc/PubArticleCC. ... 0PAY%20DAY

Congrats, you found one example of a GC that makes a lot of money (which BTW is not very far off from some years avg PPP at v10 firms). My point is still that GC's generally do not make a ton of money relative to equity partners at successful firms (which is largely where they come from anyway).

[bigben]

A close family member of mine is a partner at a major firm.

They make less than you would think. You have to remember that the AmLaw reported PPP overstates what they're actually taking home, and outside of the (very few) lockstep firms, the median compensation is much lower than the average compensation.

In other words, don't plan on getting rich as a lawyer, even if you "make it". You do well, but not fantastically.

This is true. Bigtime rainmakers can make several multiples of what a rank and file partner might. If you want to get fabulously wealthy as a lawyer, biglaw isn't the way to do it.

The correct response is, if you want to get fabulously wealthy, being a lawyer at all isn't the way to do it.

[Drummingreg]

lol @ people who were perfectly successful, respected programmers who give it up to become lawyers.

Zuckerberg is gunning for YHS? He's got decent softs, he's not a URM but definitely at least on par with TFA or Peace Corps. If he pulls a 170+ I think he's a lock.

[ResolutePear]

lol @ people who were perfectly successful, respected programmers who give it up to become lawyers.

Zuckerberg is gunning for YHS? He's got decent softs, he's not a URM but definitely at least on par with TFA or Peace Corps. If he pulls a 170+ I think he's a lock.

A hefty alumni donation to Harvard says he's lock no matter what.

And, as a programmer - albeit of questionable success, I can say this about programming: Businesses are getting "smart." They'll get whatever they need programmed and when everything is said and done, they'll outsource the actual maintaining of the thing to India since they'll do it for 80% less.

People complain that the job market for lawyers is just horrible.. well, at least you don't need to worry about Mr. Habibibi undercutting you to a pack of ramen noodles/hour.

This is obviously not his problem. He's probably just doing it to be prestige secure.

[Renzo]

lol @ people who were perfectly successful, respected programmers who give it up to become lawyers.

Zuckerberg is gunning for YHS? He's got decent softs, he's not a URM but definitely at least on par with TFA or Peace Corps. If he pulls a 170+ I think he's a lock.

A hefty alumni donation to Harvard says he's lock no matter what.

And, as a programmer - albeit of questionable success, I can say this about programming: Businesses are getting "smart." They'll get whatever they need programmed and when everything is said and done, they'll outsource the actual maintaining of the thing to India since they'll do it for 80% less.

People complain that the job market for lawyers is just horrible.. well, at least you don't need to worry about Mr. Habibibi undercutting you to a pack of ramen noodles/hour.

This is obviously not his problem. He's probably just doing it to be prestige secure.

ORLY?

[Anonymous User]

What about going the general counsel/corporate executive route to get fabulously rich as a lawyer?
Some of those guys have got to make a ton.

Not quite, unless you get on as GC of a start up that is wildly successful you will more than likely make far less than an equity partner at a firm. On the other hand it will be far more stable and generally less stressful.

Tell that to KKR's GC (David Sorkin), who pulled in a neat $4.4MM last year.

http://www.law.com/jsp/cc/PubArticleCC. ... 0PAY%20DAY

Congrats, you found one example of a GC that makes a lot of money (which BTW is not very far off from some years avg PPP at v10 firms). My point is still that GC's generally do not make a ton of money relative to equity partners at successful firms (which is largely where they come from anyway).

A couple more examples:

--LinkRemoved--

--LinkRemoved--

http://people.forbes.com/profile/peter-j-beshar/51309

http://people.forbes.com/profile/russell-c-deyo/46486

http://people.forbes.com/profile/bracke ... ston/36142

http://people.forbes.com/profile/brad-d-smith/45148

Notice that Greg Palm probably has over $100 million in option awards.

[Aberzombie1892]

I stopped reading this thread after the first page.

If you want to become a rich attorney, be a plaintiff's attorney and do personal injury litigation on a contingent fee (30%-40%) basis (also - class actions, etc.)

To many of us, this seems "silly" or below our capabilities. However, if you truly want to make as much money as possible, this is the way to do it.

That lawyer that advertises on your local television station for car accidents is likely easily making more than your local v100/NLJ250 partner (while there is always more than one lawyer that advertises, there is always a prominent one).

[Aqualibrium]

I stopped reading this thread after the first page.

If you want to become a rich attorney, be a plaintiff's attorney and do personal injury litigation on a contingent fee (30%-40%) basis (also - class actions, etc.)

To many of us, this seems "silly" or below our capabilities. However, if you truly want to make as much money as possible, this is the way to do it.

That lawyer that advertises on your local television station for car accidents is likely easily making more than your local v100/NLJ250 partner (while there is always more than one lawyer that advertises, there is always a prominent one).

That is exactly right.

[bdubs]

A couple more examples:

--LinkRemoved--

--LinkRemoved--

http://people.forbes.com/profile/peter-j-beshar/51309

http://people.forbes.com/profile/russell-c-deyo/46486

http://people.forbes.com/profile/bracke ... ston/36142

http://people.forbes.com/profile/brad-d-smith/45148

Notice that Greg Palm probably has over $100 million in option awards.

Everyone knows there are GCs who make lots of money, no question there. The question was whether you could make a lot of money by becoming a GC and NOT have to work crazy hours as an associate --> partner at a large firm. The answer is still no. Almost all of these guys had to work their asses off to become very successful in private practice before going corporate.

Greg Palm's bio:
"Next, he joined Sullivan & Cromwell in New York as a corporate associate, making partner in 1982. He moved in-house to Goldman Sachs in 1992, initially as a partner and co-general counsel. Five years ago, his co-GC retired, making him general counsel, and he became executive vice president in 1999."

[motiontodismiss]

:

A decent 2bdr apartment is, min, 2 mil and you need to pay 50 percent down or more to satisfy board rules at many coops.

Not in this market.

You're talking 3/2 or even better at that price. http://www.realtor.com/realestateandhom ... na-2000000

A "decent" 2/2 can be had for as low as $750k. if you're paying 7 digits for anything smaller than a 3/2, you're getting gipped.

For ex, this 2/2 costs $850k with a $663 HOA. http://www.realtor.com/realestateandhom ... 3949-87079

At 50% down and a $425k mortgage, you're talking $3,110/month, with a 15 year mortgage.

That is, unless you define "decent" as something built by Trump.

And lol at lawyers living in Manhattan. Lawyers live in Scarsdale. Manhattan's for ibankers and hedge fund managers.

[Anonymous User]

And lol at lawyers living in Manhattan. Lawyers live in Scarsdale. Manhattan's for ibankers and hedge fund managers.

Yeah, this is just not true. At my V10 NYC firm, most partners own in Manhattan (and it's usually not their only asset). And what they own is usually pretty outstanding.

As a biglaw partner, you most likely won't score the $30 million pads around the city, but there are lots of places that cost less and are just as decent (granted, you'll probably have to settle for something that isn't a penthouse).

[ResolutePear]

And lol at lawyers living in Manhattan. Lawyers live in Scarsdale. Manhattan's for ibankers and hedge fund managers.

Yeah, this is just not true. At my V10 NYC firm, most partners own in Manhattan (and it's usually not their only asset). And what they own is usually pretty outstanding.

As a biglaw partner, you most likely won't score the $30 million pads around the city, but there are lots of places that cost less and are just as decent (granted, you'll probably have to settle for something that isn't a penthouse).

So what you're saying is...

I need to go to Bruce Wayne school?

[Patriot1208]

lol at all the people in here acting like 1m is middle class and a shitty income. Jezuz, almost every single one of you won't come close to that. Don't be so fucking stupid.

[DoubleChecks]

And lol at lawyers living in Manhattan. Lawyers live in Scarsdale. Manhattan's for ibankers and hedge fund managers.

Yeah, this is just not true. At my V10 NYC firm, most partners own in Manhattan (and it's usually not their only asset). And what they own is usually pretty outstanding.

As a biglaw partner, you most likely won't score the $30 million pads around the city, but there are lots of places that cost less and are just as decent (granted, you'll probably have to settle for something that isn't a penthouse).

i hope you were doing that on purpose...if not, i either dont want to know you irl or i REALLY want to know you irl hahahaha

[Anonymous User]

And lol at lawyers living in Manhattan. Lawyers live in Scarsdale. Manhattan's for ibankers and hedge fund managers.

Yeah, this is just not true. At my V10 NYC firm, most partners own in Manhattan (and it's usually not their only asset). And what they own is usually pretty outstanding.

As a biglaw partner, you most likely won't score the $30 million pads around the city, but there are lots of places that cost less and are just as decent (granted, you'll probably have to settle for something that isn't a penthouse).

i hope you were doing that on purpose...if not, i either dont want to know you irl or i REALLY want to know you irl hahahaha

Was doing it on purpose, though if you didn't know better you'd think TLSers expected a penthouse in the Trump Tower very much like the one just posted on ATL.

[Noval]

Guys, remember that the average American makes around 40-50k/year tops...

Wether you are making 120k or 500k, you will STILL make more than 95% of Americans out there.

If you find making 200k not "a lot" then you should review your wealth concepts...

That said, if you want to become a milionnaire or the next mark zuckenberg, then Law may be a bad idea UNLESS you get a free ride like UC Irvine's inaugural class did.
Investment Banking might be a safer bet for bigger money and BigLaw hours but you can still join it as a Corporate Lawyer...

For those who complain about the BigLaw hours, shut the fuck up, what do you expect from making a shit ton of money ?
A Doctor makes a lot but has bigger debts, longer studies and work a lot more, are they complaining like slutty taiwanese prostitutes that didn't get a tip after sucking a British Businessman's dick ? NO.

High salary = High expectations, if you can't fit that requirement into your thick skulls, then don't pursue BigLaw.

[DoubleChecks]

Guys, remember that the average American makes around 40-50k/year tops...

Wether you are making 120k or 500k, you will STILL make more than 95% of Americans out there.

If you find making 200k not "a lot" then you should review your wealth concepts...

That said, if you want to become a milionnaire or the next mark zuckenberg, then Law may be a bad idea UNLESS you get a free ride like UC Irvine's inaugural class did.
Investment Banking might be a safer bet for bigger money and BigLaw hours but you can still join it as a Corporate Lawyer...

For those who complain about the BigLaw hours, shut the fuck up, what do you expect from making a shit ton of money ?
A Doctor makes a lot but has bigger debts, longer studies and work a lot more, are they complaining like slutty taiwanese prostitutes that didn't get a tip after sucking a British Businessman's dick ? NO.

High salary = High expectations, if you can't fit that requirement into your thick skulls, then don't pursue BigLaw.

wow, that gem is "refreshingly" offensive

[JazzOne]

Guys, remember that the average American makes around 40-50k/year tops...

Wether you are making 120k or 500k, you will STILL make more than 95% of Americans out there.

If you find making 200k not "a lot" then you should review your wealth concepts...

That said, if you want to become a milionnaire or the next mark zuckenberg, then Law may be a bad idea UNLESS you get a free ride like UC Irvine's inaugural class did.
Investment Banking might be a safer bet for bigger money and BigLaw hours but you can still join it as a Corporate Lawyer...

For those who complain about the BigLaw hours, shut the fuck up, what do you expect from making a shit ton of money ?
A Doctor makes a lot but has bigger debts, longer studies and work a lot more, are they complaining like slutty taiwanese prostitutes that didn't get a tip after sucking a British Businessman's dick ? NO.

High salary = High expectations, if you can't fit that requirement into your thick skulls, then don't pursue BigLaw.

wow, that gem is "refreshingly" offensive

lol

[Noval]

Guys, remember that the average American makes around 40-50k/year tops...

Wether you are making 120k or 500k, you will STILL make more than 95% of Americans out there.

If you find making 200k not "a lot" then you should review your wealth concepts...

That said, if you want to become a milionnaire or the next mark zuckenberg, then Law may be a bad idea UNLESS you get a free ride like UC Irvine's inaugural class did.
Investment Banking might be a safer bet for bigger money and BigLaw hours but you can still join it as a Corporate Lawyer...

For those who complain about the BigLaw hours, shut the fuck up, what do you expect from making a shit ton of money ?
A Doctor makes a lot but has bigger debts, longer studies and work a lot more, are they complaining like slutty taiwanese prostitutes that didn't get a tip after sucking a British Businessman's dick ? NO.

High salary = High expectations, if you can't fit that requirement into your thick skulls, then don't pursue BigLaw.

wow, that gem is "refreshingly" offensive

Worst of all, i was honest.

[ResolutePear]

Guys, remember that the average American makes around 40-50k/year tops...

Wether you are making 120k or 500k, you will STILL make more than 95% of Americans out there.

If you find making 200k not "a lot" then you should review your wealth concepts...

That said, if you want to become a milionnaire or the next mark zuckenberg, then Law may be a bad idea UNLESS you get a free ride like UC Irvine's inaugural class did.
Investment Banking might be a safer bet for bigger money and BigLaw hours but you can still join it as a Corporate Lawyer...

For those who complain about the BigLaw hours, shut the fuck up, what do you expect from making a shit ton of money ?
A Doctor makes a lot but has bigger debts, longer studies and work a lot more, are they complaining like slutty taiwanese prostitutes that didn't get a tip after sucking a British Businessman's dick ? NO.

High salary = High expectations, if you can't fit that requirement into your thick skulls, then don't pursue BigLaw.

wow, that gem is "refreshingly" offensive

Worst of all, i was honest.

To be fair, Doctors do complain. It's just that they don't get fired.