Fastest rise in net worth working big law? Forum

[Anonymous User]

Let’s hear your stories and see whose NW rose the most, the fastest. I’ll start:

+$500k in 40 months

(Cheats: clerkship bonus + special Covid bonuses + regular bonus + minimal rent during covid + crazy stock market)

[Monochromatic Oeuvre]

I know a couple people who married into billionaire families while in Biglaw; does that count?

I don’t know how much money was technically theirs but I can tell you their standard of living immediately surpassed even the rainmakers and it made me feel stupid for checking my Mint balance every couple weeks.

[Sackboy]

What an inane thread for a profession that pays lockstep bonuses and salaries. The only people here who are going to have divergent stories are people working at Wachtell (or insert truly significantly above market bonus firm), those who married into or inherited money, or those who made lucky investments.

[Anonymous User]

This is a lockstep profession. Your question is dumb.

[Antetrust]

Lockstep doesn't account for gunner bonuses, let's see that 1.1x bonus rate compounding exponentially!

[Anonymous User]

There’s an obvious difference between salary and net worth: COL expenses. To speed run this: Anyone who spends extra $ to live in NY is an idiot, anyone who saves money by living in Texas doesn’t know what they’re missing out. Nowhere else exists.

[Anonymous User]

Indeed, even if pay is lockstep COL, spending habits, investment strategies, student loan debt etc could result in completely different saving rates.

[Wanderingdrock]

What an inane thread for a profession that pays lockstep bonuses and salaries. The only people here who are going to have divergent stories are people working at Wachtell (or insert truly significantly above market bonus firm), those who married into or inherited money, or those who made lucky investments.

Due respect, Sackboy, because usually I like your posts and I'm always glad for your contributions, but on this one you've over-reacted. You may not be interested, but there's a gold mine of discussion to be had here based on lifestyle habits and investment strategies. There are useful comparisons to be made between markets ("How much difference does TX vs. NY really make?"), firms ("Do the MARKET SHATTTTTTERING Kirkland bonuses actually matter?"), debt situations ("How has student debt held you back from building wealth compared to someone who came out of law school with less than you or none?"), and family situations ("Does having a working spouse mean you build wealth faster than if you're single? How much do kids cost in terms of net worth opportunity cost?"), etc.

[Sackboy]

What an inane thread for a profession that pays lockstep bonuses and salaries. The only people here who are going to have divergent stories are people working at Wachtell (or insert truly significantly above market bonus firm), those who married into or inherited money, or those who made lucky investments.

Due respect, Sackboy, because usually I like your posts and I'm always glad for your contributions, but on this one you've over-reacted. You may not be interested, but there's a gold mine of discussion to be had here based on lifestyle habits and investment strategies. There are useful comparisons to be made between markets ("How much difference does TX vs. NY really make?"), firms ("Do the MARKET SHATTTTTTERING Kirkland bonuses actually matter?"), debt situations ("How has student debt held you back from building wealth compared to someone who came out of law school with less than you or none?"), and family situations ("Does having a working spouse mean you build wealth faster than if you're single? How much do kids cost in terms of net worth opportunity cost?"), etc.

I'll take the flattery where I can get it, but I think all of your points get at how you can considerably grow your net worth over time. That's certainly a discussion to have, but that's not what's at play here. Based on OP looking for the "fastest" increases and citing a $500k increase in 3.33 years as a junior, this thread is obviously not geared towards "I increased my net worth by $2.3 million over 10 years by graduating law school with $25,000 in debt, living in Texas, marrying another high income earner, not having kids, and being at a firm that pays me 1.1x market bonuses." OP is soliciting what will no doubt all end up being fairly unicorn scenarios that none of us can reasonably replicate.

[Anonymous User]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

[Anonymous User]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

[Antetrust]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

Less what your wife contributes.

[Anonymous User]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

Less what your wife contributes.

Sexist? Why can't a woman pay for everything and let me save my biglaw blood money in peace?

[Anonymous User]

I know a couple people who married into billionaire families while in Biglaw; does that count?

I don’t know how much money was technically theirs but I can tell you their standard of living immediately surpassed even the rainmakers and it made me feel stupid for checking my Mint balance every couple weeks.

Any advice on how one can accomplish that

[Anonymous User]

Any advice on how one can accomplish that

Not posting about networth on TLS is probably a good start.

[Antetrust]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

Less what your wife contributes.

Sexist? Why can't a woman pay for everything and let me save my biglaw blood money in peace?

lol it has nothing to do with sex or role. It has to do with isolating what an individual's estimated net worth would be without financial support from another person.

[Anonymous User]

$750K in my first three months of being an associate due to crypto investments. I invested my $15K biglaw signing bonus as soon as I got it and by the end of the year it had ballooned into something crazy.

Of course, holding onto that NW was another story entirely, mostly due to silly mistakes on my part. Have since learnt how to navigate crypto markets better, but for sure they are not for everyone and there is a 99% chance you will lose money when you get started.

[Anonymous User]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

Less what your wife contributes.

Sexist? Why can't a woman pay for everything and let me save my biglaw blood money in peace?

lol it has nothing to do with sex or role. It has to do with isolating what an individual's estimated net worth would be without financial support from another person.

I guess there's more than one way to measure a dick. OP said minimal rent during covid, which I presume means living at home. Anyway, if you really want to calculate out contributions from others go ahead and be my guest - tell me how I should adjust. I maintain that this is pointless (as the humor in my original post implied), so I'm out.

[throwawayt14]

I know a couple people who married into billionaire families while in Biglaw; does that count?

I don’t know how much money was technically theirs but I can tell you their standard of living immediately surpassed even the rainmakers and it made me feel stupid for checking my Mint balance every couple weeks.

Any advice on how one can accomplish that

Go to any of Yale, Harvard, Stanford, or the New York schools and the odds anyone you meet has a multi-million dollar net worth is pretty high. Yes I left out Chicago on purpose, odds are there are richer students at Brooklyn than there.

[Anonymous User]

I know a couple people who married into billionaire families while in Biglaw; does that count?

I don’t know how much money was technically theirs but I can tell you their standard of living immediately surpassed even the rainmakers and it made me feel stupid for checking my Mint balance every couple weeks.

Any advice on how one can accomplish that

Go to any of Yale, Harvard, Stanford, or the New York schools and the odds anyone you meet has a multi-million dollar net worth is pretty high. Yes I left out Chicago on purpose, odds are there are richer students at Brooklyn than there.

Lots of millionaires in Hyde Park. Bill Gates' son was an undergrad there (think he graduated last year IIRC). At the law school it might be a bit less but there's still going to be lots of money sloshing around the Midway.

[laanngo]

I know a couple people who married into billionaire families while in Biglaw; does that count?

I don’t know how much money was technically theirs but I can tell you their standard of living immediately surpassed even the rainmakers and it made me feel stupid for checking my Mint balance every couple weeks.

Any advice on how one can accomplish that

Go to any of Yale, Harvard, Stanford, or the New York schools and the odds anyone you meet has a multi-million dollar net worth is pretty high. Yes I left out Chicago on purpose, odds are there are richer students at Brooklyn than there.

Lots of millionaires in Hyde Park. Bill Gates' son was an undergrad there (think he graduated last year IIRC). At the law school it might be a bit less but there's still going to be lots of money sloshing around the Midway.

Hyde Park, London?

[Antetrust]

Well anyone can share their numbers, it doesn’t have to be fast. Also including combined NW as a married couple is cheating. Just give an estimate for what YOUR NW would look like. Nobody cares how much $ you married into or what your spouse makes.

Okay, my wife pays for everything, so my networth is everything I make from biglaw, less taxes (not even NYC woah). See how fun this is?

Less what your wife contributes.

Sexist? Why can't a woman pay for everything and let me save my biglaw blood money in peace?

lol it has nothing to do with sex or role. It has to do with isolating what an individual's estimated net worth would be without financial support from another person.

I guess there's more than one way to measure a dick. OP said minimal rent during covid, which I presume means living at home. Anyway, if you really want to calculate out contributions from others go ahead and be my guest - tell me how I should adjust. I maintain that this is pointless (as the humor in my original post implied), so I'm out.

You're definitely, there are many ways to measure a dick. You're probably also right that this is a pointless post unless it turns into a degenerate WSB collection.

[Anonymous User]

I got to 400k saved in 2 years

[Anonymous User]

My base salary at this V20 overseas satellite office went from 185k in 2020 to 345k in 2022. I know this is not about net worth, just just wanted to share. The firm was paying below market when I got here, but after a year of persistent demands coming from me and probably some others as well, the firm raised the scale to the NY scale in some Asian offices, including this office, from 2022. The firm still often pays below market bonuses regardless of its billable target in their satellite offices, and the only time I got a bonus somewhat close to market was in 2021. I guess I will see another jump in my net worth when I move to a different firm.