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Staying at an econo lodge... oh my.
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As usual, it depends.
Partner at a top tier law firm is going to pull in serious coin. Smaller, obscure firm.. not so much.
Specialist physician is also going to make good money, but highly variable based on speciality and location.
One thing to consider here though is 1 & 2 have significant opportunity cost in order to obtain those degrees, especially MDs. In consulting, you start out making decent money and continue to climb so your 401k and overall personal wealth starts to build at a much earlier point in your career.
Sometimes you have to look at the long game...
Nobody becomes a specialized physician for the money
Some tough specialties like pediatric emergency medicine require years of residency and fellowship making below 80k and then they make 150 as a physician. After years of school, and work like 100 hour weeks in residency.
The secretary that seduces them
Uber driver!
Consulting partner. Law firms don’t generate the cash flow for their partners that they once used to. Source: I’m a consulting partner and have friends that are law partners at top firms
Law partner
Yes, it’s the average at PwC, with the shares really taking off
Opto, I believe. ROAD (radiology, opti, anest, and derm) to success is a common phrase I hear around my med school friends
Definitely not specialist physician. Their insurance costs are extremely high, especially for surgical specialties.
Probably the consulting partner financially. Physician for sense of purpose.
Specialist physician is highly variable. My spouse will be a specialist in 3 years, at age 31, with 215k of debt and will make an industry avg of 210k, lower than primary care.
What kind of specialist, and where do you live?
I know a specialist physician who - coming out of residency - will be pulling in $700k. That sounds better than anything i hope to achieve
What is the specialty?
A1 I’ve heard that too. I heard average is $900k.
As far as medical specialties: know a plastic surgeon (highly regarded in his city of residence) who makes a LOT of money. Most procedures are cash up front, no insurance. Yes the malpractice insurance is expensive but he is delighted to remain independent, and not have to deal with insurance companies for the most part
No one goes into Medicine for the money. It’s just too damn hard to do if you don’t have the passion/purpose within you
Top 20-40 firm Big law partners typically make much more than Big4 consulting partners, with higher mean and median.
Manager 1, the topic is explicitly about money, not another diatribe about life’s purpose. Leave that in another thread.
But *way* more BigLaw partner making $1.5+ than consulting partners.
D3- it is you who is verbally attacking me. It is funny that from the whole post, you felt compelled only to reply to my comment. Why don’t u post some inputs on the salaries. And to me - comparison of salaries in isolation just does not make sense.
1 & 2 should have paid off their loans by the time they are at the partner level otherwise they plan to keep those loans forever. Med school loans are a b**** and the specialist physician will probably make less than the partners. The issue with trying to nail down the partners incomes is that they can make as much money as they can bring in business so it would definitely be a toss up between the two even though I would venture to guess that a law partner makes more than a consulting partner on average.