As a large law firm attorney that bills by the hour, the only lever to pull to increase your income is to raise your rates. As the market and your rates rise, the client expectations do, too. Your practice becomes an expectations race to the bottom. If you’re not willing to work nights, weekends and holidays, grandma’s funeral and Christmas Day, someone else will, and the work will ultimately migrate to them (or so you fear). You’re a rational actor, so you work. Endlessly work. You justify this to your family as a “short-term sacrifice.” Your partner handles things with the kids. The only modest way to scale your practice is to avail yourself of human leverage by bringing on associates to do some of the work. But associates are expensive, they churn constantly, and the client’s desire for you, the relationship partner, doesn’t ever wane. Your work is project-based. Some reoccurring but no recurring revenue. So you’re constantly selling, and your pipeline is always fluctuating. Transactions close and die; litigation matters are decided or settle. These things are hard to predict and you don’t want work to dry up. So you’re constantly taking new work, even when maybe you shouldn’t be. The rates rise dramatically over the course of your career. $1,000 per hour becomes $1,500, then $2,000. You get a bunch of awards and designations. Super Lawyers. Best Lawyers. Chamber and Partners. You become a practice group leader. Dozens maybe hundreds of lawyers report to you. Pretty cool. Unfortunately, it doesn’t increase your income. It actually hurts it because you’re distracted by admin tasks. You “step back.” Your kids leave for college. Finally, you can really focus. You’re now 55 and work 12 hours per day, even on Sundays, to get those big matters closed. You’re at the absolute tippy top of your profession. You’re made a “Star Individual.” Finally, you approach retirement age, and are forced to retire. The value of your “equity” is insignificant and is cashed out by the firm. You retire high net worth, but short of many of your friends who are ultra-high net worth. You begin exploring non-work hobbies again. Pickle ball sounds fun! You worry about your knees though. You go look for your spouse and see what they’ve been doing all these years.