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Hpw do I buy alt coins? Deloitte, a u tattooing?
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26 F NYC looking for an exclusive buddy 👀
Anyone recently received a tax manager offer from EY ? I’m going through final interviews and want to see what your experience was like (negotiation process, initial offer higher/lower than expected?, did you give them a salary expectation range? How long did it take from final interview to offer etc) TIA!PwC EY KPMG Deloitte
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Anyone taken a 3week vacation before?
2nd year. What’s the typical bonus schedule?
Hot practice areas for laterals?
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Mentor
With the right parents anything is possible
This is napkin lawyer math so take it with a grain of salt. If you start working at 25 at a lockstep firm at current pay scale with a 35% tax rate and make bonus each year, you’ll make around $1.1m after taxes. So, probably not for a normal person but maybe if you live like a monk, have a rich family floating you, pick some good investments, or your spouse is also a high earner.
Assuming typical law school route within 2 years of graduating college, avg college debt ($45k), and avg law school debt ($130k), I’d say not very realistic. Plus many people who get into big law went to t14 schools, so avg debt is probably closer to $200k. It’ll surely depend on scholarships/grants, family support, cost of living, success of investments, lifestyle choices, expenses, etc— but still not likely imo.
Coach
Thank you - this is helpful
Mentor
I’m 30 years old, no kids/pets/SO, went straight through from college to law school and no law school debt at market paying big law firm with above market bonuses in a LCOL city and my net worth is nowhere close to $1m - it’s less than half that. Even if I had been frugal AF, lived in a shitty apt, expensed all my meals, never splurged and invested all of my savings in low risk ETFs, I don’t think I would be at $1m. Maybe $750k but I think even that is pretty ambitious.
Coach
I hit it at 29, but got very lucky (and anyone who tells you otherwise is full of it).
Coach
Graduated early and into a bull market. Low cost of living helps too
Invest heavily in options for your first three years and it could be possible.
Subject Expert
How can anyone help answer this without knowing basic information such as how much your debt is, current investment amounts, etc.?
Coach
By assuming realistic best case scenario (but no inheritance)
Subject Expert
Anything is possible
Just based on biglaw job, it’s possible but not probable.
Enthusiast
Op is not a serious person
And, unlike Logan Roy, Op's father doesn't even love him.
Coach
I reached that at 31. No law school debt was obviously a big factor. But I am also pretty frugal and rode the bull market of the 2010s.
Coach
I think it was around 11% but I don’t really remember. Pretty much all equity index funds.
It was at the end of my 6th year in BigLaw (pre-bonus, actually). The entire time salaries were on the $160k scale, if that helps. So should be a little easier now.
Mentor
I assume it’s possible if you:
- graduate without student debt (whether family paying or scholarships),
- have no significant expenses (live with parents close to office to save on rent and car/transportation, maybe vacation with parents on their dime),
- hit bonus every year (preferably above market), and
- get lucky with investments or the lottery.
Mentor
This is the best-case scenario, frankly, a unicorn scenario, but not impossible. Assume you graduate at 25, getting paid a Cravath scale salary, live in a low cost-of-living area like Houston or Dallas, and have attended undergraduate and law school for free with no loans. You could manage on an annual income of $50-75K for 5 years. If you then invest $100K of your salary each year and put all your bonuses into a mutual fund with an average 7% return, you could achieve a net worth of 1 million dollars by the age of 30.
Enthusiast
I have 32 and a half and I have a negative net worth. Fuck.
Subject Expert
31 (3rd year) and our HH net worth is $1.1M, but I worked before law school and went to law school for free.
Subject Expert
FWIW context, no inheritance or support from family. Also, transitioning out of law firm in the next couple of months (most likely)
Coach
In general, yes, but barely.
I am at 500k at 31. So, how could you do better?
1) I worked a year between college and law school (graduated law school at 25). I’d be 30 if I hadn’t done that—if you can graduate earlier, it’s easier.
2) I clerked one year. You could probably get an extra 80k-or-so from not doing that.
3) I started with 150k of law school debt. Combining 80+150 for five years at 8% real rate of return, 230k*(1.08^5)=340k.
4) I had bad market returns some years (especially 2022), and bought a house this year which has increased costs and appreciated slower than the stock market.
5) I have a bunch of kids and my wife doesn’t work, but we also don’t spend much. Dunno how much that costs—100k over 5 years? Probably less, but let’s use that.
So, if you graduate with no debt at 24 (or younger), don’t clerk, live frugally, and have a bull market all six years, you could do it.
Mentor
Depends on what age you enter biglaw . . .
Coach
Assume realistic best case scenario (but no inheritance)
Subject Expert
I’ll hit that, but skipped a few years of education and graduated with no debt. Don’t even live particularly frugally.
Subject Expert
Max 401k, HSA, 7k a month now into index funds on top. Don’t inflate my lifestyle as salary goes up.
Subject Expert
Depends.