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-$100k due to starting a family and paying student loans. But saving/investing/paying off debt simultaneously and aggressively.
Rising 6th year, I spent my first 1.5yrs in midlaw (~120k/yr) and the last 3.5 in biglaw. My wife worked for 3-4 years before becoming a SAHM. We have a combined $300k or so in 401ks, $120k across two brokerages, $60k in checking, another $30-35k in robinhood/coinbase, 200k or so in home equity. Not sure if it counts but our 2yo’s 529 is at $16k and we recently spent $25k on home repairs. Only debt is student loans (will pay off with this year’s bonus) and $520k or so on our mortgage.
I left big law at year 3 for IHC. Had no debt (T14 for free); no kids; we still rent cheap in MCOL city/state (where we moved after big law, although I'm remote technically). Spouse and I had about $80k between retirement accounts and brokerages (combined) from before law school. I think we had about $550k HH NW when I left. That was about 3 years ago, and now we're at $2.1M.
Spouse makes about $190k all in, and I'm $270k in house. Both grew up poor and still can't quite believe where we are at our age (34). Having no debt and not overpaying for an expensive house at 7% was the real accelerator for our NW. We're both frugal and spend about $60-70k, including rent (but not including taxes). We are planning to have a kid in the next year or two, which I'm sure will cut into our investment savings, but even projecting out, we can legit consider retiring in 10-12 years.
We bought and renovated and paid off a house and have saved about 400k 8 years in but are debt free. That was always my target. Try to make it so I’m not dependent on the cash flow
Peace of mind def has value.
I just finished my 6th year of biglaw. Started at negative 200k net worth. Now up to +880k.
End of year 3: +$128k
End of Year 4: +$267k
End of Year 5: +$533k
Expect to have $1M by 32nd birthday in February. HMU if you want tips.
I have a very high savings rate and the S&P rose 23% that year (2024). 4th year is also the first truly large bonus.
4 YOE, ~$300k net worth, two kids and a stay-at-home spouse
You mean between both me and my spouse? If so, yes.
Just ended my third year and also have about $100k. Paid off one third of my loans but no family to blame my lack of more progress on– primarily was limited by the cost of living in NYC. Awful idea.
Left as a 5th year with ~$500K net worth after starting at ~-50K made taking the paycut to leave feel much easier
My numbers are outdated because I have been out a 15+ years, but I have tracked my net worth monthly for my whole career. I started out with a net worth of -60k (T14 scholarships, wife working, summer jobs, and family contributions kept this low). By end of year 1 net worth was around $25k (cleared all debt and had a kid), year 2 $107k, year 3 173k, year 4 201k (paid for wife's grad school), year 5 235k. I left big law at that point and took major pay cut. After a couple of years made partner in small law and now make roughly equivalent to a non-equity partner in big law. Net worth now hovering around $4.5 million.
I think this will vary greatly depending on how much you have in student loans, where you live, if you have kids, own a house, etc. We are 15 years in but we paid off significant student loans as of a few years ago, have a good deal of equity in a home we bought to grow into, and have a ton of extra money in 401Ks and 529s. But we also pay for private school, and do other things that reduce our net worth beyond what it could be but make it worth it. It is tough to compare as so little is apples to apples!
just give us the number!! lol
Just hit my 10 year anniversary at the same firm I started at after law school. It is a big/national law firm - while it pays below "market", it pays top of market where I live. Started out with -$200k net worth due to student loans - during that time, I paid off my loans, bought houses, got married, had one child (pregnant with the second currently), bought a car for my mom, helped pay a big chunk of a new car for my mother in law, etc. I feel like I have otherwise been smart with my money and invested as much as I can. This past month I just hit $1M net worth -- not counting my husband's net worth.
Class of 2020. Started -$120k in the hole. Worked big law for 2 years, clerked for 2 years, and then another big law firm for little over a year so far. NW is about $375k. I generally save like more than half my paychecks, probably well over half. Expecting a big jump after this December bonus, which will be my first real big time big law bonus
Started in Covid with ~$150k in loans, now NW is approx $120mm (or closer to $25mm in case of divorce). Paid off loans as a second year, then got engaged, hit with a fun surprise prenup, and now I am richer than the partners I work for and am figuring out what I want to do next. Not even joking. AMA, I’m slow today.
Would you like to adopt me? I only have a Pilates addiction.
10 years out. Started at -300k NW (student loans). Now I am at 780k NW. Live in a HCOL and I am a SINK.
5 years out I was around -150k NW.
Started at ~150K now $500K as rising 4th year in HCOL city
How do mid levels have such high NW? I’m 4 years out and have -300k. If I didn’t have a condo in a HCOL city, it would still only be +150k. Single with student loans and low income parents (though they don’t require a ton of help).
A7, correct but I just bought it so I don’t have much equity.
Spouse is also a lawyer (not big law). We were at about $750k five years out and are much higher now.
idk but after in house, i got stacked several hundred k but i also lived with fam
I'm older, but I'll chime in. 7 years of biglaw, 3 years of in-house. Recently RIF'd and decided to take a break. Currently at a net worth of $3.5m. $3m in equities and $500k in real estate. 34 years old.
I hated biglaw with a passion, but I can't deny that it was good to me financially lol.