My son sit on a few boards and makes that much. He is also a crack head, so it can't be that hard.
My son sit on a few boards and makes that much. He is also a crack head, so it can't be that hard.
ohio_miler wrote:
Only three US law firms have profits per partner over $5mm
Wachtell $6,530,000
Kirkland $5,037,000
Paul Weiss $5,020,000
Cravath $4,620,000
Quinn Emmanuel $4,533,000
As Precious Roy stated, executives at large companies get there, but it is mostly through stock awards and cash bonuses. Apple is the biggest company in the world. The CEO has a $3mm salary, the CFO/COO/GC each have a $1mm salary. They all make 10x-20x that amount in total comp.
https://www.sec.gov/Archives/edgar/data/320193/000119312520001450/d799303ddef14a.htm#toc799303_24I think that the niche to consistently make $5mm - $10mm is to be a managing director or partner at a decent sized private equity firm. The long life of capital commitments, combined with leverage, essentially get a levered equity type return over 10 years, with infinitely less redemption risk. There is actually a ladder to climb at these firms, and a ton of guys hit that tier of comp without being founders/CEOs of their firms.
The hedge fund world is way more volatile/variable in terms of comp. Investment banking has been so neutered post 2008 that very few banking MDs make more than $2mm - $3mm a year.
You need a bit more detail on the law firms to understand the numbers though. Wachtell is pure lockstep meaning the partners are paid based strictly on seniority. I don't know what the spread is from junior to most senior but I would expect the most junior partners to be on around $2.5 and the top guys to be in the low eight figures. Paul Weiss is modified lockstep so basically the same system but with separate provisions for superstars. They recruited a top M&A guy a couple of years ago on a guaranteed $11m a year (and the potential to exceed that). There are a handful of other partners there on over $10m. Kirkland like most firms has equity and non-equity partners. Their $5m number is purely for their equity partners. They have hundreds (literally) of non-equity partners making $300-600k on a strict up or out system. If they make equity within 3-5 years they can stay, if they don't they leave to be partners elsewhere.
Most important for this discussion is that there are thousands of individual lawyers at firms that are not on your list whose comp. exceeds $5m p.a. because they're the outliers at their respective firms.
Regardless, everyone I mentioned above is miserable.
i bet he coukd wrote:
Private equity?
Entrepreneur?
Road race prize money?
Only looking for legal means.
My guess would be if someone was making 5mil/year they wouldn't have time to read this post.
"Thousands" may on reflection be an exaggeration but it's definitely close to 4 figures. Cellino & Barnes were both making >$10m a year chasing ambulances before they split...
I actually have a relative (married in) who is the CFO of a big tech company. I don't think he makes over 5 million most likely more like 1 million per year. He lives pretty modestly actually (obviously a nice house, but not a big mansion just a normal nice house in a neighborhood). Drives a normal nice car, just values family time and security I guess.
Jo & Ho wrote:
My son sit on a few boards and makes that much. He is also a crack head, so it can't be that hard.
yeah but most of us don't know any big guys
kirkandorules wrote:
Jo & Ho wrote:
My son sit on a few boards and makes that much. He is also a crack head, so it can't be that hard.
yeah but most of us don't know any big guys
I don't talk to my son about his business when we travel the world together. So I don't know if he knows any big guys either.
In mid-50’s — on track to come up well short of 5 million for lifetime earnings.
Just the Brojos from this website. I think that is combined though.
Anonymoose wrote:
SeattleSilver wrote:
I'd tell you, but your cut off is $5MM and above, and I work part time and only make $4.99MM, so I guess you aren't interested in my story.
Nope, we are not interested.
Does that mean you can afford a 2 bedroom apartment in Seattle without a roommate? If so, please elaborate.
A lot of people that make that kind of money have tons of time to surf and post on LetsRun.com
Jo & Ho wrote:
My son sit on a few boards and makes that much. He is also a crack head, so it can't be that hard.
Thanks Big Guy.
hedge fund manager wrote:
so close but so far wrote:
All the C-suite people at my company make $5m+. It makes me wonder why they’re even working. I will make close to $500k this year and I would not be doing this job if I had millions in the bank, I’d probably just travel the world or buy a nice house on the beach. It’s not worth the stress, I would work half the hours for half the pay if I could.
It’s easy to say this, harder to do. Giving up a large income to live off savings generally is going to require a substantial cutting back of lifestyle, unless you’re Bill Gates or something. If you have kids who will maybe one day get to go to school again, it gets more complicated yet. You can’t just do what you want when you want. Zero percent interest rates and absurdly high health insurance costs with potentially a very long runway to death are further considerations.
My neighbor did this. He was a c-level (CTO or CIO, not sure) at a $10B (market cap) company. He left and now teaches high school science and coaches cross country. He has middle school age kids. He is way happier.
I do. Shady trade deals with our biggest adversaries. Its not all mine. 10 percent goes to my dad.
People making that kind of money don’t waste time on this message board.
Juice Springsteen wrote:
People making that kind of money don’t waste time on this message board.
I’d like to introduce you to our president, who loves this site named Twitter. He likes to post stuff on it all day and he’s been appointed as leader of the free world.
Paul2432 wrote:
My neighbor did this. He was a c-level (CTO or CIO, not sure) at a $10B (market cap) company. He left and now teaches high school science and coaches cross country. He has middle school age kids. He is way happier.
I find this completely plausible. I’m 0.0% happier compared to before I had a very high income. I think constantly about doing something similar to your friend, I’m tired of the stress associated with my job, but have not found an appealing option yet. If I retired now I’d just spend all day doing Zwift and worrying that I’d run out of money when I’m 85.
teen wolf too wrote:
Juice Springsteen wrote:
People making that kind of money don’t waste time on this message board.
I’d like to introduce you to our president, who loves this site named Twitter. He likes to post stuff on it all day and he’s been appointed as leader of the free world.
In fairness, you're proving the point - our president is a broke deadbeat.
I know the woman who runs the Aeronautics Division at Lockheed-Martin. Pulled in around 7 million last year if you count the stock options as part of the compensation package.
The only people who make $5mil a year, as an employee, are a small set of big wigs at the largest companies on earth.
Think like the number 6 dude at Facebook or something.
You pretty much have to own a very successful, AND profitable business to keep $5 mill.