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Last year I was having lunch with a retiring partner and he told me that his biggest blindspot in his career was not realizing there is no “payoff” in a law firm career. 1/5
Yeah you can make $1-2m/yr for a few good years, but you may wait until your 50’s and soon you are traveling down the other side of the bell curve. There are “senior counsel” who were once big shots at my firm who are paid like a first year associate... 2/5
I work on deals where guys in their sunset years (or earlier) are selling their business/assets for 7, 8, 9 figures. Living great lives usually. Almost no law practice can provide this (not practical to sell - as a lawyer you don’t “own” the revenue source aka client). 3/5
Lawfirm is a life of accounting for and grinding out every 6 minutes until you have billed 2000+ hours a year, then you start at 0 again on Jan 1. I am not complaining about it - that’s just the game. 4/5
But now that I understand a better perspective on my world I am acting accordingly... though I wouldn’t have if I didn’t get lunch with that guy. Those lunches doesn’t really exist anymore. I genuinely think golf is the best replacement. 5/5
