Will biglaw cover sticker debt?

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glitched
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Will biglaw cover sticker debt?

Postby glitched » Fri Mar 04, 2011 9:09 pm

If you get the coveted biglaw job, considering the CoL of the cities in which most big law jobs are, will it even cover sticker comfortably or will it cover sticker while i live like a bum?

I calculated the debt and how long it will take to pay off while paying off a certain amount per month. but i don't really know how much biglaw attornies get paid. So median salary is 160k + 10k in bonus, so about 100k post tax ~ 8.5k/mo in pocket. So paying off 2.5k/yr for 10 years, I will have 6k in pocket each month?

Just trying to figure this all out.
Last edited by glitched on Fri Mar 04, 2011 9:14 pm, edited 2 times in total.

FiveSermon
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Re: Will biglaw cover sticker debt?

Postby FiveSermon » Fri Mar 04, 2011 9:12 pm

Yeah biglaw will cover sticker at any school. Or else everyone paying sticker would be hopelessly in debt since biglaw is the best $$$.

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 9:15 pm

glitched wrote:If you get the coveted biglaw job, considering the CoL of the cities in which most big law jobs are, will it even cover sticker comfortably or will it cover sticker while i live like a bum?

I calculated the debt and how long it will take to pay off while paying off a certain amount per month. but i don't really know how much biglaw attornies get paid. So median salary is 160k + 10k in bonus, so about 100k post tax ~ 8.5/yr in pocket. So paying off 2.5k/yr for 10 years, I will have 5k in pocket each month?

Just trying to figure this all out.


I'm confused by your calculations. You had me up until the bolded. Is that supposed to be 2.5k/mo for 10 years? And why only 8.5/yr in pocket? Short answer, yes. With big law @ 160K, you'll cover debt and live comfortably. C'mon, $90-100K after tax?! The problem is getting big law at 160K ITE plus also keeping it after 5yrs.

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glitched
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Re: Will biglaw cover sticker debt?

Postby glitched » Fri Mar 04, 2011 9:17 pm

okay cool. at least there is some silver lining.

most likely, debt-city here i come.

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 9:21 pm

glitched wrote:okay cool. at least there is some silver lining.

most likely, debt-city here i come.


Wow.. UCLA looks awfully tempting.

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Law Sauce
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Re: Will biglaw cover sticker debt?

Postby Law Sauce » Fri Mar 04, 2011 9:27 pm

No way. Chicago ftw :)

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Big Shrimpin
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Re: Will biglaw cover sticker debt?

Postby Big Shrimpin » Fri Mar 04, 2011 9:29 pm

glitched wrote:okay cool. at least there is some silver lining.

most likely, debt-city here i come.



::rolls dice::

Honestly, so long as you've done your research and tempered your expectations about employment possibilities at whichever school you choose, the only remaining thing to do is to go ahead and roll the dice. That way, you can't complain with a straight face if you're in a job you hate, shackled to Uncle Sam for the rest of your life, because you knew about the downside risk in going to law school!

FWIW, 160k/year is enough to pay-off big debt in a high COL city in a very reasonable amount of time, so long as you're willing to live conservatively for a few years after graduation (as if 7 years wasn't enough).

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 9:30 pm

Law Sauce wrote:No way. Chicago ftw :)


UCLA, $90K?! versus Chicago at sticker??? Ummm... Definitely not that simple my little Chicago troll.

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JG Hall
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Re: Will biglaw cover sticker debt?

Postby JG Hall » Fri Mar 04, 2011 9:42 pm

It helps to be SPRINGBONUSSECURE.

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Big Shrimpin
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Re: Will biglaw cover sticker debt?

Postby Big Shrimpin » Fri Mar 04, 2011 9:46 pm

JG Hall wrote:It helps to be SPRINGBONUSSECURE.

:lol:

Sean1269
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Re: Will biglaw cover sticker debt?

Postby Sean1269 » Fri Mar 04, 2011 9:56 pm

Yes it will pay it off. It will pay it off quickly, assuming you get the job. First things first, don't assume you will get a biglaw job, because most people don't. Second, consider your quality of life being stuck in biglaw because of your loans. You will work long hours. You will work 6-7 days per week. If you're in CA, plan on losing 40% or more of your income due to taxes, unless you have sufficient write offs.

Consider two possible scenarios:

1) you get the biglaw job. You work long hours everyday trying to pay down your loans, meanwhile, your hourly wage isn't all that great. If you hate your job, you can't quit because of your loans. If a family member falls ill and needs your caring, you can't provide it because your loans are forcing you to work in biglaw. Your wife wants a divorce because you work too much, but you can't quit because of your loans. There are endless scenarios.

2) you don't get the biglaw job. You try and do PI to get loan forgiveness, but realize that you didn't have the grades to get PI because those jobs are really hard to get too. You're worse off than situation #1 because you can't even pay the loans off 'in a couple of years'.

Case and point: minimize debt, it may seem okay now, but it debt is crushing. Factor in interest to your debt. Don't take the six figure debt plunge hoping for a super high paying job, because there is a good chance you won't get one since everyone else is in the same boat.


that being said, good luck!

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Kohinoor
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Re: Will biglaw cover sticker debt?

Postby Kohinoor » Fri Mar 04, 2011 10:00 pm

Sean1269 wrote:Yes it will pay it off. It will pay it off quickly, assuming you get the job.First things first, don't assume you will get a biglaw job, because most people don't. Second, consider your quality of life being stuck in biglaw because of your loans. You will work long hours. You will work 6-7 days per week. If you're in CA, plan on losing 40% or more of your income due to taxes, unless you have sufficient write offs.

Consider two possible scenarios:

1) you get the biglaw job. You work long hours everyday trying to pay down your loans, meanwhile, your hourly wage isn't all that great. If you hate your job, you can't quit because of your loans. If a family member falls ill and needs your caring, you can't provide it because your loans are forcing you to work in biglaw. Your wife wants a divorce because you work too much, but you can't quit because of your loans. There are endless scenarios.

2) you don't get the biglaw job. You try and do PI to get loan forgiveness, but realize that you didn't have the grades to get PI because those jobs are really hard to get too. You're worse off than situation #1 because you can't even pay the loans off 'in a couple of years'.

Case and point: minimize debt, it may seem okay now, but it debt is crushing. Factor in interest to your debt. Don't take the six figure debt plunge hoping for a super high paying job, because there is a good chance you won't get one since everyone else is in the same boat.


that being said, good luck!

3) You get the biglaw job then lose the biglaw job long before your loans are paid off.
Last edited by Kohinoor on Fri Mar 04, 2011 10:02 pm, edited 1 time in total.

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Big Shrimpin
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Re: Will biglaw cover sticker debt?

Postby Big Shrimpin » Fri Mar 04, 2011 10:10 pm

G. T. L. Rev. wrote:
JG Hall wrote:It helps to be SPRINGBONUSSECURE.

Well played.

As for OP's question, as others have indicated, yes, you can EASILY pay off sticker with biglaw $$. Much faster than 10 years if you're smart about it. But the challenge remains getting and keeping the biglaw job--something that isn't always, or even usually in your control (see, e.g., Latham & Watkins, circa spring 2009; OCI fall 2009, etc.).


I have nightmares weekly that I get Lathamed halfway through my first year. Then again, there's always the option to expatriate, set up a little shave-ice stand on a beach somewhere, and sleep in a hammock under a banana tree in the rain forest. Actually, that doesn't sound so bad. Does anybody know which countries won't deport US citizens back to the US?

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 10:12 pm

G. T. L. Rev. wrote:
Sean1269 wrote:Case and point: minimize debt

+210,000


Which brings me back to my question. UCLA at 90K?!?! Why not?!

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glitched
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Re: Will biglaw cover sticker debt?

Postby glitched » Fri Mar 04, 2011 10:19 pm

Mmm maybe some of you should visit "choosing a law school" more often..

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Big Shrimpin
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Re: Will biglaw cover sticker debt?

Postby Big Shrimpin » Fri Mar 04, 2011 10:23 pm

glitched wrote:Mmm maybe some of you should visit "choosing a law school" more often..


They should visit here (to read, not to poast). It should actually be a prerequisite to matriculation.

FiveSermon
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Re: Will biglaw cover sticker debt?

Postby FiveSermon » Fri Mar 04, 2011 10:27 pm

Malcolm8X wrote:
G. T. L. Rev. wrote:
Sean1269 wrote:Case and point: minimize debt

+210,000


Which brings me back to my question. UCLA at 90K?!?! Why not?!


Cuz Chicago placed nearly 2x UCLA did into biglaw.

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 10:43 pm

Yea, I understand UofC places way better, but that's with the super rough economy, so in my opinion I would take the most recent stats as an outlier. With $90K, you're looking at graduating law school with only ~$60K debt. That's not biglaw or bust numbers. Your job options are Biglaw at $160K (albeit a smaller chance) all the way down to PI at $50K/yr paying off a $700/mo debt. You have much more latitude in choosing your QoL. That's just me..

But apparently I missed the whole debate glitched. I'm sorry but I'm not going to peruse through every poster's prior topics and discussions.

FiveSermon
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Re: Will biglaw cover sticker debt?

Postby FiveSermon » Fri Mar 04, 2011 10:44 pm

Malcolm8X wrote:Yea, I understand UofC places way better, but that's with the super rough economy, so in my opinion I would take the most recent stats as an outlier. With $90K, you're looking at graduating law school with only ~$60K debt. That's not biglaw or bust numbers. Your job options are Biglaw at $160K (albeit a smaller chance) all the way down to PI at $50K/yr paying off a $700/mo debt. You have much more latitude in choosing your QoL. That's just me..

But apparently I missed the whole debate glitched. I'm sorry but I'm not going to peruse through every poster's prior topics and discussions.


If he is big law or bust (many people are even with small debt), uchiftw.

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 10:52 pm

FiveSermon wrote:
Malcolm8X wrote:Yea, I understand UofC places way better, but that's with the super rough economy, so in my opinion I would take the most recent stats as an outlier. With $90K, you're looking at graduating law school with only ~$60K debt. That's not biglaw or bust numbers. Your job options are Biglaw at $160K (albeit a smaller chance) all the way down to PI at $50K/yr paying off a $700/mo debt. You have much more latitude in choosing your QoL. That's just me..

But apparently I missed the whole debate glitched. I'm sorry but I'm not going to peruse through every poster's prior topics and discussions.


If he is big law or bust (many people are even with small debt), uchiftw.


lol.. "irrational exuberance"

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glitched
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Re: Will biglaw cover sticker debt?

Postby glitched » Fri Mar 04, 2011 10:53 pm

I just want a good life with a good wife, good kids, and good friends. Whatever gets me there...

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 10:59 pm

glitched wrote:I just want a good life with a good wife, good kids, and good friends. Whatever gets me there...


Amen brother. Amen..

FiveSermon
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Re: Will biglaw cover sticker debt?

Postby FiveSermon » Fri Mar 04, 2011 10:59 pm

glitched wrote:I just want a good life with a good wife, good kids, and good friends. Whatever gets me there...


Isn't this what everyone wants?

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Malcolm8X
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Re: Will biglaw cover sticker debt?

Postby Malcolm8X » Fri Mar 04, 2011 11:03 pm

FiveSermon wrote:
glitched wrote:I just want a good life with a good wife, good kids, and good friends. Whatever gets me there...


Isn't this what everyone wants?


Yes but the irony here is that it is getting tougher and tougher to get in this country. Even if you go to a great law school and succeed your whole life.

In the meantime glitched, I welcome you to this thread: http://www.top-law-schools.com/forums/viewtopic.php?f=1&t=148064

FiveSermon
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Re: Will biglaw cover sticker debt?

Postby FiveSermon » Fri Mar 04, 2011 11:04 pm

Malcolm8X wrote:
FiveSermon wrote:
glitched wrote:I just want a good life with a good wife, good kids, and good friends. Whatever gets me there...


Isn't this what everyone wants?


Yes but the irony here is that it is getting tougher and tougher to get in this country. Even if you go to a great law school and succeed your whole life.

In the meantime glitched, I welcome you to this thread: http://www.top-law-schools.com/forums/viewtopic.php?f=1&t=148064


The rich get richer...




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