Paying Off Loans as Signing Bonus

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Pricer
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Paying Off Loans as Signing Bonus

Postby Pricer » Tue Jul 19, 2011 2:51 pm

Has anyone ever heard of law firms paying off debts for new associates? I don't mean a $20-25k signing bonus or anything, I mean loans totaling $100k+. I was under the impression that the $160k market salary was that high because of the debt that must be accrued at law school. I have never read on this website or any other website that firms will pay off large amounts of law school debt for new associates, but I continue to hear anecdotal stories from less than reliable sources (i.e. my mom, who told me that Mercer was as good as UT because they cost near the same). I haven't bought into this, but I figured I'd pose the question on the forums anyway just to confirm my beliefs. If this is a (un)common occurrence, is it usually biglaw firms or boutique firms who do this? What firms have you heard of doing it?

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rayiner
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Re: Paying Off Loans as Signing Bonus

Postby rayiner » Tue Jul 19, 2011 2:54 pm

The big NYC places don't even give you a signing bonus or bar stipend.

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Kilpatrick
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Re: Paying Off Loans as Signing Bonus

Postby Kilpatrick » Tue Jul 19, 2011 2:56 pm

How would BigLaw even get you to work there if you didn't have six figures of debt to pay off

luthersloan
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Re: Paying Off Loans as Signing Bonus

Postby luthersloan » Tue Jul 19, 2011 3:13 pm

Yeah, I saw the Firm too. On the birigh side, if you score a SCOTUS clerkship, a firm will give you a big enough bonus to pay off you loans, as long as you are under 200K.

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Stanford4Me
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Re: Paying Off Loans as Signing Bonus

Postby Stanford4Me » Tue Jul 19, 2011 3:15 pm

The firm of Billups, Edwards, Tanner and Andrews gives huge signing bonuses. Only thing is you have to pay it back if you leave before 4 years.

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thesealocust
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Re: Paying Off Loans as Signing Bonus

Postby thesealocust » Tue Jul 19, 2011 6:40 pm

rayiner wrote:The big NYC places don't even give you a signing bonus or bar stipend.


But do usually give an advance and a stub year bonus, from what I've heard, which works out to about the same difference.

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rayiner
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Re: Paying Off Loans as Signing Bonus

Postby rayiner » Tue Jul 19, 2011 8:42 pm

thesealocust wrote:
rayiner wrote:The big NYC places don't even give you a signing bonus or bar stipend.


But do usually give an advance and a stub year bonus, from what I've heard, which works out to about the same difference.


Not even close. Stub bonuses this year were $2,500. Kirkland pays $10,000 bar stipend, and Latham pays $13,333.

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thesealocust
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Re: Paying Off Loans as Signing Bonus

Postby thesealocust » Tue Jul 19, 2011 9:04 pm

rayiner wrote:
thesealocust wrote:
rayiner wrote:The big NYC places don't even give you a signing bonus or bar stipend.


But do usually give an advance and a stub year bonus, from what I've heard, which works out to about the same difference.


Not even close. Stub bonuses this year were $2,500. Kirkland pays $10,000 bar stipend, and Latham pays $13,333.


D'oh




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