Re:Bay Area hammered by loss of jobs: Lack of affordable hou...
by gnicholas on Monday October 23, 2017 @04:31PM
(#15536715)
As a former lawyer, I can say that prices these days are high for lawyers and other service providers. Associates/employees are paid hourly so there's limited upside. You can buy a house on a single legal salary, but you won't have much cushion.
Law firm partners are in a much better position, but you can't make equity partner (not just "income partner", which is basically a glorified title they give so you can go get more clients) until you're about 40. And nobody wants to wait that long to buy a home.
Basically, "law firm partners" can be clumped together with VCs, since they both hold stakes in (hopefully) profitable businesses. But most lawyers are not partners.
Law firm partners are in a much better position, but you can't make equity partner (not just "income partner", which is basically a glorified title they give so you can go get more clients) until you're about 40. And nobody wants to wait that long to buy a home.
Basically, "law firm partners" can be clumped together with VCs, since they both hold stakes in (hopefully) profitable businesses. But most lawyers are not partners.