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It Takes More to Be a 1 Percenter in DC; Ex-BigLaw Partner Hopes to Be a Billionaire

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.

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