Biglaw lawyers’s lifestyles

[tiktok]

Hello, 

Biglaw lawyers, especially those making close to 200k and above, how rich do you live? Do you have expensive hobbies, such as sailing? Do you eat out at fancy restaurants a few times a month? Member of an exclusive club? How do you spend your money? 

Edited November 26, 2021 by tiktok

[ZineZ]

-Proactively adds thread to favorites- 

[CleanHands]

Copious amounts of cocaine.

[KOMODO]

8 hours ago, tiktok said:

Hello, 

Biglaw lawyers, especially those making close to 200k and above, how rich do you live? Do you have expensive hobbies, such as sailing? Do you eat out at fancy restaurants a few times a month? Member of an exclusive club? How do you spend your money? 

I pay half the mortgage on my rundown semi-detached house and pay the daycare bill. I hit my RRSP, TFSA, and RESP contribution limits. I don't worry about ordering takeout semi-regularly but it's not exactly lifestyles of the rich and the famous over here....and my partner has a professional job too....

[Talleyrandophile]

My dog has an enviable lifestyle. Me, not so much.

[Jaggers]

I have a very nice two bedroom apartment that has room for a separate office space big enough to have a couch in it. Pretty luxurious!

[GGrievous]

6 minutes ago, Jaggers said:

I have a very nice two bedroom apartment that has room for a separate office space big enough to have a couch in it. Pretty luxurious!

Ever been to Epstein island? 

[Jaggers]

I have a two year old. I don't go anywhere.

[BlockedQuebecois]

I don't make anything close to $200,000, and my life is a lot closer to what OP Is describing than the people who actually make $200,000: I have expensive hobbies, including sailing frequently in the summer and spending upwards of $200/month on various gym memberships; my food and alcohol budget, which includes eating out, is currently set at $1,000/month; and I have joined a relatively expensive members club in my current city, though I benefit from the under 30 rate. I also save a significant amount each month. My travel budget is high for me, though I have less expensive travel taste than a lot of my peers. 

If anything, this thread is about what a bad financial decision having children is. 

I am fortunate enough to be debt free, though (except my interest free student loans, which I am obviously paying off as slowly as possible).

Edited November 26, 2021 by BlockedQuebecois

[tiktok]

2 hours ago, CleanHands said:

Copious amounts of cocaine.

But seriously though? Is drug use among big law associates really this rampant? 

[easttowest]

4 minutes ago, tiktok said:

But seriously though? Is drug use among big law associates really this rampant? 

No.

[easttowest]

I try to put one paycheque on the line of credit and live off the other. My partner and I share the rent on a decent little semi-detached (massive, massive upgrade from our downtown condo that was the same price). 

Even with half of my income going to debt I don’t often have to think about what I’m buying at the grocery store/lcbo. I can be a bit of a fancy cat at the liquor store and often pick up bottles in the $17-40 range. During articles I had a bad habit of finding reasons to reward myself with scotch, and I imagine that will continue.  

Without a partner halving the living cost though it would be different. 
 

I should add: I don’t often eat out but when I do I’ll order whatever I feel like, including an app, will look at the dessert menu and will definitely have coffee afterward. Plus a cocktail or two while ordering and then a bottle for dinner. And I don’t think about it at all, which is a bit of a trip. 

Edited November 26, 2021 by easttowest

[Rashabon]

I own a detached home in Toronto, on the subway line. I don't check my credit card bill or bank account frequently which is the biggest luxury. My dog is spoiled, and I built a gaming PC on a whim without having to spend months discount watching (other than for a graphics card). If it weren't for the dog/COVID, I'd be able to travel as I please. I'm currently saving up for some home renos and other big expenses coming down the line but have lots of financial freedom and flexibility.

[Jaggers]

I don't have expensive hobbies, but I did drop $600 this week to upgrade my computer without really thinking twice about it. We don't really eat out any more due to a combination of covid and baby, but we don't think twice about ordering nice takeout. We haven't traveled much since the baby (though we did spend a month in Rome in 2019) but hopefully we can start that again next year. Pre-covid we used to travel twice a year.

And it hasn't happened since last year, but when I'm in the office, I like to go out for a nice lunch at a good restaurant, often by myself, at least once a week. 

37 minutes ago, BlockedQuebecois said:

If anything, this thread is about what a bad financial decision having children is.

The financial impact of having a kid is the least of it. Even when you have no problem affording it, they have a way of taking over your life...

But yeah, being in a spot where you pay $1500/month for daycare and it doesn't have much of an impact on you is a pretty big luxury.

[PePeHalpert]

My partner and I can afford to own a home (although we needed help from my parents with a down payment to get into the market) and pay for daycare.  We are in the market for a new vehicle, luxury brand but baseline finishes.  We don't have expensive hobbies and don't live extravagantly by any means.  However, we don't really have to worry much about money in the sense that we don't really budget for things like eating out, entertainment, shopping, etc. and don't look at prices when grocery shopping, which is something I think many people would consider a luxury.  

[Rearden]

I'd say that 75% of my monthly income goes towards paying down debt and saving for a home/future life events, and the rest goes towards living expenses. I don't really have any expensive hobbies aside from golf, but I occasionally splurge on nice food, dinners out, good wine/scotch and decent clothes (which there isn't much of a need for these days). I also have a fairly expensive gym membership.

Having a partner who makes a solid income certainly helps (among other benefits, it allows me to prioritize paying down my debt). As does not having kids.

[Mountebank]

2 hours ago, tiktok said:

But seriously though? Is drug use among big law associates really this rampant? 

Not unless you count pills.

[MapleLeafs]

Reading this thread is making me look forward to life after law school (if I get hired back, that is). 

Edited November 26, 2021 by MapleLeafs

[HammurabiTime]

On 11/26/2021 at 3:27 PM, MapleLeafs said:

Reading this thread is making me look forward to life after law school (if I get hired back, that is). 

A lot really depends on your debt load. I don't have any kids and make around OP's requested range but a pretty significant amount gets clawed back to the maxed out PSLOC that is now in repayment 

[OnlyResident]

2 hours ago, HammurabiTime said:

A lot really depends on your debt load. I don't have any kids and make around OP's requested range but a pretty significant amount gets clawed back to the maxed out PSLOC that is now in repayment 

How'd you manage to max out your PSLOC? 

[HammurabiTime]

11 minutes ago, OnlyResident said:

How'd you manage to max out your PSLOC? 

A mixture of getting a degree from UofT law since their tuition exploded and poor financial decision-making (the former itself an example of the latter).

[PzabbytheLawyer]

I wouldn't call my firm "big law", but the department I'm in and the amount I'm paid is the same as big law. 

I make enough to own a large one bedroom condo in Toronto on my own by the lake (without having to live in Swansea), live reasonably, and still have 3-600 in savings every month. 

By live reasonably I mean I have enough vacation budget for two very expensive trips per year, or three reasonable ones. Plus a cottage weekend or two thrown in. I do budget my lunches because the financial district sucks for lunch cost, so I'll be bringing in lunch a couple days a week to then eat lunch comfortably the other days. I have enough to play organized sports and have a gym membership. I can eat dinner out 3 times a week without thinking of the bill. I can go out to bars twice a week without thinking of the cost (though I don't go to clubs and that's its own math). I own a dog and don't have to think about her expenses (including insurance).

I also have managed to carve 20k off my line of credit since starting articling (thanks COVID).

[Kimura]

2 minutes ago, PzabbytheLawyer said:

I also have managed to carve 20k off my line of credit since starting articling (thanks COVID).

Congratulations, keep it up!

[disgruntledpelican]

Don’t have time to spend my money. Dinner’s on the firm on all the nights I can expense it. Gave up all my hobbies due to work and me being so mentally spent every day that I only wake up, eat, work, repeat cycle.  No time for vacation plans (I didn’t take any of my vacation in 2021). Mortgage is less than a quarter of my paycheque and most of it is principal payments.

[Thrive92]

1 minute ago, disgruntledpelican said:

Don’t have time to spend my money. Dinner’s on the firm on all the nights I can expense it. Gave up all my hobbies due to work and me being so mentally spent every day that I only wake up, eat, work, repeat cycle.  No time for vacation plans (I didn’t take any of my vacation in 2021). Mortgage is less than a quarter of my paycheque and most of it is principal payments.

wow sounds like a heavenly dream fam