Maillot Jaune wrote:
Why is there such a large discrepancy between teh two with Ar. III clerkships?
I plan on applying to both and would be very happy with either but that is a huge gap. If W&M is ranked higher and from the general consensus it is more prestigous then what is the missing link?
Personal Preference.
On this site, and probably at every T50 school career development office, they talk about judicial clerkships often.
In fact, if prospective/current students did not know better, they could easily believe that everyone decides to clerk when they get out.
Honestly, very very few students clerk when they get out of law school. Period.
I'm not going to sit here and blow through advantages and disadvantages, just know the major advantage is prestige and the major disadvantage is the low salary (that doesn't qualify for LRAP or anything of that nature and it doesn't postpone loan payments).
True firms will pay you a bonus if you clerk, but if you do the math -
Example:
Clerking bonus:
1) career track (adds a year to your progress towards partner)
2) bonus (probably between $25,000-$50,000)
Let's say the firm starts at $100,000.
Not clerking path:
1st year at firm - $100,000 + $10,000 year end bonus
2nd year at firm - $115,000 (lock step compensation) + $20,000 year end bonus
Total: $245,000
(taxes would go up the second year, but look at the clerking path)
Clerking path:
Clerking year - $55,000
1st year in firm - $115,000 (career track compensation) + $40,000 clerking bonus + $20,000 year end bonus
Total: $230,000
(Don't forget that the second year on the clerking path will be taxed far more heavily due to receiving all of the bonuses at once - this wouldn't matter, but it's your first year making "real" money)