I’m 45 and only been practicing law for 5 years. Spent the majority of my professional life working in a non-lawyer public sector role in the South on a modest income. Graduated law school at age 40. My net worth is $500,000 (which includes liquid, home, and retirement accounts). I’m married with two school-age kids. The COL in the South is less than most places. But is it too late for me? Am I screwed for retirement? I keep seeing people say that $3M to $5M is the target. There’s no way…

like
Posting as :
works at
You are currently posting as works at

“Therefore do not be anxious about tomorrow, for tomorrow will be anxious for itself. Let the day’s own trouble be sufficient for the day." Matthew 6:34

likeupliftinghelpful

Strongly agree! Thanks for sharing!

like

You will be okay! You’re doing great

like

Is it too late to get to $5M? Probably. Unless you have a string of incredibly successful investments. But that’s water under the bridge. All you can do now is save as aggressively as you can in tax-advantaged accounts and keep your COL under control and you can still end up with enough to live a comfortable retirement, though not one as flush as others who had the benefit of more time in the market.

like

You’re doing okay. The target isn’t $3-$5m net worth, it’s $3-5m in 401k/investments

like

LC1: Not in a single 401k necessarily but overall investments of $3MM - $5MM in your fifties? Doable.

You will be fine. Wanta a favorable comparison? Myself—graduated law school 2004 at age 45 with less than 100k net-worth with wife and three kids— 1-4 years olds. So, wife had to take care of them. 4 years later, 2008 came and wiped out what little we got because of housing collapse. Moved from DC to the south. I gave you dates so you can date me. So, needless to say i didn’t hit 500k until after i turned 50. Of course, inflation makes the numbers incomparable. But i got 15 years of solid earnings and maximized my retirement savings. My net worth is about 3mil now. You may wonder why law school that late with no net worth then. I am an immigrant— got green card as 38 year old. So, limited employability before that despite having a phd in science from an elite institution. The delay in start also gets translated negatively by potential employers. My first job was at entry level despite having 4 year experience including 2years as post-doc. So, my career as scientist completely stalled and i went to law school, which turned out to be the best career decision i ever made.

That was the hand i was dealt! Anytime i look up, i remind myself to look down and i see i am fine! You will be fine too.

likeupliftingsmart

Your net worth is 2x the national median for your age and it sounds like your highest earning years are ahead of you. Nice work!

like

I think it very much depends on your long term goals. You may want to have an in depth conversation with your spouse and a financial advisor. While I'm sure there are people in this bowl who manage their retirement planning on their own, you really need to go over the numbers with someone and have some hard conversations about your future.

likehelpful

I’m 40 and my net worth is less than that with kids and also my spouse doesn’t work rn and we just bought a house we can’t afford in a HCOL and we are still gonna be fine when my wife goes back to work. Sounds like you’re doing ok to me

like

Comparison is the thief of joy. Having a law degree and continuously learning and building skills will serve you well as you can always work as a lawyer. Building money for security is good but also invest in your health and your relationships with your kids and spouse because that is true wealth

like

The numbers you gave are high. Higher than what the average person will do. You still have time even to retire at 60, which is early. Plus it’s a multiplier of your spending you *should* save and not someone else’s numbers. Lastly being 5 years out of law school isn’t much. Your salary will grow with more experience. I graduated in 2009/2010 era and clawed myself out of the huge recession nightmare where I barely made more than I did as a paralegal prior to law school.. All that to say, spend wisely, save, and enjoy your life and your kids. The fact you care and are saving is the start you need.

like

Keep saving and investing. Do not trade in and out. You will be fine.

You theoretically have 25 years left to work. Plenty of time to keep saving.

I don’t even have a spouse. Do I think I am in trouble? No

How much of the 500,000 is from your home?

Related Posts

like

What books should I read on being a good manager? I’ve been promoted to manage a team of 6 and feel like I’m failing them. Any books on managing a remote team would help especially, but I’ll take ANY help I can get

like

Where can we check legitimate cutoff for Canada express entry PR?
How often do the results come out? is it every month?
After submitting your profile in how many days can one expect to get Invitation?

Just did sit ups. Walked into the bathroom to check, still nothing 😐

likefunny

Can anyone tell me what is the notice period in optuminsight chennai

like

Post Columbus Day hangover.

likefunny

I am a regional controller for a hospitality group. I began looking for a job in a different industry, but have hit some roadblocks with trying to communicate transferable skills and management style (decentralized). Any recommendations?

like

What was the coolest work related party/ event you have been at, pre/post Covid?

like

Has anyone been able to apply to the Lyft APM program? Can’t find the application link despite the website saying it’s live.

like

Are therapists typically blunt? I just started seeing one and she made me feel uncomfortable. I wasn’t expecting her to be harsh and negative in her assessment of me.

likefunny

Anyone free to hangout?

like

Got an opportunity at a boutique firm. I’m a 2nd year in big law and never moved before. What are the pros and cons of leaving Big Law to go boutique? What should I be aware of before saying yes?

like

When is WFH ending ?

like

If taking the subway to my home office isn't part of my normal commute, and the client I am on is outside the commute to my home office and requires it, am I entitled to expense my Metro Card?

like

In honor of Nurse Appreciation week, let's do a thread in support of the Nurse we work with.

What do you appreciate about the nurses you work with?

likeupliftinghelpful

An auditor myself, I constantly feel many ppl working at audit look down on ppl working in industry and other practices, which I don’t understand at all. Do they truly believe their job is superior or they just say so to make both you and them feel better about this job?

likehelpful

Best happy hour places in dowtown? Office location is brightline station so someting relatively close would be ideal. Trying to take advantage of happy hour since i never come into office😅🥲

like

What tools are you recommending to clients to help them with compliance with opt-out of sale of Personal Information under CCPA?

Curious what in-house lawyers are doing for pro bono (Model Rules recommend 50 hrs/yr). Feels harder in-house because organizations like Legal Aid seem to pair with firms or expect you to be practicing with a firm.

like

I keep getting sour wines. I’ve never had this issue before but the last few bottles I got (store shelf, nothing too fancy) tasted like they were opened and left out. That gross stale sort of sour taste… but the cork was in tight and sealed. 🧐

like

Additional Posts in Law

Do anyone know any legal admins or paralegals looking for contract/part-time work in California?

like

I'm a junior associate. A couple people have left my small firm and I'm now the lone associate at our main office. I've now been told I am "temporary senior associate or permanent or partner whatever that results in." Please send help. I'm just a baby attorney still.

like

What is the expectation at your firms about coming into work after making your billable hours requirement? Asking especially for those who do not get a bonus per extra hour billed over the minimum.

like

Rising 2L here…Just found out yesterday that one of my top target law firms is not participating in OCIs (they don’t have offices in my state). Any advice on the best way to move forward with them? Still planning to apply, just want to know what I should be doing. Thanks!

like

Transactional associate. Lateraled 6 months ago and one of the biggest pain points has been my new firm’s inclination to “hop on a call”, which of course requires every single stakeholder to join. The end result being every call has 25 people on it and nothing actually gets done because no one wants to ask a question that could come off as silly. It’s destroying my ability to get anything done during the day. It’s a complete performance and it drives me nuts.

like

Has anyone moved into a non-legal role at a tech company after big law? Trying to figure out what else is out there if I do not want to go in house in a legal capacity.

like

Well I learned my lesson. Never work with Wells Fargo. Any good banks I should switch to?

like

California 🐟 does your vacation payout when you leave your job get taxed at regular wage, or bonus, levels? Does your employer have discretion to choose?

like

How often do temporary "might-become-permanent" type jobs (at small/mid size firms) actually become permanent?

like

Idk, maybe it’s time we bring these engineers and techs down. If my 🧠 links to a 💻 , all of my non-billable work will come to light. 😤

Post Photo
like

Brand new baby lawyer dumb question - I am tasked with drafting response to request to produce. How long should this take? And follow up… how do I bill this?

like

Can you share first year salary for midsize firms? I'm in NJ, but curious to hear other markets. Also billable targets? Thanks!

like

What is a typical starting rate that young attorneys charge for per diem side work? First or second year lawyers should ask for what? Client is a big firm.

like

I want to get out of ID so badly. I don’t mind the work but the hours are just killing me. I just started at a new firm less than 6 months ago and I am already desperate to get out. It is not the firm or the people. I just hate the high billables. I have been applying to other jobs but I think I may need a recruiter for help. Any recommendation for a great recruiter in NYC?

like

Considering becoming a consultant lawyer. Any advice/tips from someone who made that move?

like

Does anyone else work as in-house for government? Local? Provincial/State? Federal?

Thinking about getting a MBA, partly for personal enrichment but also for professional reasons. I know schools all have different “cognates” but do people have recommendations that pair well with corporate/securities/financial legal practice fields?

like

What is the scoop on med mal defense vs. plaintiff work? Is defense more respected by other practice areas if I were to switch somewhere else later?

I applied to a position that brands itself as civil litigation and apparently the role is med mal defense. Not sure what to go by but would like to do a little research before I call them back.

like

Does anyone practice White Collar criminal defense in NYC or know a decent amount about it? Is it fun or fulfilling? Is it a good way to break into government work in the future?

like

Hey so just to check on my part. I worked at a place where we went to a firm happy hour and women attorneys were there. A picture was passed around of a really hot woman on Instagram who they are oggled , later after the woman left some guy talked about all the quote whores he slept with. The women weren't sex workers presumably. I'm a male this behavior seems inappropriate to me and made me uncomfortable. Am I expected to exhibit this level of 1950s machismo in my day-to-day life?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal