Midwest lawyer saying hi!

[emmaswan]

Long time lurker who finally registered last year. Mid-30's, live in the Midwest with SO, and practice law. Found this site during law school several years ago, read it while at a law firm, and now have moved to a WFH in-house counsel role.

I enjoy WFH as it provides flexibility but balanced with meetings/deadlines so there's structure. Someone jokingly referred to it as "adult daycare." I generally like the work that I do, so while ER isn't a primary goal of mine, I am interested in becoming FI someday, so I read as much as I can about personal finance/investing and more importantly, the psychology behind numbers.

As an introvert, WFH work meetings are ideal because there is limited watercooler talk and we get immediately to the issue at hand. I would enjoy some more social connections with the outside world, and look forward to participating in this community!

 

[ExFlyBoy5]

Welcome to the forum! There are a few retired (or reformed) esquires here as well, but most won't admit it.

 

[Out-to-Lunch]

Welcome to E-R!

 

[MRG]

Welcome to the forum. I wish I had this information at your age.

 

[Gumby]

Welcome, emmaswan. Financial independence is a worthwhile goal whether you retire or not. It just makes life easier not to have to rely on a paycheck. I look forward to hearing more about your FI journey.

Gumby - who is really an engineer, but got sidetracked practicing law for 27 years.

 

[emmaswan]

Thank you, all, for the welcoming words. Excited to see quite a few lawyers here, and I'd be all ears if anyone has advice on lawyer-ing, FI, ER, etc!

It's unfortunate I can't discuss personal finance with colleagues as I think law is a great profession for FI/ER, but so grateful to be part of this community!

 

[MichaelB]

Thank you, all, for the welcoming words. Excited to see quite a few lawyers here, and I'd be all ears if anyone has advice on lawyer-ing, FI, ER, etc!

It's unfortunate I can't discuss personal finance with colleagues as I think law is a great profession for FI/ER, but so grateful to be part of this community!

Not much advice on lawyering here, but you’ll find plenty for FI and ER. Starting with save, then save some more. Most members got here by choosing to postpone consumption in favor of saving.

As for the ER part, well, you’ll find thousands of threads where members discuss what they do all day, did yesterday and plan to do tomorrow.

 

[pacergal]

Welcome and look forward to hearing more as you journey to FIRE.
This is a wonderful place to learn and share.

 

[street]

Great to have you here!

 

[Cassius King]

Welcome aboard. Enjoy your stay.

 

[Surewhitey]

Welcome to the forum! There are a few retired (or reformed) esquires here as well, but most won't admit it.

And then just a few Bill's...

Welcome.

 

[Life_by_Fire]

Welcome, from an East Coast lawyer in his early 30s. Congrats on the WFH in-house gig. That is the dream. Is your company hiring?

If you want some more specific advice regarding FI/RE, feel safe to post specific or general financial and lifestyle info. Most here genuine in trying to guide and help.

 

[emmaswan]

Welcome, from an East Coast lawyer in his early 30s. Congrats on the WFH in-house gig. That is the dream. Is your company hiring?

If you want some more specific advice regarding FI/RE, feel safe to post specific or general financial and lifestyle info. Most here genuine in trying to guide and help.

Hi there! What's your practice area? Feel free to DM. Finding the WFH role took some time, and I'd be happy to share my job hunting experience.

 

[2017ish]

...

It's unfortunate I can't discuss personal finance with colleagues as I think law is a great profession for FI/ER ...

Based on my experience, lawyers (and physicians) often have the income, but frequently lack the desire/temperament for FI, much less ER. (We were midwest. Me JD, spouse MD; at retirement, common reaction from both set of peers was "why would you," and "what will you do, if you aren't practicing?")

Like you, we were able to start dreaming/planning early--DW was still in residency and I was early in big law.

Welcome to the forum, and congrats for being ahead of the game.

 

[emmaswan]

Based on my experience, lawyers (and physicians) often have the income, but frequently lack the desire/temperament for FI, much less ER. (We were midwest. Me JD, spouse MD; at retirement, common reaction from both set of peers was "why would you," and "what will you do, if you aren't practicing?")

Like you, we were able to start dreaming/planning early--DW was still in residency and I was early in big law.

Welcome to the forum, and congrats for being ahead of the game.

Nice to meet you!

I'm always wondering why that's the case -- where lawyers lack the desire/temperament for FI. In BigLaw, I worked with colleagues who went to tippy-top law schools, had all the law review/summa credentials, yet crickets when it came to FI/personal finance/etc.

 

[anothercog]

Another in-house counsel here but on the West Coast. Coming up on my 20th anniversary at MegaCorp. Hoping to transition to part-time in another 5 years.

 

[emmaswan]

Another in-house counsel here but on the West Coast. Coming up on my 20th anniversary at MegaCorp. Hoping to transition to part-time in another 5 years.

Congratulations on your 20th! Any advice for someone who hopes to follow in your footsteps / how to become a successful in-house counsel? The metrics for law firm success are very well defined but in-house seems less clear.

 

[anothercog]

Congratulations on your 20th! Any advice for someone who hopes to follow in your footsteps / how to become a successful in-house counsel? The metrics for law firm success are very well defined but in-house seems less clear.

Get to understand your business and Company’s risk tolerance and give practical, useful advice rather than the heavily caveated conservative advice law firms dispense.

Be a team player and make yourself indispensable to business teams to survive the inevitable downturns. You want to be seen as a problem solver and not be the “department of no.”

 

[emmaswan]

Get to understand your business and Company’s risk tolerance and give practical, useful advice rather than the heavily caveated conservative advice law firms dispense.

Be a team player and make yourself indispensable to business teams to survive the inevitable downturns. You want to be seen as a problem solver and not be the “department of no.”

Thank you for sharing. To your point about "[g]et to understand your business and Company’s risk tolerance," this seems to change with whoever is in charge at the moment, so I tend to ask questions / pressure-test in order to gauge where on the risk spectrum leadership falls at the given point in time.

 

[GoBears]

Welcome. 34-year lawyer who retired last year at age 62. My California bar registration now shows me as inactive. It feels a little strange, actually.

In addition to this site, I also recommend Bogleheads. I’ve learned quite a bit from both and only wish I had discovered them years before I did.

 

[emmaswan]

Welcome. 34-year lawyer who retired last year at age 62. My California bar registration now shows me as inactive. It feels a little strange, actually.

In addition to this site, I also recommend Bogleheads. I’ve learned quite a bit from both and only wish I had discovered them years before I did.

Thank you for the Bogleheads forum recommendation. I read the book during my time in BigLaw and excited to read the forum as well.

I'm always inspired by attorneys who have the patience, stamina, and work ethic for a multi-decade law firm career. I'm grateful for the training I received at the firm (and congratulate my classmates who are now partners there!).

 

[Big Boss Man]

Thank you for the Bogleheads forum recommendation. I read the book during my time in BigLaw and excited to read the forum as well.

I'm always inspired by attorneys who have the patience, stamina, and work ethic for a multi-decade law firm career. I'm grateful for the training I received at the firm (and congratulate my classmates who are now partners there!).

Hi! I'm a fairly new lurker and this is my first post. Practiced law for 7 years, now I'm inactive but have a J.D. required job. I second the Bogleheads recommendation. They sometimes get way in the weeds over there but I find there's usually at least one great thread per day.

 

[Drewjd]

So this is where all the lawyers are. I’m 49 and have been a partner in BigLaw, as well as being at small and medium sized firms. This month will be my last as a full time lawyer.

I rarely see lawyers FIRE. I think it’s because we are susceptible to lifestyle creep, and the income is pretty high, so it’s hard to stop working during prime income years.

In my case, while it’s hard to walk away from the income, I’ve saved enough over the years and watched it grow. And I’m ready for the change.

 

[anothercog]

So this is where all the lawyers are. I’m 49 and have been a partner in BigLaw, as well as being at small and medium sized firms. This month will be my last as a full time lawyer.

I rarely see lawyers FIRE. I think it’s because we are susceptible to lifestyle creep, and the income is pretty high, so it’s hard to stop working during prime income years.

In my case, while it’s hard to walk away from the income, I’ve saved enough over the years and watched it grow. And I’m ready for the change.

Yeah, it's bit a unusual. A friend of mine I graduate law school with walked away from his corner office a few years ago. The other attorneys were incredulous. He still keeps his bar license and will takes an occasional litigation project but otherwise is happy maintaining a modest lifestyle. It helps that he has no kids to support.

I'm planning on transitioning to part-time as soon as my youngest graduates high school. If my company doesn't let me then I'll just retire.

 

[ExFlyBoy5]

So this is where all the lawyers are. I’m 49 and have been a partner in BigLaw, as well as being at small and medium sized firms. This month will be my last as a full time lawyer.

I rarely see lawyers FIRE. I think it’s because we are susceptible to lifestyle creep, and the income is pretty high, so it’s hard to stop working during prime income years.

In my case, while it’s hard to walk away from the income, I’ve saved enough over the years and watched it grow. And I’m ready for the change.

Well, until the new posters came around...not too many were on here. I can think of 5 that have owned up to it.

I think a lot of lawyers just get caught up in the lifestyle, especially those in big law. Gotta have the big house, 7 series BWM and the nice boat. Even making big law $$$, it's tough to save money when they are spending it all.

I have heard the Big Law Investor mentioned often and think he's a great resource for those starting in the law...big law or not.