I read an article about the top five industries in which the world’s self-made billionaires made their fortunes. Financing and investments were at the top of the list with a little over 19%. Surprisingly, technology wasn’t one of the top five.
Not surprisingly, the legal industry wasn’t on the list. In fact, I can’t name any lawyer who became a billionaire practicing law. I do, however, know of more than a few billionaires who have a law degree under their belt.
Practicing law may not be a direct path to earning ten figures, but it clearly is an indirect path. Your law practice can introduce you to entrepreneurs and others who are on their way to joining The Billionaire Boys Club, and if you play your cards right, you can come along for the ride.
When you know the right people, you can use those contacts as a stepping stone to wealth. Even if they are not your clients, being a lawyer can give you access to people, information, advice, and the opportunity to invest in other people’s ideas or go to work for their companies.
My father pointed this out to me when I was in high school. He wanted me to go to law school, something I was pretty sure I did not want to do. He told me I didn’t necessarily have to practice law, my law degree could open doors for me and prepare me for anything else I might want to do.
I did practice law, for more than twenty years, and it seems he was right. I made a lot of money in my law practice, but I’ve made a lot more doing other things.
How about you? Is being a lawyer your end game or do you see it as a stepping stone to something else? Do you want to join the billionaire club or would you be happy with tens of millions?