Take the money. Then run! Part 1
My younger son is a pretty smart kid. He had a 3.97 as an Economics Major at Cornell. He is now in his first year at bank and is earning six figures plus a signing bonus. He’s 22 years old. In our discussions about his future, we talked about his getting an MBA, a credential that is normal for his career track. But we also talked about going for a combined MBA/JD.
This is perhaps the first time since I started counseling unhappy lawyers 30 years ago that I recommended someone consider becoming a lawyer. What has changed? I am almost ashamed of myself for what I am going to say, but it’s the truth:
It’s about the money.
First year attorneys in Big Law are starting at $225,000, with a $20,000 annual bonus and this year, an additional $6,000 bonus. That’s $251,000 for a kid 25- or 26- years old. By the time they reach age 30-31, at today’s rates they would be earning $455,000, or $480,000 with this year’s special bonus.
Imagine being 30-years-old and making almost a half-million dollars a year? Most of my clients don’t come anywhere near that figure after 30 years in the profession! Of course, this remuneration is only for the crème de la crème, the ones who graduate from the Top 14 law schools, and opt for careers in Big Law. But for young people like my son, this could happen.
I know what young lawyers have to go through for a career in a top-flight law firm. I know about the 70- and 80-hour weeks. I know about drudgery. The boredom. The cut-throat atmosphere. The demanding, belittling partners. The ungrateful clients. The complete lack of a personal life. The near-impossibility of having a relationship. I know about all of that. I have heard these stories from young lawyers time and time again.
But to be able to earn $1.7 million in 5 years? $2.26 million after 6 years? As a Dad, I’d have to counsel my son, “Suck it up, dude. Get the money.” I would also tell him that after 6 years, he should then, “Quit and go in-house or into business.”
It’s not a coincidence that while most of the lawyers who contact me for advice are well into middle age, there is also a big spike on the graph of callers aged 31. The sixth-year associates. The ones who want to have a life.
We will have more on this topic in the coming weeks.
Happy, healthy and fulfilling New Year to all of my readers!
Bruce
If you are an attorney and you’ve been thinking about exploring your career options and or discovering “what else is out there” for you, but are not sure how to even start the process, get in touch with our team today for a virtual cup of coffee. You will receive a confidential, no-cost consultation to discuss your situation and goals, and will also get expert advice on how to launch your job campaign.