While this looks like a useful tool (similar to a spreadsheet I've made - thanks, I'll make a couple changes to mine now
, I would recommend against anyone using this starting salary estimation method. Obviously, this is near impossible to calculate, and it's understandable why you've entered this back of the envelope approach (my point is not to attack your method). However, hardly anyone will make the salary calculated as such, and therefore, the results aren't terribly useful for most (let's say 90% of) people.
As an alternative, given the bi-modal distribution of starting salaries, one might be better served to have two sheets, using both peak values for starting salaries, and give the two results some serious thought. E.g.:
- "well if I enter biglaw and make 140k, everything looks rosy."
- "If however, I come out with a 60k salary... now is this worth it?/can I live with it?/do I still want to do it"
- "how risk averse am I? etc. etc.
In fact, for the low peak, perhaps enter a value just above your school's LRAP, as a (not really) worst case scenario?