ChampagnePapi wrote:NYstate wrote:Bronte wrote:Others have already said it, but the premise of the thread is just not right. It does not require an extremely tight belt to pay off $250,000 in loans on five years of big law. The average after-tax, after-loan payment income is around $70,000. That does not require aggressive frugality.
Yes, most people leave in 3-5 years, but many of them go to other big firms. Most people can stay in big law for five years if it's financially necessary. There are reasons to worry about going to law school at sticker, but not being able to pay off your debt assuming you land big law is at best low on the list.
Question: how many people in this thread or on this forum who are paying sticker will make five years in big law? I think it is a very small percentage - even for T14 grads.
Have any of you guys been to law school or actually worked in big law? I've lost track.
Read Tiago's posts a few posts above you.
For that first year, is it really realistic to live off $44k after taxes and payments unless you have roommates? That's 4k a month and at least $2500 is gobbled up by rent in NY.
A quick look at padmapper tells me there are studios in manhattan available for under 2k/month that, while not great, aren't living-in-a-cardboard-box small. Here's one just a block away from Cravath's office: https://www.padmapper.com/show.php?type ... 6&src=main
Is 2k/month after rent not enough to live off of for a year? I know stuff in NYC is more expensive, but you probably won't have a car, for one, so that's an expense to scratch off.