What is your "break even" point?

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Veyron
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What is your "break even" point?

Postby Veyron » Sat Jan 22, 2011 3:12 am

Many of us want to make as much money as we can. However, what is the "all in" starting pay (salary + bonus) at which you would view your decision to go to law school as a good investment?

80K (if job is in my low COL hometown)

145K (if NYC)

Optional: Include your school and I will tell you whether you are likely to hit that target or have your dreams shit on.

Edit: I should add don't include PI or Government gigs since LRAP messes up the equation for those.
Last edited by Veyron on Sat Jan 22, 2011 3:01 pm, edited 2 times in total.

Anonymous User
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Re: What is your "break even" point?

Postby Anonymous User » Sat Jan 22, 2011 3:18 am

Hometown Area: 75K

NYC: 125K

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holdencaulfield
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Re: What is your "break even" point?

Postby holdencaulfield » Sat Jan 22, 2011 3:35 am

65k in hometown with the understanding it will only go up.

Black-Blue
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Re: What is your "break even" point?

Postby Black-Blue » Sat Jan 22, 2011 4:02 am

I hope all of you who are saying 65k really mean it, because I also say 65k, but I will have loans < 30k (and low cost of attendance). But if I had 150k loans (or equivalent cost paid in cash), no way in hell would 65k suffice.

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Grizz
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Re: What is your "break even" point?

Postby Grizz » Sat Jan 22, 2011 4:17 am

Will have $100k loans. Hometown and other midsize markets probably like $60k to $70k to avoid crushing depression.

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Veyron
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Re: What is your "break even" point?

Postby Veyron » Sat Jan 22, 2011 4:25 am

Black-Blue wrote:I hope all of you who are saying 65k really mean it, because I also say 65k, but I will have loans < 30k (and low cost of attendance). But if I had 150k loans (or equivalent cost paid in cash), no way in hell would 65k suffice.


70k - 20k is 50k. As a base, its doable in a low COL area (with benefits) - and it will go up. You would be surprised how many large and desirable cities count as "low COL" ITE, with housing prices in the shitter, your dollar goes a long way.

Why, did you leave some sort of high paying job to go to law school?

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holdencaulfield
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Re: What is your "break even" point?

Postby holdencaulfield » Sat Jan 22, 2011 10:53 am

Black-Blue wrote:I hope all of you who are saying 65k really mean it, because I also say 65k, but I will have loans < 30k (and low cost of attendance). But if I had 150k loans (or equivalent cost paid in cash), no way in hell would 65k suffice.



I mean it. While I have no loans, 65k still would have made it worth it even if I had up to 100k or so. It's the profession I want to be in and my lifetime earnings will make up for it.


For some reason this thread reminds me of underwater homeowners who can't sell their houses because they're overpriced. They have the mentality that they can price it at what they "need" instead of what the market will support. I'm not calling out anyone at all; I just watch too much HGTV.

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moandersen
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Re: What is your "break even" point?

Postby moandersen » Sat Jan 22, 2011 5:43 pm

interesting game, but something I think about quite often....

If I stay in NC - 80k
If I end up back in my hometown (Chicago) - 100k

I will be ~60k in debt upon graduation, assuming no sweet ass summer jobs. I think another relevant piece of information would be how much you were making before going to law school. My wife and I had a combined income over 100k, now, after moving to the dirty south, we are sadly surviving on ~40k.

uvahooo
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Re: What is your "break even" point?

Postby uvahooo » Sat Jan 22, 2011 5:49 pm

Break even point 30k

I will live like a happy lawyer. In all seriousness.

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Cupidity
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Re: What is your "break even" point?

Postby Cupidity » Sat Jan 22, 2011 6:01 pm

70-80k in Boston, 65k FL

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AreJay711
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Re: What is your "break even" point?

Postby AreJay711 » Sat Jan 22, 2011 6:22 pm

About 100K give or take based on location.

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Richie Tenenbaum
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Re: What is your "break even" point?

Postby Richie Tenenbaum » Sat Jan 22, 2011 6:25 pm

Since graduating with little to no debt: ~40k, if it's something I think I'll enjoy.




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