t14fanboy wrote:lawlcat4179 wrote:Desert Fox wrote:lawlcat4179 wrote:What I think you'll find is that if you have less debt and go into shitlaw after law school, 10 years down the road you will be in a better financial position than if you went to NU and landed biglaw.
Unless you flame out of big law in under 2 years I really doubt this is true.
I'm basing it off of a huge scholly at a T30 that would leave you with about 50-70k in debt. Basically, if he could get WUSTL to up the scholly to 90k over 3 years.
If you go into shitlaw, isn't it pretty realistic to think that at year 10 you are making roughly 100k? Also, the money made from shitlaw could go into savings, which would be earning you interest, instead of the other way around. Also, I was basing it off of a 4 year exit from biglaw.
I guess the point that I'm trying to make is that, even if you wind up in shitlaw, you won't be in that much different of financial shape than going into biglaw debt peonage for 4 years to break even, then starting your career.
Once you figure into the equation such things as cost of living differences (assuming shitlaw is in a lower COL area), and the increased taxation that someone in biglaw would be making, the difference between the two becomes even more pronounced.
Okay, so after 10 years of shitlaw, what would be your more accurate guess? I was under the impression that shitlaw is considerably easier to make partner. I figured partners at shitlaw firms would make slightly above 100k, which, when averaged with those who don't make partner, would average out at about 100k per year.