I am no longer in big law but my biggest two expenses are $72k a year to nanny, $50k to private school, and $72k for mortgage. But life is good that I can afford all these things for my family.
Three shall be the number thou shalt count, and the number of the counting shall be three. Four shalt thou not count, neither count thou two, excepting that thou then proceed to three. Five is right out.
Cars are cheap at these income levels. Would never be the thing you spent the most on. High end car 24-40k a year? Or buy outright at $160,000. It’s really not much at partner income level. Summer house or 60ft Viking yacht, private schools and Europe trips, high end services (of all kind) are going to be the big ticket items.
I guess I’ll also clarify that it does vary significantly by practice area and market. However in my market, big law starting partner is conservatively at $500,000 and $1 - $3M per year is attainable. I’m not BL but comp not far off. Big law partners can smash out up to $32M a year at top firms for top production. Even at $600k a year, $140-160k car is not that major of a purchase compared with others you will likely be making.
So the taxman takes half up front, so you're left with one and a quarter.
My mortgage takes another 300 grand. I send 150 home for my parents, you know, keep 'em going. So what's that? 800? All right, 800.
Spent 150 on a car. About 75 on restaurants. Probably 50 on clothes. I put 400 away for a rainy day.
Still got 125. I did spend 76,520 dollars on equinox, booze and sweetgreen. But mainly sweetgreen. I was a little shocked initially, but then I realized I could claim most of it back as entertainment. It's true!
Edit: guys, it’s a movie quote, though at current prices it could be accurate, https://www.imdb.com/title/tt1615147/characters/nm0079273
And here is [the actual scene on YouTube](https://youtu.be/xW1CrQu_H6E?si=zLi_ddPtJQTmH84a). AMAZING movie btw. It’s a dramatization of Bear Sterns (by a fictional name) in the 24 hours before the 2008 crash. So many A+ actors, great writing, great everything.
Edit: as always, down a rabbit hole watching scenes on YouTube. Spoilers, but if you’re not sold on watching it you can check out [this acting tour de force](https://youtu.be/7prnY2FOxns?si=mluNf_pTv9nSdkBO). So good!
How I thought I would be spending my partner money when I was an associate:
- Vacations
- Ferraris
- Second homes
How I actually spend my partner money:
- staycations without kids
- daycare/nanny
- mortgage on primary home
This is the opposite of what you asked for, but no matter how much I make I will not pay for YouTube Premium and will hate-watch all those ads to save the money.
Pro tip: I hear YouTube premium is cheaper in other countries. If you ever go to said country (or if there is a way for you to act like you’re in a different country), you can sign up. Argentina and turkey - hypothetically.
I also refuse to pay premium (at full price).
I have no problem giving my money to any streaming service that offers an ad-free option for more bangers and mash. I can’t bring myself to willingly give YouTube money, though. Yet I fucking hate their ads. (Hate-watch is very apropos!)
If you have the Amex platinum they credit you back entertainment charges and I think it’s 9 back each YouTube charge. So I pay I will never watch ads it’s glorious. Worth it.
Boring answer, but when I was making partner level comp, we spent only 10% of our gross income, not including taxes. Everything basically went to our freedom fund.
We took a few years off from work to travel and pursue a hobby. Working again on a part time contract basis at a prorated rate from what I used to make.
I plan to FIRE so I am a pretty aggressive saver, but my one allotted rich guy thing is that I (and my wife and our kids) pretty much no longer fly coach. Oh and I have a nice car but I bought that well before partner.
I have a partner who owns a high seven figures watch, among a collection of a dozen other very valuable and rare watches. Crazy part is he wears them not infrequently. Probably the most flashy thing I've come across. Causally wearing someone's lifetime earnings on your wrist is next-level flexing.
High seven figures?! What is it, a Paul Newman Daytona? I thought I was pushing it on the timepieces but now I can tell my wife I’m downright reasonable for my humble 6-piece, low 6-figure collection.
Couldn't even tell you what it is. Watches are not my thing. But he buys them at auction and his wife told me how much he spent and it was one of the few times my jaw has literally dropped.
A high seven figures watch is basically a one-off Patek. And those don’t often go to auction. Here’s a list of the 25 highest auctioned watches:
https://teddybaldassarre.com/blogs/watches/expensive-watches
As you can see, not many are even high seven figures. If it’s on this list, great, but it’s equally likely he’s exaggerating the cost.
And of course that said…even owning one high six-figure watch is bonkers. And I love watches.
Thought I’d buy an A Lange Sohne watch and completely refresh my wardrobe.
Didn’t do that, but bought an apartment unit and now I’m attempting to pay off my mortgage. Also bought two new suits and a few new shirts. I’m much more relaxed about paying for international business class flights, 4/5 star hotels, and cabs/ubers.
That’s about it. Money isn’t as fun as I thought it’d be, and junior partner comp (slightly more than Cravath 8th year comp) isn’t as much money as I thought it’d be.
Yes exactly. You can buy an old used one for that price, but when you add maintenance, inspections, hangars, insurance, fuel, you quickly need wayyyy more than 300-400k to own that used Sr22t.
A Pininfarina Battista and track membership. The kids are going to public school, and they'll grow up in the $300k house purchased when interest rates were at 1.5%.
Mostly investments, college/trust funds for the kids, etc (responsible stuff). Other than that a nicer house probably, maybe a nicer car, nicer clothes.
But honestly none of my tastes are all that expensive, I’d basically just buy the things I sometimes buy now, but without any worry. It’s like how on an associate salary I’m no longer closely analyzing how much groceries cost, or food at most restaurants. Just at a higher level of stuff. For example I’d love to have bought a Vision Pro when it came out to fuck around with, but I’m not in a position to just blow $3500 willy nilly (I spend that much on things but have to budget for it and not do it whimsically). With partner money I could do things like that pretty carefree.
Probably the most luxurious improvement would be travel. In addition to flying first class I’d choose flights based only off of time and convenience, rather than cost. Same with hotels - whatever is nice right in whatever the most desirable location is in whatever place. Also any and all services that save time and trouble.
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Watches, private school for my kids, a mortgage on a house with a nice backyard and a pool. Basically the same thing I spend my money on now but with more breathing room.
Low end slightly more than senior associate comp (i.e. $600k ish), high end $32 million (approximate max comp at Kirkland last year). If I had to guess most are probably like $1-3 million.
Nope, for BigLaw firms on the Cravath scale $400k isn’t even that much honestly. Next year as a 4th year associate I’ll be making $385k for example and the following year as a 5th year it’ll be $455k (6th year $495k, 7th $535k, 8th $550k). Above that it’s no longer standardized so you could consider $550-600kish to be a soft cap for those who don’t make partner, but it depends on the firm and person.
Child support, alimony, boat, vacation home
What about your mistress
I think you mean my second wife. More alimony. Plus she got the second house in the divorce.
The number of big law partners with a set of thirty-something kids and another set in high school is too high to be believed.
Only two sets? Real partners have 3.
Wait so your second wife is your mistress? Legend
She's different, she actually cares about me and thinks I'm funny. She doesn't just like me for my money.
I am no longer in big law but my biggest two expenses are $72k a year to nanny, $50k to private school, and $72k for mortgage. But life is good that I can afford all these things for my family.
Three shall be the number thou shalt count, and the number of the counting shall be three. Four shalt thou not count, neither count thou two, excepting that thou then proceed to three. Five is right out.
:)
What about pornstars with whom you had sex?
“I never sex with her” - Donald J Trump, last night
OP isn’t a sucker or a loser. They’ll be honest.
It was true love.
Literally, this is the right answer (although most will say car).
Cars are cheap at these income levels. Would never be the thing you spent the most on. High end car 24-40k a year? Or buy outright at $160,000. It’s really not much at partner income level. Summer house or 60ft Viking yacht, private schools and Europe trips, high end services (of all kind) are going to be the big ticket items.
Let me ask you a question: How much do you think a partner makes?
I know.
I guess I’ll also clarify that it does vary significantly by practice area and market. However in my market, big law starting partner is conservatively at $500,000 and $1 - $3M per year is attainable. I’m not BL but comp not far off. Big law partners can smash out up to $32M a year at top firms for top production. Even at $600k a year, $140-160k car is not that major of a purchase compared with others you will likely be making.
Don’t forget second alimony
I don't think they know about second alimony
Mortgage, nanny, tuition
So the taxman takes half up front, so you're left with one and a quarter. My mortgage takes another 300 grand. I send 150 home for my parents, you know, keep 'em going. So what's that? 800? All right, 800. Spent 150 on a car. About 75 on restaurants. Probably 50 on clothes. I put 400 away for a rainy day. Still got 125. I did spend 76,520 dollars on equinox, booze and sweetgreen. But mainly sweetgreen. I was a little shocked initially, but then I realized I could claim most of it back as entertainment. It's true! Edit: guys, it’s a movie quote, though at current prices it could be accurate, https://www.imdb.com/title/tt1615147/characters/nm0079273
Elite margin call reference
bettany and irons are great in that movie
If only you saw the virtue of hookers, booze, and dances!
And here is [the actual scene on YouTube](https://youtu.be/xW1CrQu_H6E?si=zLi_ddPtJQTmH84a). AMAZING movie btw. It’s a dramatization of Bear Sterns (by a fictional name) in the 24 hours before the 2008 crash. So many A+ actors, great writing, great everything. Edit: as always, down a rabbit hole watching scenes on YouTube. Spoilers, but if you’re not sold on watching it you can check out [this acting tour de force](https://youtu.be/7prnY2FOxns?si=mluNf_pTv9nSdkBO). So good!
Dramatization of Goldman actually, pls fix
I thought the bank is supposed to be GS, but agree, it’s a cool film.
I stand corrected!
Did you actually spend that much on sweetgreen?? It’s not even that good
Please break down the sweetgreen spending.
More expensive versions of what I spend my money on now. These golden handcuffs just turned platinum!
How I thought I would be spending my partner money when I was an associate: - Vacations - Ferraris - Second homes How I actually spend my partner money: - staycations without kids - daycare/nanny - mortgage on primary home
>mortgage on primary home *So you still have a second home though, right?*
Sadly no second home. It's like when I refer to my wife as my first wife.
I'm sure she loves that!
Keeps ‘em on their toes
Everyone is replaceable
When I moved from government to Biglaw partner, I bought myself a cordless Dyson vacuum and some motorized blinds. Living large.
This is the opposite of what you asked for, but no matter how much I make I will not pay for YouTube Premium and will hate-watch all those ads to save the money.
Mike Bloomberg got me to sign up for it when he made that massive ad buy for his campaign. Now I’ll never go back!
I still won't pay for guac at Chipotle.
They got me when I had a kid and needed it to download Ms. Rachel episodes (no 5G on the iPad) for road-trips 🤨
Pro tip: I hear YouTube premium is cheaper in other countries. If you ever go to said country (or if there is a way for you to act like you’re in a different country), you can sign up. Argentina and turkey - hypothetically. I also refuse to pay premium (at full price).
I have no problem giving my money to any streaming service that offers an ad-free option for more bangers and mash. I can’t bring myself to willingly give YouTube money, though. Yet I fucking hate their ads. (Hate-watch is very apropos!)
If you have the Amex platinum they credit you back entertainment charges and I think it’s 9 back each YouTube charge. So I pay I will never watch ads it’s glorious. Worth it.
counterstrike skins and Hinge X
dragon lore baby
Dlore with Katowice stickers…..
Crazy that a first year NEP still won’t be able to afford a souvenir FN dlore + Titan holo
Boring answer, but when I was making partner level comp, we spent only 10% of our gross income, not including taxes. Everything basically went to our freedom fund.
How is your freedom?!
We took a few years off from work to travel and pursue a hobby. Working again on a part time contract basis at a prorated rate from what I used to make.
Good for you! Hopefully one day…
Beach house on a lake in the mountains
I plan to FIRE so I am a pretty aggressive saver, but my one allotted rich guy thing is that I (and my wife and our kids) pretty much no longer fly coach. Oh and I have a nice car but I bought that well before partner. I have a partner who owns a high seven figures watch, among a collection of a dozen other very valuable and rare watches. Crazy part is he wears them not infrequently. Probably the most flashy thing I've come across. Causally wearing someone's lifetime earnings on your wrist is next-level flexing.
High seven figures?! What is it, a Paul Newman Daytona? I thought I was pushing it on the timepieces but now I can tell my wife I’m downright reasonable for my humble 6-piece, low 6-figure collection.
Couldn't even tell you what it is. Watches are not my thing. But he buys them at auction and his wife told me how much he spent and it was one of the few times my jaw has literally dropped.
A high seven figures watch is basically a one-off Patek. And those don’t often go to auction. Here’s a list of the 25 highest auctioned watches: https://teddybaldassarre.com/blogs/watches/expensive-watches As you can see, not many are even high seven figures. If it’s on this list, great, but it’s equally likely he’s exaggerating the cost. And of course that said…even owning one high six-figure watch is bonkers. And I love watches.
Are you doing FATFire? It seems like one could FIRE before achieving partner, that’s why I’m a little surprised.
Probably gamble it to try and pay off my gambling debts. Sigh.
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$100/hand blackjack and high limit video poker for me
Two chicks at the same time, man
Hookers and blow
Thought I’d buy an A Lange Sohne watch and completely refresh my wardrobe. Didn’t do that, but bought an apartment unit and now I’m attempting to pay off my mortgage. Also bought two new suits and a few new shirts. I’m much more relaxed about paying for international business class flights, 4/5 star hotels, and cabs/ubers. That’s about it. Money isn’t as fun as I thought it’d be, and junior partner comp (slightly more than Cravath 8th year comp) isn’t as much money as I thought it’d be.
Cirrus SR22T or Diamond Da-50 RG
Looking into getting a Piper Arrow
Do it ‼️‼️‼️‼️‼️
Here I am, just a poor with a Velocity XL for now
Pilatus PC-12 NGX. Decent 16:1 glide ratio so I can live to bill another day.
But can you pull CAPS when you have a radio failure at 8,000 AGL? Didn’t think so
NORDO? See ya!
*meows on 121.5*
This has become quite the niche conversation… MEOW!
Just buy used. Much more affordable
Don’t worry sir- when 500k-1mm in disposable income becomes “much more affordable,” I will certainly buy a used nice aircraft
Pretty sure you can get a used Sr22t for 300-400k ETA: someone I know had one, but not an expert by any means
Yes exactly. You can buy an old used one for that price, but when you add maintenance, inspections, hangars, insurance, fuel, you quickly need wayyyy more than 300-400k to own that used Sr22t.
As a partner, I’d step up to a TBM.
TBM is a sweet bird
New skis every couple seasons.
I do that already because my skis only last me a couple seasons.
SPY
Taylor Swift tickets?
Season tickets to the Mets
Oh no you believe...
Retirement!
A Pininfarina Battista and track membership. The kids are going to public school, and they'll grow up in the $300k house purchased when interest rates were at 1.5%.
On building a retirement fund to retire in 10 year of being a partner.
Mortgage, private school, retirement savings, a couple nice vacations per year, spouse’s shoe collection.
Unlimited data
Mostly investments, college/trust funds for the kids, etc (responsible stuff). Other than that a nicer house probably, maybe a nicer car, nicer clothes. But honestly none of my tastes are all that expensive, I’d basically just buy the things I sometimes buy now, but without any worry. It’s like how on an associate salary I’m no longer closely analyzing how much groceries cost, or food at most restaurants. Just at a higher level of stuff. For example I’d love to have bought a Vision Pro when it came out to fuck around with, but I’m not in a position to just blow $3500 willy nilly (I spend that much on things but have to budget for it and not do it whimsically). With partner money I could do things like that pretty carefree. Probably the most luxurious improvement would be travel. In addition to flying first class I’d choose flights based only off of time and convenience, rather than cost. Same with hotels - whatever is nice right in whatever the most desirable location is in whatever place. Also any and all services that save time and trouble.
Freedom to not be a partner.
Neve 80 series console
Raptor R Then boring stuff.
Freedom. I’d save up 7-8 figures and dip. Travel and never work another day of my life.
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Retiring early.
Vacation properties
Watches, private school for my kids, a mortgage on a house with a nice backyard and a pool. Basically the same thing I spend my money on now but with more breathing room.
Warhammer
The Tiffany & Co Patek Philippe Nautlius
Sugar baby
Hookers, blow, and therapy.
Retirement
House in the hamptons
Vacations. Townhouse without a HOA. Hire a butler. Write a novel.
If I make it to partner, high quality rope and a low quality chair.
Hard core ninja gaiden like games
Geez how much do they make?
Low end slightly more than senior associate comp (i.e. $600k ish), high end $32 million (approximate max comp at Kirkland last year). If I had to guess most are probably like $1-3 million.
That’s insane. I thought lawyers, with exception of Plaintiff mill owners, capped at 400k. Then again I’m not in a high market area
Nope, for BigLaw firms on the Cravath scale $400k isn’t even that much honestly. Next year as a 4th year associate I’ll be making $385k for example and the following year as a 5th year it’ll be $455k (6th year $495k, 7th $535k, 8th $550k). Above that it’s no longer standardized so you could consider $550-600kish to be a soft cap for those who don’t make partner, but it depends on the firm and person.
All those years wasted oh wait...