It Takes More to Be a 1 Percenter in DC; Ex-BigLaw Partner Hopes to Be a Billionaire
Posted Apr 25, 2012 5:30 AM CDT
By Debra Cassens Weiss
Being a BigLaw partner doesn’t bring enough economic rewards for Stefan Baugh, who lives in Washington, D.C., with his wife and two children.
Baugh recently left a BigLaw partnership to start a private equity company with two colleagues, the Washington Post reports. He told the newspaper he wants to create a legacy for his family—and to make more money.
“If this goes the way I want it to, I could literally be a billionaire someday,” he said. “If I continue practicing law, there is zero chance of becoming what I consider wealthy.”
Baugh says he already drives a Jaguar, but he would like to reach the point where he can get a Ferrari. Right now, he doesn’t feel like he has a lot of money, especially in high-cost Washington, D.C. “Once you pay for a house, a car and child care, it’s not that much money,” Baugh told the Post. “You feel like regular middle-class people.”
Baugh was a partner at Katten Muchin Rosenman, according to Above the Law.
Baugh was featured in a story about 1 percenters in Washington, D.C. Those who aspire to be in the top 1 percent in the region will need a household income of $527,000, far above the national minimum of $387,000.
According to the newspaper, 1 percenters in D.C. are largely lawyers, doctors, chief executives, managers and management analysts.