Based on the responses on the other thread that think $1M is not enough to quit big law, how much do you personally think is enough to quit big law (but not necessarily retire)? No right or wrong answers I suppose but just curious…

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Tbh, I’m going to stay in big law as long as my firm will keep me. The work is interesting, the people are good, the pay is good. I started on the plaintiff side and hated it. I spent some time in government, which was nice, but the pay bump for working 10-15 extra hours a week in big law is worth it. I come from a poor immigrant family and I want my kids to see my work ethic and know financial stability. That said, the only reason this is sustainable for me is becauseI have a really strong support system.

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A4, I was single until 2 years ago and idk how I managed life alone. Not just the company part, but the day to day staying alive part. It’s easy for me to say this job is manageable, but that’s because I have someone picking up the slack in other areas.

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If you're quitting and not retiring like 0, there's plenty of fine paying jobs so quit with a break even net worth and feel great. Most people dont do this job.

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6th year, busy deal practice

I’m not sure this is really framing the prior discussion correctly. The discussion was about winning $1 million and quitting your job. Quitting your job simply because you won $1 million is hard to justify in HCOL areas. If you already WANT to leave biglaw, that may well be enough to feel comfortable transitioning to in house or whatever. Plenty of people leave with much less than that to their name—a midlevel will not have $1 million saved from biglaw alone and that’s very often when people leave.

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Yup

I left when my student loans were paid off and I had enough for a down payment on the size/location home I could afford to support with my next non-BL job. Could’ve stayed longer but I really didn’t like it and the commute was crushing my soul (this was back in the bad old days when you couldn’t even get a firm laptop and remote work wasn’t a thing).

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Sort of depends what you want and maybe just as important what your spouse wants. I think I could live great on $2 million but my wife wants the trips to Hawaii, the summers in the Hamptons, the apartment in the city, and so on, so what can you do 🤷‍♂️ We have lots of friends who make as much or more than us so I think there’s a “keep up with the Joneses” mentality that sets in after a while. One of the advantages of leaving big law early in life is you build activities and friendships that don’t depend on a big income and that becomes your norm. Golden handcuffs sounds like a joke but it’s a real thing.

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P1 only if youre comfortable sharing, what is your annual household spending?

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I’m on sabbatical with way less than that. I know many who did that $1m thing. Can’t see how you retire, but they are figuring it out and that is one hell of a cushion. Crazy to me how people don’t realize how much money we make and how far it truly can go while living a decent life. When I was working I had whatever - car, condo, vacations, dinners and still saved a lot. In other words, you can leave with a lot less than a mil and be juuuuuuuuust fine.

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Thanks for making this point A3.

Not blaming anyone or criticizing at all because it’s human nature, but I read comments in this bowl and think a lot of folks don’t have perspective (yet) to realize how much money is made in BL.

I am just now getting there after a pre law school career, a post law school quasi-legal career for several years and now a couple years practicing in a couple small firms making $120 and $200. Now I’ll be on the market scale at a later age and think I appreciate it more because I have experienced the other side.

Again, no criticism for anyone who doesn’t see it that way; If someone is making $200+ for their first job as a K-JD (I’m very jealous of anyone like that - my first job paid $42k and I thought I made BANK) then it’s tough to think about making less and “normal” salaries sound like peanuts.

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For me, it was no current debt, enough spare funds to cover all expenses (without my spouse’s help) for 12 months even if I had no income, and a job offer that would let me maintain a comfortable upper middle class lifestyle in a HCOL area without eating into those spare funds.

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I have enough money already, honestly. Not enough to retire but enough that I could quit for a low six figure job if I wanted. But I like biglaw so not planning to leave in the near future.

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I’m in real estate.

Not an attorney but a Conflicts manager in big law and compensated a little less than a first year associate. Prior to this last move I made, I have loved my big law career. I’ve always been treated kindly and encouraged to develop myself and career. I’ve worked with and become friends with some of the best partners you could ask for.

That being said, I’ve got a great partner and support system which allows me the crazy hours. Since I’m not an attorney I’ve never been included in the lifestyle inflation (golden handcuffs I think another called it) and could live off $1 million. We bought a smaller house in a suburb and drive well used cars. We live off his (my partners) salary and invest mine in real estate. Some long term rentals and some vacation rentals. I always joke I love to vacation but I want someone else to pay for it. Lol. I’m at the point now where our real estate income is more than my salary and with the terrible experience I am having at this firm, I’m tempted to just walk away and take some time for myself. I’ve heard horror stories and managed to avoid them for the last 16 years. I really can’t believe some attorneys are able to work in these toxic environments for the long term. My hats are off to those of you that do.

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An amount where I could live comfortably off the bare minimum returns if I put it all in an index fund (i.e., without losing any principal). I’d go do nonprofit work.

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Depends, of course. If not retiring, how much will you make? Married with kids or on your own? Partner work? HCOL or LCOL? You a big spender or not?

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