So let’s stick with the theme. Today let’s take a look at the richest lawyers — or, to be more precise, the richest law school graduates — in America. (As we noted last year, many of these moguls never practiced law, or practiced only briefly, before making their fortunes in business.)
Our friends over at Forbes just released the Forbes 400, their annual ranking of the 400 wealthiest Americans. As in years past, the list contains a number of lawyers and law-degree holders. How many?
Is being a partner that different from being an associate? Contrary to popular belief, becoming a law firm partner is not a path to instant riches. In the early years, your compensation might not be that much higher than it was when you were an associate or counsel. Your taxes might go up, you might have to pay for your own health insurance and other benefits, and you might have to buy into the partnership. Sure, you might be able to borrow the capital contribution from a bank — but remember, you’re liable on that loan, and the bank might pursue you if it doesn’t get repaid.
Our partner readers sometimes complain about the stereotype that they’re all fat cats. As one of them recently wrote, “[Please don't write] about being admitted to partnership and instantly becoming rich…. At virtually every firm, you become a partner and then start to hope that, over the course of a career, your income will increase to ‘average partner income’ and your hours will decrease to ‘average partner hours.’ Rainmakers reach that goal quickly, but many partners — perhaps a majority in most firms — spend a lifetime waiting for, and never reaching, those goals.”
Of course, that’s the subjective experience of one reader. What does the big picture show? There’s a new report out about partner pay that contains lots of interesting information….
If the mountain will not come to Muhammad, then Muhammad must go to the mountain. Or Muhammad will just buy the mountain — for $18 million.
Check out our latest Lawyerly Lair. It features a 10,000-square-foot mansion, a 2,500-square-foot guesthouse, 48 acres of land, 13 formal gardens, a one-acre pond (with bridge), a swimming pool and spa….
And its own mountaintop. Did we mention the mountaintop?
Don’t you just hate it when rude and inefficient airline administrators ruin your vacation by stranding you on the ski leg of your vacation in Aspen, causing you to almost miss your cruise leaving out of Florida? It’s so annoying to have to stay in a series of luxury hotels across the country because the airline industry can’t get its act together.
I’m doing a silly parody of rich people problems, but honestly, if I have to choose between well-offf Americans and the fools and crooks who run the airline industry, I’m going to throw my lot in with the rich people every time. Especially when some employees are allegedly hurling racial insults at them.
It was a wild holiday vacation for the the Shulick family of Philadelphia. Luckily, patriarch David Shulick is a lawyer, so he knows that when the airlines push you around, you can sue….
As The People’s Therapist, my door is always open. I don’t turn away poor clients.
“Pay whatever you can afford,” I tell them.
Naturally, they get what they pay for. If I’m a little sleepy, or staring at the clock – who are they to complain? Come to think of it, why do we have to talk about them all the time anyway….
But let’s be real — are things any different with the the high-fidelity first-class traveling set than they are with folks flying “comfort class”? I ask myself that question a lot. I do it to stay honest….
But they are pikers compared to members of the Forbes 400, the annual list of the 400 richest Americans prepared by Forbes magazine. The 2011 list has been issued — and it contains a number of lawyers and law school graduates….
And now is the time on Above the Law where Elie gets to say “I told you so.”
About five months ago, I mentioned on this site that making $250,000 a year does not make you rich. People got angry with me for saying that. In the comments and around the internet. Apparently stating an obvious fact in a society that is dealing with a widening gulf between the haves and have-nots is controversial.
But at least I confined my financial musings to people in the six-figure range. A new report from Fidelity Investments says that people who are sitting on seven figures of wealth don’t feel rich until they have about $7.5 million.
Late last night, Congress passed a compromise tax bill that will, among other things, cap the estate tax at 35% (with a $5 million exemption). If not for this compromise, the estate tax would have returned in 2011, at rates as high as 55 percent (with a $1 million exemption).
Hallelujah. Anytime you can save wealthy dead people millions of dollars during a time of crushing federal deficits, that’s something you just have to do. Way to go, Obama. When I voted for you in 2008, really I was just trying to vote for four more years of Bush’s ruinous fiscal policies.
Obama isn’t just saving money for all the dauphins eager to get their hands on their inheritances; he could be saving lives. Duke Law professor Richard Schmalbeck apparently thinks that rich old people might have killed themselves in droves over the next two weeks. Schmalbeck suggests that after spending a lifetime working hard and earning money, hundreds “or even a few thousand” of the aging rich might have committed suicide in the waning days of 2010, in order to pass on as much of their money to their children as they can before the estate tax returns in 2011.
I shudder to think that somebody would commodify their own life in such a way. But then again, I’m not rich. Maybe you only get rich in this country by being the kind of person who would gladly kill yourself if the price is right…
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.