Wife: 267K

Including last year's bonus

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49519915)

Now I'm nearing 40 and practically live paycheck to paycheck. Exit ops are SLIM.

Turns out I was a retard for going in house.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49520231)

This is like seeing the ship you're on in the middle of the ocean catch fire, getting into a lifeboat and rowing away, and then saying you want an exit option from the lifeboat. You're lucky to be on that lifeboat.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49522250)

After tax income: ~200k

Housing (vhcol area + 3 kids): ~100k

Child care: ~$50k

Add in some money to retirement and kids college, and not much left for day to day.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49522995)

Of course it doesn’t.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49522337)

but i was also laid off

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49519995)

at the same time, this is the sort of thinking that leads guys to do big ponzi schemes and then when they get found out they freak out and killself - don't do that

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49522791)

my income fluctuated probably 400% from 2024 to 2025 but nothing really changed. money comes in at random without any reference to what "year" it is.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49522248)

maybe once a month i will see someone at the gym doing legit full ROM dead-hang pull-ups. the rest are kipping crossfit turds just bouncing tension off their brachials and could probably not squeeze out eight clean reps.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49523780)

*rubs hands togther*

"But I made 750k last year!!!!!"

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49523866)

And how many times when your friends kid asks you about going to law school do they sit down and tell you about their 158 LSAT / 3.4 GPA and grand dreams of going to Drexel and getting in at Dechert or Morgan Lewis. Maybe Drinker if they’ve got some sense.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49523884)

I started with 26 people in my summer class.

Of my summer class only two are partners at law firms - me and another guy I hired back to work for me as a W2 partner.

Two other guys have their own law firms but makes like 300k-500kyr

three others are in-house

All others are somewhere other than law.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49524780)

Depositing 400k in fees first week of January too.

Solo PI.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49525770)

Pay myself rent -- I own office building

Office building depreciation/property taxes

Did a lot of work to the office building. New AC/Furniture. I fully renovated it a couple years ago for like 200k. All adds value to property and gets written off.

like 75k in meals and travel

Gas

Health Insurance

Mortgage interest home/office

I prepay whatever expenses I can for the next year -- car insurance, ad spend, web marketing, etc.

~150k in staff salaries. Paralegal always pays for herself by bringing in cases so I don't really count that. I'm sending a demand on a DUI wreck she brought in in January for $1 mil.

Creative but nothing fraud.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49526021)

next year, with my origination bonus for 2025, comp should be around 610-650. not sure what this place is doing with my base for next year, but it better go up because i had $1.8m in originations in 9 months.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49527322)

i'm eligible for equity at this firm at the end of 2026, and i will make it no question. the money i have in the pipeline would be enough originations for 2026 to qualify because the threshold is pretty low here.

equity formula, i understand, looks something like: 40% of your "working attorney" number plus 20% of originations, plus something for being a "good firm citizen." i'm filling a need this firm desperately needs - despite having a bunch of labor attorneys, they are entertainment labor lawyers, which means they don't do ANY NLRB litigation or collective bargaining. all they do is interpret 600-page CBAs that were negotiated decades ago and are renegotiated by some employer association. so i guess they will do something for me to reflect that.

if my book in 2027 looks like it does right now, i'd make $1,080,000 or so my first year as an equity partner. this firm is an actual partnership, unfortunately, so i will have to start my own corporation or some kind of bullshit and pay way more in taxes.

we have a dood in my office who sues foreign govts for terrorist acts and brings in like 20 million a year, and that apparently winds up being a windfall to all the equity partners.

all firms should be set up as companies, this partnership stuff sucks ass.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49527344)

when i was in biglaw, an of counsel i hung around with always told me that if i sobered up and quit doing drugs/drinking 24/7, i could have a big book. turns out he was right ($2m is big for me, anyway, and i never thought i'd have anything like this.)

you're doing great brother, anything over 300k is really good.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49527346)

i'll be saltthreading again soon. we moved out of our house in august to do a renovation. i have to run over there every few days to feed the fish and maintain the tank. it's 120.

we should be moving back in within a couple weeks and i will resume tank threading and maybe throw in some home renovation threading.

(http://www.autoadmit.com/thread.php?thread_id=5811768&forum_id=2"#49527357)