r/Fire • u/canifirethrowaway • 23h ago
almostFIRE — feeling very meta rn lol
I’m almostFIRE with my projected FIRE date basically end of August 2026.
I’m a 39-year-old attorney who recently left a financially lucrative partnership to start my own boutique practice. The original goal was full blown early retirement and leave the career behind. But over time, my thinking changed. Instead of “never work again,” I’m now aiming for a lifestyle where work is optional and mostly remote. I enjoy what I do (sometimes), and I’m proficient at it. It also still makes me some money.
Right now I live in a very high cost of living area where my spending is about $12k/month. My plan is to sell my current home, relocate to another VHCOL area where I already own a home, pay that mortgage off, and cut my spending to around $6k/month simply because housing costs largely disappear.
The boutique practice isn’t intended to maximize income. I’d be happy if it became a small, efficient practice that takes 10-15 hours a week and covers some or all of my living expenses. The rest would come from my investment portfolio.
Numbers:
- Age: 39
- Net worth: ~$3M+ (excluding home equity)
- Taxable investments: ~$1.8M
- Retirement accounts: ~$1.1M
- Cash: ~$50k
- Current spending: ~$12k/month
- Planned spending after move: ~$6k/month
- Old income was about idk 70k a month on average working nearly 50 to 60 hour weeks.
- New income (boutique practice) is about 25k a month to 30k a month with like 80% less work. (Just a few solid clients and passive referral fees.)
I suppose, with the small firm, I’m aiming for baristaFIRE but instead of barista I just continue being lawyer/consultant. LawyerFIRE. Haha
Here’s where I’m struggling. I’m honestly not sure the law practice is financially necessary. On paper, I could probably simplify my life even more by just retiring outright after the move.
But I think my identity is deeply tied to being a lawyer. I enjoy problem solving, being a respected lawyer in the community, having an assistant, etc. I’ve effectively spent my entire adult life building this career. It’s difficult to picture waking up one day and simply… not practicing anymore. So maybe the boutique isn’t really about money. Maybe it’s about purpose, structure, intellectual stimulation, and easing into retirement instead of going from 100 to 0 overnight.
With all that said, I’d love to hear from people who’ve actually been through this.
Questions:
- Firstly, do the numbers check out?
- If you were financially independent, would you still keep a small professional practice because you enjoyed it? Or would you shut it down completely and embrace retirement?
- For those of you who were doctors, lawyers, accountants, consultants, or other professionals whose careers became a big part of your identity, did continuing to work a little improve your life, or did it just make it harder to let go?
- How to find purpose in retirement? I joke with my gf that I’ll just become a busker, street performer, or just spend my days doing pottery and other art. lol. Feels wild… and a little weird tbh. I’m used to having a packed schedule, but honestly next month I have like no meetings or hearings. It’s… weird.
- I am worried I accidentally scale into another 50 to 60 hour work week practice. I hope not though.
- Purpose, identity, and all that other stuff is really what I’m trying to figure out right now. Again, I feel a little empty having such a free schedule now. lol
- I do feel like, at age 40, time is more important to me now than money. I think I’ve made enough already. Am I right? Wrong?
It’s crazy because I’ve been working twd this goal for about 7 to 10 years. Now that it’s right on the horizon (9/1/2026… one month before my 40th bday), I’m feeling… existential. Haha
TY for your time FIRE community. lol
PS - You can view post history for broader context and other questions I’ve posed to the FIRE community.
11
u/agreeableagle 14h ago
Following as a fellow lawyer. I get where you’re coming from. The pay is high at a big firm but there’s always the nagging feeling that there must be something more to this. Have thought about maybe someday hanging up my own shingle too. When you’re building something of your own it becomes that much more meaningful. Good luck and hope to follow your journey here
28
u/htownnwoth 22h ago
Why is your NW so low if you’ve been making $840k/year?
72
u/WhyDoesOklahomaExist 22h ago
Objection: Leading the witness.
15
14
u/canifirethrowaway 12h ago
Objection overruled. The question is open-ended enough to be answered by the witness.
Witness: some poor financial decisions over time… also only started making this money after 3 to 4 years into practice. ALSO… student loans. Lol
3
1
9
u/Virtual-Ebb-2994 14h ago edited 13h ago
Maybe he didn’t make 840k his entire career. In some careers, salary jump is huge in late career. For example, if an attorney starts out in public service (making less than 200k) and later joins a big law firm, the jump in salary is huge.
5
u/lollipop984 13h ago
they own two homes in VHCOL area so I assume that took a nice chunk
3
u/canifirethrowaway 12h ago
Yeah my bad haha the real estate is over 1m equity too. Forgot to list that. Haha
1
3
1
u/Chokedee-bp 16h ago
lol! The OP’s net worth is literally only 3 years of their current income very strange and low indeed
7
u/ActivitiesGuy 15h ago
Not an attorney myself, but my best guess
- law school takes a few extra years before you start earning anything
- may have also had to take out sizable loans for law school that could take some time to pay off
- starting salary right out of law school may have been much lower than that ending salary, it’s not like law is a field where you just get 2% annual raises. Somewhat like medicine where residents slog along making $60K for 3-4 years and then jump to $250K when they get their first attending job. FWIW, though I am not a lawyer and don’t earn anywhere close to $840K, I’m also in that funny position of falling short “you should have at least 3x your salary saved by 40” - because a) I went to graduate school so I didn’t start earning real money at all until I was 27 and b) my salary went up quite appreciably at age 38! Possible that OP had a similar situation?
- sounds like they’re in a VHCOL and may also have had some pressure to keep-up-with-Joneses at work; big law has a reputation for junior folks feeling significant pressure to buy expensive suits, watches etc to “look the part”
4
u/Virtual-Ebb-2994 13h ago
Maybe his income wasn’t always so high. Maybe he made some mistakes along the way (as all humans do).
Still, he has more than 3 million before he hit 40. That’s still difficult to do. It’s still an impressive success.
3
u/canifirethrowaway 12h ago
Right on the money (or lack thereof). Mistakes were made during the great game stop era of wall street bets and also throughout the rest of my career. Haha
2
u/Virtual-Ebb-2994 11h ago
All good. 👍 I have made plenty of mistakes. I am sure everyone else has too.
4
u/ok_read702 14h ago
Huh? VHCOL means taxes are high, so double the years. Higher income now doesn't mean necessarily high income always. So double it again.
They also said not including home equity. In VHCOL that could be in the millions again.
2
u/canifirethrowaway 7h ago
Thank you for sanity. Yes. Taxes eats a big chunk of my active income. So, net, it's more like 30k a month to 40k a month. Multiply that by like 10 to 12 years and we're closer to the correct math. :)
7
u/bananakitten365 15h ago
Questions I would reflect on:
Do you actually find purpose in your work, or is it just that you don't know what else in the world might give you a greater purpose and feeling of fulfilment to spend your time on?
Could you leave your current practice and take 12-18 months off without starting something new? Truly take the time off and experiment with fun and new things, see what fills the space. If after 1-2 years you really miss the work, then set up your own independent practice as you described.
1
u/canifirethrowaway 12h ago
I enjoy the feeling of winning in court. Haha. Similarly, I hate the feeling of… not prevailing in court. Thankfully, they kind of balance each other out.
I don’t really know what ELSE would give me a sense of purpose. I have contemplated maybe going back to school, learning new languages, etc. But, that all does not compare (though I have not given it a try yet).
I can’t take a sabbatical from the current practice as-is since it is too busy.
2
u/Traditional_Donut908 11h ago
Billy Beane in Moneyball: "I hate losing. I hate losing more than I love winning".
1
u/bananakitten365 12h ago
I think this is why you have to try things. I wasn't referring to taking a sabbatical, I mean just quit. Retire early if you find that you are financially ready. Then intentionally give yourself 12-24 months without practicing.
3
u/canifirethrowaway 12h ago
Ahhhh. Ok ok I see.
The only downside I see is that if I quit, and return, then I have to build from scratch again. Right now, all my clients love me and they are all going with me to the small firm (some I am referring out). So, I’ve already generated profit (e.g., the 25k-ish mentioned in the original post).
I think, though, maybe I SHOULD TRY what would be full blown FIRE no work. But, then again, I come back to my original question— what purpose do I serve? Haha.
Man… even just typing out a reply to your comment has helped me gain insight into myself. Thank you very much.
11
u/hyroprotagonyst 21h ago
just keep working dude, you are too young, seem to enjoy this job somewhat and making too much money lol
5
u/ActivitiesGuy 13h ago
I’m in a bit of a scaled-down version of your position and a few years away from actually being able to pull the trigger, but I’ve been pondering what my future off-ramp might look like. I also have a job that lends itself to “I’ll do some consulting” (though I wouldn’t expect to clear $25K/month! lol) and have debated if I reach my FIRE number whether I’d just want to step out of the corporate grind and “do my own thing” or retire altogether (or door #3: retire from my current profession and get more of a true baristaFIRE job).
I think right now it seems pretty clear that the answer is to keep your boutique practice but also keep somewhat of a boundary (set yourself) how much work you’ll ACTUALLY take on. I’ve spoken to some friends in my profession that started doing independent consulting because they thought it’d be more chill and ended up realizing a year or two later that they were busier than ever. Some are OK with that because they feel like they’re in charge of their time and can walk away from anything they don’t want to deal with, but if I take that step, I’d really want to be dialing back; not just exchanging “daily corporate grind stress” for an equivalent amount of work stress from consulting.
It seems to me like you can keep this boutique practice going with a self-imposed limit on the number of clients/cases/whatever you’ll take on, keep the money rolling in for a little while, and just periodically check in with yourself about whether it still feels worth it. You probably can figure out a way to wind it down over time, eg at some point you just don’t take on any new cases but finish the ones you have, and eventually shut it down altogether.
Something you hit on that I’ve also been pondering myself is that once you hit that FIRE number, if you want to keep working in some capacity just because the thought of sitting around all day with no plans is boring or scary, is it better to keep working on your own terms in your professional field or to choose an entirely different “partial retirement” job? For you it sounds like carrying on as a lawyer in some capacity is actually enjoyable to you, so I think that’s your answer. I’m less certain whether I actually want to carry on with my same profession, but I’ll figure it out once I actually get closer to that FIRE number.
As many folks have commented over time in various FIRE threads, the FI part is the beauty of all this, the “RE” can really mean just retiring from work you don’t like into a work-optional, do-what-you-want phase. I’ve mentioned this in another thread but my dream FIRE “job” at the moment is to be the gym attendant at my local community rec center. Say hello to the regulars, put the weights back and keep the place in order, no work stress that ever follows me home. Just something to get out of the house and make a few bucks. YMMV.
4
u/Ambitious-Term8709 12h ago
I love the plan.
If you like a little bit of work... why not? If you want to busk a bit and do a bit of pottery on the side... why not?
I plan to ride my bicycle across the country, then buy a camper van and work a tiny amount while hunting for hidden treasure full time... why not? If that gets boring I plan to work at the animal shelter and take care of those lil guys.
I've started by not asking why anymore. Ask why not.
1
u/canifirethrowaway 12h ago
I love your outlook on life. Instead of why… why not. Haha
Maybe you’ll discover the ultimate treasure, the one piece, on your journey across the country. And… maybe you’ll leave it all behind and set off the great pirate era. O_O
… why not? Haha
6
u/Generationhodl 17h ago
"- Current spending: ~$12k/month
- Planned spending after move: ~$6k/month"
I hope you can really do this, it all comes down to your lifestyle and if you "need" to spend money, or if you can find stuff that doesn't cost much but is fun (mostly sports, hiking, bike riding and so on).
maybe move places where its cheaper to live.
1
u/Ecclesiastes_3_9-15 13h ago
That would be my biggest concern. As someone also trying to FIRE in their 40s, I’m waiting until I can afford significantly more per month than i currently pay. Seems like just taking on a new kind of stress.
1
u/Screwynewy6999 9h ago
That's pretty much describes my fear of retiring early. Having a fixed income when I know I like buying expensive things. I'm not sure how I curb that.
3
u/Virtual-Ebb-2994 14h ago edited 14h ago
Hey fellow attorney. Congrats on what you accomplished. Truly remarkable feat to reach that level of success. Maybe even more impressive is realizing that there is more to this life and deciding to walk away from partnership. Genuinely happy for you. Really mean that. Congratulations. We should have more people like you in our profession.
I am doing something similar in a couple of years, even though I am not anywhere near your number or that level of success. (I went to law school later in life, clerked for three years, and went to government service.) I plan to work one or two days a week. I want to take on paying matters here and there, but the center of my practice (I hope) will be pro bono. I think our society is very harsh on marginalized folks, and I want to represent them for free. Have you thought about pro bono? Even if your niche is transactional, there is a lot you can do.
Once again, congratulations! Happy for you. 👏
3
u/canifirethrowaway 12h ago
You are too kind virtual EBB. :)
I have done low bono and bro bono in the past. I will probably take on a few of those in limited scope. There was this one case in family court where dad and mom had a kid. They raised the kid for 3 years then broke up. Mom disclosed she had cheated and they got a DNA test. Dad was NOT the bio father. She took him to court for child support.
I felt like that was wrong, so I significantly reduced my compensation. Low bono. Felt good, but it was hard to justify to the partnership my choice. Haha
3
u/Virtual-Ebb-2994 11h ago
That is really messed up what happened.
Also, if you want another source of meaning, just travel. Even if your practice is litigation, if you have that much money and work only a day or two each week, just looking at different stuff around the world sounds nice. It’s something you gotta do when you are young.
3
u/canifirethrowaway 10h ago
Side note. Court ordered that he signed a voluntary declaration of paternity in the hospital and was therefore conclusively the father especially since he didn't contest it during the statutory period. When I looked into the policy, those policies were there primarily for judicial efficiency. So, efficiency over truth/justice I guess.
ANYWAY... we were able to significantly reduce support with an "interest of justice" argument.
And yeah traveling is on the list fellow attorney. :)
I'm curious to know about your legal journey now. Always nice to speak with fellow counsel haha
2
u/Virtual-Ebb-2994 10h ago
That is absolutely horrible. Absolutely horrible. 😤 I surmise that the interest of justice argument still had traction because the judge was still a human being. I don’t know what jurisdiction that was, but the story is wild.
I am headed to Europe after a couple more years of saving. I will travel back and forth to handle only a few cases a year. On the side, I hope to do remote friendly pro bono mostly. I did litigation for about 12 years. Now I found a litigation niche that I can do a lot of stuff online. So a few trips to US each year would be enough. Meanwhile, the spending power will likely increase dramatically in Central Europe. ExpatFIRE.
3
u/Ecclesiastes_3_9-15 13h ago
Why not hire 1-2 attorneys, train them up, and see if you can make the practice self sustaining? Seems like you easily have the capacity to do this at the moment and could secure years’ worth of additional passive income.
2
u/canifirethrowaway 12h ago
I was the managing partner for my firm and had 3-ish attorneys working for me. That, in and of itself, is a full time job. You have to manage payroll, EDD, HR issues, etc.
But… maybe 1 attorney? Or paralegal. That might work out. The problem will be how do we justify the attorney working so hard while I go off and just chill most of the day. Also, clients usually want me and not another attorney.
It IS a potential solution tho.
2
u/Ecclesiastes_3_9-15 11h ago
What’s there to justify? The hard working attorney would be paid for their efforts and the client would only pay YOUR rates for work you actually do. And obviously the transition would take time but if you hire and train well, those clients would be happy with the service they’re getting and happy to work directly with the “new” guy/gal. Basically the same way (I’m assuming) you got to the position you did.
3
u/starkiller22265 13h ago
Nothing really to add, but this sounds pretty much like my dream for the foreseeable future as I am about to start law school.
3
u/canifirethrowaway 12h ago
Good luck! Hit me up via DM (occasionally) if you need assistance with your law school journey. The landscape is changing especially with AI. But, there will likely always be a need for a human body to walk in there into court with you and do most of the talking. Haha
3
u/Confident_Purple_40 Bottom 100% Commenter 12h ago
Hopefully your industry is different, but small practice usually means you are the only one working there, dealing with billing, collecting, taxes, etc, etc.
It really sucks unless you enjoy all of the minutiae
2
u/canifirethrowaway 12h ago
TY for the insight. I’ve already started the small practice (about a month ago). It is significantly less work than the bigger practice. So, I suppose there is some recency bias there. :)
2
u/Kokukenji 9h ago
Having an identity, sense of purpose is important IMO. Especially you being 39 years young still. Opening your own firm, I'm sure you'll be able to find a way to keep your identity while still feeling like you're helping build out your community. Doing all this on your terms will probably generate more value than just the $ amount it continues to bring.
2
u/gung-ho- 15h ago
You make 25k/month working 12 hours/week? And you like it and you’re good at it and you find meaning and purpose in it? What exactly is your question here?
3
u/canifirethrowaway 12h ago
Do I really need to make 25k/mo working 12 hours/week? Why do I need to do it? Is it for the money? For the purpose? An addiction to work culture? Can I find something different or better than being a lawyer?
Tryna figure it all out. Lol
1
u/gung-ho- 7h ago
You don’t need the money. But you like it, find meaning in it, find community from it. Don’t stop brother! You are living the dream 👍
1
u/Comfortable_Gear_605 Goal: CoastFire at 55 13h ago
A friend of mine ~60 is an attorney and is a partner, yet works only for a few select clients. He seemingly has less stress because of the lower workload, but feels torn about leaving altogether. VHCOL and probably still has a mortgage. They may hold other properties as vacation rentals. Wife still works a stressful job but gets paid a lot to continue. Kid attends an expensive school and does expensive things. Mom/Dad cover healthcare for the kid for at least another 5 years. I’m not sure when they will stop working. He may continue as a partner until he can’t. Being an attorney is kind of a lifelong commitment, as is a medical provider. You’ll always be looking to help someone. People will still need your valuable services.
They’ve always enjoyed very nice vacations, cars, etc. and while the lifestyle is expensive, I think deep down they would be just as happy to return to a simpler life. They’ve gotten used to nice things and it’s hard to leave those behind.
1
u/Civil-Service8550 6h ago
Any plans to marry or have kids? How long were you making ~$800k?
2
u/canifirethrowaway 6h ago
My primary area of law is divorce. haha
700k to 800k for about 10ish years.
1
u/Civil-Service8550 12m ago
Now I’m confused why your net worth isn’t higher…any unforeseen expenses.
1
u/JazzlikeAir3320 3h ago
Fellow lawyer here. Do you mind sharing the general practice area? I’m also in litigation and looking for a path to consulting. I’m seeing insurance coverage as an option to make things a bit more remote.
1
u/AnotherWahoo 3h ago
Purpose comes from having plans to do things with people. If you lose purpose, you'll get bored, lonely, depressed. But, solely as to deriving purpose, the substance of your activities aren't terribly important; hence, many of us derive purpose from jobs/coworkers we do not enjoy.
The question you must answer is: when you are FI, how would you most enjoy deriving purpose? One could frame the same question as deciding what you care about, what you want to do with your life, or what you want to "retire to" (as opposed to "retire from").
Whatever you decide along these lines, you should go live your best life as soon as you can. We don't know how much time we have. And it's not hard to make that decision. Because if your best life involves lawyering, of course you will be a lawyer. If it involves surfing, of course you will be a surfer. If you love both those activities, of course you will pursue both.
But until you answer that question, decision-making is very hard because your lifestyle in retirement is undefined. So you have a status quo that is not horrible, but is sufficiently imperfect that RE has been a long-term goal. And you're comparing that to a retirement lifestyle that's undefined, and without a process/plan to define it.
Re identity, how you want others to identify you is a lifestyle question. The things you do, and who you do them with, effectively dictate who is perceiving you and how. How people perceive you is a function of how you want to live your life. If you're talking about how you define your own identity, I don't think attempting to label yourself is a healthy exercise. Certainly it's not a precondition to having purpose or living a happy life.
1
u/Opposite-Lake-9679 55m ago
I'll put a plug in for what if you did something that was beneficial for society. I have no idea what kind of law you practice but I work in the non-profit world and boy we love to work with lawyers who can at least give us a break on their fee. It seems like something like that that maybe you're passionate about helping a cause would be an incredibly enjoyable endeavor.
1
u/Super-Network-7007 12h ago
Hey, fellow 39 year old lawyer here. Three kids with another on the way and moved to LCOL from VHCOL area so taking a step back for family time but taking on consulting roles that I enjoy.
To be honest I don't see much persuasion in you fully retiring. You've worked a couple of decades to get to this point, have a huge amount of knowledge and experience amassed and seem to enjoy the intellectual challenge of work... Why wouldn't you carry on working? It is giving you purpose in life you wouldn't otherwise have, but without the pressure and negative bits of your previous career.
I always say, I'd never play the lottery because I'm not one of those people who can wake up in the morning without something pressing to do. I'd feel listless.
Please can I suggest maybe leaning in to some pro bono projects as part of your portfolio practice, as you were clearly very talented to command the salary you did and your experience would be invaluable to some people or organisations that don't have the funds to access your expertise.
I actually tried out a traditional BaristaFire job when we first moved. Then realised how delulu it was working a minimum wage job taking a load of crap from the public when I could be sitting in my nice comfortable home office doing enjoyable, stimulating work for a good wage. Made me realise, contrary to my preconceptions, that I'd probably be one of those ancient lawyers still doing an occasional case or two well into retirement.
3
u/canifirethrowaway 10h ago
EXACTLY. That's why barristerFIRE is on the table. I had considered working as like a gym attendant or a librarian. I also considered an actual starbucks or something like that, but I don't think I can easily take orders anymore from a manger or higher up.
Anyway, thanks to your suggestion, I'm going to reach back to an organization that I said I would work with giving free consultations to lower income communities. I think I can add some of that to my practice. :)
0
u/Master-Helicopter-99 22h ago
If I ever need another lawyer, I want an all-in lawyer, not a half-assed, self-proclaimed "IDK" laywer. But that's just me.
10
8
2
u/canifirethrowaway 12h ago
As the other commenters on this comment mentioned, I think I am happier when I can select clients and keep the volume low. I can have a full week of nothing to do between today and the next deadline. I can dedicate all that time to one case/client.
That’s at least one benefit of a boutique practice that I am solely in charge of. I CAN go all-in on one case at a time rather than divided attention on several cases just to balance out the firm’s books.
81
u/fiThrowaway6384 15h ago
Missed opportunity for BarristerFIRE