What lawyers are millionaires?

What Lawyers are Millionaires?

The legal profession is often associated with wealth and prestige. Fictional characters like high-powered corporate attorneys and savvy trial lawyers project an image of immense fortune. But in reality, what percentage of lawyers actually achieve millionaire status?

While the top lawyers at large firms or in specialized fields can earn seven-figure salaries, most attorneys make more modest incomes. However, some lawyers do manage to reach millionaire net worth through wise investments, frugality, and successful side businesses.

This article examines which types of lawyers are most likely to become millionaires based on their practice area, position, firm size, and other factors.

Law Firm Partners

Attorneys who make partner at large prestigious law firms have the greatest potential to become millionaires. Equity partners earn profits from the firm’s business in addition to their salary. Surveys show^[1]:

• Over 20% of law firm partners achieve millionaire status
• The top 5% of partners make over $3 million per year
• Equity partners earn 3x more than non-equity partners

Partners who develop their own book of business and have an ownership stake in profitable firms stand the best chance of huge earnings.

Corporate and Securities Lawyers

Attorneys who represent large companies and handle complex transactions or litigation can also earn enormous sums, especially in major metro areas. For example^[2]:

• NYC corporate lawyers – Average salary of $202,000
• Silicon Valley venture capital lawyers – Average salary of $267,000
• Houston securities lawyers – Average salary of $283,000

These specialized corporate lawyers at major firms are well positioned for millionaire incomes over a successful career.

Elite Trial Lawyers

High profile trial attorneys who take on major class action lawsuits or represent celebrity clients are often amply rewarded. Famous examples include^[3]:

• David Boies – Net worth estimated at $20 million
• Thomas Girardi – Net worth estimated at $30 million
• Mark Geragos – Net worth estimated at $25 million

These trial lawyers earn a fraction of huge settlements or jury awards in addition to seven-figure retainers.

Real Estate and Trusts & Estates Lawyers

Attorneys who help facilitate major property deals and estate planning for ultra high net worth individuals also earn handsomely. Their clients include^[4]:

• Real estate developers and investors
• Professional sports team owners
• Heirs to multi-billion dollar family fortunes

Working with such affluent clients allows these lawyers to charge premium rates and commissions.

Lawyers with Successful Side Businesses

Some attorneys achieve millionaire status not through legal earnings but by starting side businesses outside of their firm. Examples include^[5]:

• David Greenspan – Legal career led to real estate investments
• Aaron Kelly – Founded a global tea business
• Ben Caballero – Developed real estate tech platform

Their law backgrounds helped provide capital and expertise to create hugely successful ventures.

Celebrity Lawyers

Lawyers who gain celebrity status from high-profile cases often leverage that fame into lucrative book deals, TV deals, speaking engagements, and more. For instance^[6]:

• Jose Baez – Represented Casey Anthony and Aaron Hernandez
• Mark Geragos – Regular CNN contributor
• Alan Dershowitz – Frequent media personality

Their household name recognition allows them to generate substantial income beyond legal fees.

Lawyers Who Marry Rich Spouses

Some lawyers become millionaires not through their legal salary but by marrying someone with wealth. For example:

• Patricia Duff – Married billionaire Ron Perelman
• Sheryl Sandberg – Married tech executive David Goldberg
• John F. Kennedy Jr. – Married heiress Carolyn Bessette

While not earning their fortune directly, these lawyers gained millionaire status through their partner.

Lottery Winners and Inheritors

Finally, some lawyers become millionaires by sheer luck through lottery winnings, inheritances from a wealthy family member, or other windfalls. But this passive millionaire route does not apply to most attorneys.

The Road to Lawyer Millionaire Status

In summary, the lawyers most likely to achieve millionaire net worth are highly-compensated firm partners, elite trial attorneys, and real estate/trusts & estates practitioners. Side businesses, celebrity fame, and marrying into money also pave a path. But for the average lawyer, becoming a millionaire is still a steep climb.

Becoming a Millionaire Takes Time for Most Lawyers

While a small percentage of lawyers inherit or marry into wealth, the vast majority build their fortunes slowly over decades of work. Most attorneys take at least 10-20 years of diligent saving and investing to reach millionaire status through their earnings alone.

Key principles for steadily accumulating wealth as a lawyer include:

• Living below your means – limiting expenses
• Avoiding excessive debt – for cars, homes, etc.
• Maximizing retirement plan contributions
• Investing savings in the stock market regularly
• Pursuing side businesses and passive income streams

With discipline and patience, compound growth allows lawyers to amass seven-figure net worths over time.

Very Few Lawyers Make Millions Per Year

While top partners at elite firms can make several million dollars per year, the reality is very few lawyers ever see seven-figure annual incomes. Lawyer pay at most levels looks like:

• Associates – $100,000 to $200,000
• Senior associates – $150,000 to $300,000
• Non-equity partners – $200,000 to $500,000
• Equity partners – $300,000 to $3,000,000

So while becoming a millionaire over a career is achievable for many lawyers, earning ultra-high seven-figure yearly pay is quite rare.

Conclusion

In summary, lawyers have ample paths to build significant wealth if they live within their means, invest prudently, and focus on steady long-term growth. But despite common misconceptions, the legal field is not a quick ticket to instant millionaire status for most attorneys.