Hi all,
I am struggling to make a decision and would love to hear different perspectives and opinions from this community. I'm trying to decide (in the next few days!) whether to chuck my law firm career and take a government job. Why am I in a retirement forum? This might be a form of "coast" retirement or career downshifting, if I've got the language right. Anyway, I don't want to get hung up on labels. Let me just dive into the facts:
Since I'm in an ER forum, I'll start with the financial picture. I am mid-40's, married (spouse is also mid-40's), no kids. We have no debt, other than a mortgage, which has about 11 years left. This is in a condo, so there are also monthly common charges and real estate taxes. My current savings provide just enough to cover my share of our joint expenses (mortgage, health and home insurance, cell phone plan, utilities, dinners out, etc.), plus the additional expenses I personally incur (e.g. clothes, gym, etc.). (This is using the 4% safe withdrawal rate.) Should my spouse unexpectedly exit the picture (I hope not!), I could easily cover the necessities and then some solo. Spouse has much less saved than I do, and is in a stable job.
Last year I made equity partner at a major law firm. I've been in the law firm environment for 18+ years. As an equity partner, my income made a jump versus my prior position as an income partner. I'll say up front that part of the difficulty I'm having making this decision is the knowledge of giving up pay. There's also a lot I like about the job. I like the people I work with, it's a great firm, I like the challenge of the legal questions I deal with, I like the flexibility (e.g. unlimited vacation, although the max I've taken was 12 days, last year). However I am really fed up with the all-encompassing nature of the job--working long hours during the week, working at least one day of every weekend over the past year, the constant pressure to immediately respond to client queries, the pressure of meeting our billable hours requirement. I also don't care much for the business development part of the job (the expectation to find and bring in new, lucrative clients). As a new equity partner, I perceive that I'm at the point of additional growth opportunities--or stated more plainly, I need to grow into the role--which frankly seems to require doubling down on seeking out leadership opportunities and marketing myself and the firm to generate new clients.
It was not my original dream to become a law firm partner, but inertia--coupled with little free time to define other goals--carried me here. While I like my work, I'm not passionate about it. I've always keep my eye on other opportunities over the years, even looking into things like opening a franchise, as a way to step out of law firm life. I'm not interested in moving to an in-house counsel position, as corporations bring their own politics and challenges.
Earlier this year I saw an interesting government opening, and threw my hat in the ring. The job focuses on a subset of the core legal questions I now work on. In fact I currently petition this same government agency on behalf of my clients, and in the role I'd be deciding those same kinds of petitions. I received an offer for the job, and am now struggling with whether to take it. I would be taking an eye-popping pay cut. The attraction, however, is the promise of a 40-hour per week job (at least according to the multiple people I've spoken to who are in the same role). Also I can mostly work from home, which gives me and my spouse flexibility to eventually move to a lower cost area of living with greater opportunity for outdoor activities--something we've talked about doing in the future (5+ or more years). Because the new job will inherently demand less than my current job, I envision more time to develop hobbies, volunteer, and to just experience life. I am starting to feel my own mortality, and thinking of that adage about how nobody on their deathbed ever wished they worked more. I feel like working is all I do.
Several people have suggested that I stick with my current job for a few more years, and find ways to carve out more time for myself. In 18 years I have not been able to do that. (I am not eligible for a sabbatical for several more years.) I feel like it's incompatible with the job expectations. I'm also not enamored of the idea of working "just a few more years" then totally retiring with no work lined up. I like the idea of continuing to do interesting work, which I think the federal job would provide.
In terms of the financial picture, as I mentioned, huge pay cut. I think I'd be in a situation where I could live off the new salary with maybe a little boost taken from my savings if needed (i.e. taking out much less than 4%), but in doing so I would not have enough to keep contributing to savings (I may try to at least fund to the 401K maximum). With the federal job, I could also have access to health care coverage after retirement, but I think I'd need to make it to 57 years old (so a little more than 12 more years of work) before becoming eligible for that.
I've seen others leave the federal job I'm looking at and go into a law firm partnership, although likely as an income (not equity) partner. In other words, I think if I took the job but found out it was a big mistake, I could get back into law firm life, but I would start lower than where I am now, and have to work my way back up. I don't foresee me wanting to do this, but I mention it because I do consider that possibility a sort of safety net if I take the government job and feel like it was a mistake.
So what do you think? Take the leap, or hang onto my current job for a few more years? Happy to hear all thoughts and experiences. Thanks for reading.
I am struggling to make a decision and would love to hear different perspectives and opinions from this community. I'm trying to decide (in the next few days!) whether to chuck my law firm career and take a government job. Why am I in a retirement forum? This might be a form of "coast" retirement or career downshifting, if I've got the language right. Anyway, I don't want to get hung up on labels. Let me just dive into the facts:
Since I'm in an ER forum, I'll start with the financial picture. I am mid-40's, married (spouse is also mid-40's), no kids. We have no debt, other than a mortgage, which has about 11 years left. This is in a condo, so there are also monthly common charges and real estate taxes. My current savings provide just enough to cover my share of our joint expenses (mortgage, health and home insurance, cell phone plan, utilities, dinners out, etc.), plus the additional expenses I personally incur (e.g. clothes, gym, etc.). (This is using the 4% safe withdrawal rate.) Should my spouse unexpectedly exit the picture (I hope not!), I could easily cover the necessities and then some solo. Spouse has much less saved than I do, and is in a stable job.
Last year I made equity partner at a major law firm. I've been in the law firm environment for 18+ years. As an equity partner, my income made a jump versus my prior position as an income partner. I'll say up front that part of the difficulty I'm having making this decision is the knowledge of giving up pay. There's also a lot I like about the job. I like the people I work with, it's a great firm, I like the challenge of the legal questions I deal with, I like the flexibility (e.g. unlimited vacation, although the max I've taken was 12 days, last year). However I am really fed up with the all-encompassing nature of the job--working long hours during the week, working at least one day of every weekend over the past year, the constant pressure to immediately respond to client queries, the pressure of meeting our billable hours requirement. I also don't care much for the business development part of the job (the expectation to find and bring in new, lucrative clients). As a new equity partner, I perceive that I'm at the point of additional growth opportunities--or stated more plainly, I need to grow into the role--which frankly seems to require doubling down on seeking out leadership opportunities and marketing myself and the firm to generate new clients.
It was not my original dream to become a law firm partner, but inertia--coupled with little free time to define other goals--carried me here. While I like my work, I'm not passionate about it. I've always keep my eye on other opportunities over the years, even looking into things like opening a franchise, as a way to step out of law firm life. I'm not interested in moving to an in-house counsel position, as corporations bring their own politics and challenges.
Earlier this year I saw an interesting government opening, and threw my hat in the ring. The job focuses on a subset of the core legal questions I now work on. In fact I currently petition this same government agency on behalf of my clients, and in the role I'd be deciding those same kinds of petitions. I received an offer for the job, and am now struggling with whether to take it. I would be taking an eye-popping pay cut. The attraction, however, is the promise of a 40-hour per week job (at least according to the multiple people I've spoken to who are in the same role). Also I can mostly work from home, which gives me and my spouse flexibility to eventually move to a lower cost area of living with greater opportunity for outdoor activities--something we've talked about doing in the future (5+ or more years). Because the new job will inherently demand less than my current job, I envision more time to develop hobbies, volunteer, and to just experience life. I am starting to feel my own mortality, and thinking of that adage about how nobody on their deathbed ever wished they worked more. I feel like working is all I do.
Several people have suggested that I stick with my current job for a few more years, and find ways to carve out more time for myself. In 18 years I have not been able to do that. (I am not eligible for a sabbatical for several more years.) I feel like it's incompatible with the job expectations. I'm also not enamored of the idea of working "just a few more years" then totally retiring with no work lined up. I like the idea of continuing to do interesting work, which I think the federal job would provide.
In terms of the financial picture, as I mentioned, huge pay cut. I think I'd be in a situation where I could live off the new salary with maybe a little boost taken from my savings if needed (i.e. taking out much less than 4%), but in doing so I would not have enough to keep contributing to savings (I may try to at least fund to the 401K maximum). With the federal job, I could also have access to health care coverage after retirement, but I think I'd need to make it to 57 years old (so a little more than 12 more years of work) before becoming eligible for that.
I've seen others leave the federal job I'm looking at and go into a law firm partnership, although likely as an income (not equity) partner. In other words, I think if I took the job but found out it was a big mistake, I could get back into law firm life, but I would start lower than where I am now, and have to work my way back up. I don't foresee me wanting to do this, but I mention it because I do consider that possibility a sort of safety net if I take the government job and feel like it was a mistake.
So what do you think? Take the leap, or hang onto my current job for a few more years? Happy to hear all thoughts and experiences. Thanks for reading.
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