Oct 16, 2019
2:06:53pm
2:06:53pm
Ways to make big bucks in the legal profession
1. Be a major shareholder of a practice with contingency-based compensation and you're either a major player in that field and/or you represent at least one client in at least one matter that ultimately results in a huge windfall. Generally, a high risk/high reward type of practice that requires a very tenacious personality (in terms of bringing in and representing clients), significant street smarts, and/or at least some luck.
2. Make partner and continue to practice as such in a relatively large, prestigious law firm. Often requires an elite law school pedigree followed by decades of long hours devoting your life to the firm. Also usually involves develoment of at least one unique skill/attribute that's highly valued by the firm (generally related to bringing in clients and/or representing them). Very difficult lifestyle to sustain over an extended time period, especially for active LDS.
3. Become general counsel in a large (e.g., Fortune 500) company. Typically requires an elite law school pedigree, several years of prestigious law firm practice, and further years of in-house practice. Also requires good business acumen and involves significant interaction with top management, which can be more stressful and lifestyle inhibiting than law firm practice.
4. Work for a business, such as a start-up, with a significant potential equity compensation component (e.g., stock options, etc.). Requires luck in terms of timing with the organization, position within the organization, as well as its ultimate success level. Also typically involves significant interaction with top management, which can be more stressful and lifestyle inhibiting than law firm practice.
This doesn't mean you can't otherwise have a comfortable or successful career in law.
But most people I know in the legal profession who've made the really big bucks at some point in their career (e.g., more than $1 MM in a single year) fall into at least one of these four categories.
Another way to put it is to say that society's bias about rich lawyers selling their souls isn't far off.
2. Make partner and continue to practice as such in a relatively large, prestigious law firm. Often requires an elite law school pedigree followed by decades of long hours devoting your life to the firm. Also usually involves develoment of at least one unique skill/attribute that's highly valued by the firm (generally related to bringing in clients and/or representing them). Very difficult lifestyle to sustain over an extended time period, especially for active LDS.
3. Become general counsel in a large (e.g., Fortune 500) company. Typically requires an elite law school pedigree, several years of prestigious law firm practice, and further years of in-house practice. Also requires good business acumen and involves significant interaction with top management, which can be more stressful and lifestyle inhibiting than law firm practice.
4. Work for a business, such as a start-up, with a significant potential equity compensation component (e.g., stock options, etc.). Requires luck in terms of timing with the organization, position within the organization, as well as its ultimate success level. Also typically involves significant interaction with top management, which can be more stressful and lifestyle inhibiting than law firm practice.
This doesn't mean you can't otherwise have a comfortable or successful career in law.
But most people I know in the legal profession who've made the really big bucks at some point in their career (e.g., more than $1 MM in a single year) fall into at least one of these four categories.
Another way to put it is to say that society's bias about rich lawyers selling their souls isn't far off.
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- Doctor Rosenrosen
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