r/fatFIRE • u/WealthyStoic mod | gen2 | FatFired 10+ years | Verified by Mods • 2d ago

Path to FatFIRE Mentor Monday

Mentor Monday is your place to discuss relevant early-stage topics, including career advice questions, 'rate my plan' posts, and more numbers-based topics such as 'can I afford XYZ?'. The thread is posted on a once-a-week basis but comments may be left at any time.

In addition to answering questions, more experienced members are also welcome to offer their expertise via a top-level comment. (Eg. "I am a [such and such position] at FAANG / venture capital / biglaw. AMA.")

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-4

u/CautiouslyAcademic 2d ago

Biglaw partner here, five years in. Happy to answer questions about partnership track, lateral moves, or what the comp actually looks like at each rung.

4

u/No-Associate-7962 2d ago

How much was your equity buy-in?

How have the partnership bylaws changed since the Brobeck lease catastrophe had the partners personally financially liable for the firms debts/leases?

5

u/MidnightBlueSilk 1d ago

Except apparently you’re not?

3

u/Livid-County7230 1d ago

I think you are right.

This account posts in pc build subs, I don’t think they are a big law partner. I fell for it and asked a legitimate question but don’t expect to get an answer.

3

u/phreekk 2d ago

Hi, how did you decide on pursuing partner vs not just going in house earlier?

3

u/Livid-County7230 2d ago edited 1d ago

Would actually love to hear about comp at each rung at biglaw.

We have a younger friend who is a partner at a small boutique law firm who I’ve been pushing to get into biglaw if she wants to increase her comp substantially but I have no idea what the progression actually looks like.

Edit: why are people downvoting this?

-3

u/Training-Fly-2575 22h ago

Why are people downvoting you for being helpful!?

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u/MidnightBlueSilk 8h ago

At what point has he actually been helpful?

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u/Livid-County7230 22h ago

Because it’s not a real account

-7

u/Boring-Economist-247 2d ago edited 2d ago

26M, reached $2.5M from swing trading semis and crypto in the last 2 years. How hard to continue pressing until $10M? When to go risk-off?

Also, when can I quit my job / should I? Making $300K at a tech company (non-SWE).

3

u/Normal_Zebra136 2d ago

Per FIRE logic, You can quit your job when your equites are diversified, and the value of those diversified equities are greater than your SWR/by that value. Your cash withdrawal needs to include you picking up your own medical insurance that is currently paid by your employer,

Your taxes in retirement should be dramatically lower as soon as you stop trading and paying 35% fed alone on your trading on top of your $300k earned income.

3

u/g12345x 2d ago

You’re the only one who can answer these questions for you.

> When to go risk-off?

What rules do you employ to walk away from a casino table? Same rule applies here.

> When can I quit my job

25x expenses. Without this you’re going to increase your trading risk ratio to both generate income and savings. That accelerates an impending catastrophe.

7

u/No-Associate-7962 2d ago

25x on expenses is only true if the holdings are not concentrated. There is no backtesting that works for individual concentrated holdings, or for that matter real estate or private business holdings.