Biglaw and then PSLF? Feasible?

(On Campus Interviews, Summer Associate positions, Firm Reviews, Tips, ...)
Forum rules
Anonymous Posting

Anonymous posting is only appropriate when you are revealing sensitive employment related information about a firm, job, etc. You may anonymously respond on topic to these threads. Unacceptable uses include: harassing another user, joking around, testing the feature, or other things that are more appropriate in the lounge.

Failure to follow these rules will get you outed, warned, or banned.
09042014
Posts: 18282
Joined: Wed Oct 14, 2009 10:47 pm

Re: Biglaw and then PSLF? Feasible?

Postby 09042014 » Tue Sep 25, 2012 10:52 pm

You Gtown '12 right? Why not just cop dat LRAP right now. Don't they cover all your loans 100%?

Anonymous User
Posts: 273137
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw and then PSLF? Feasible?

Postby Anonymous User » Tue Sep 25, 2012 11:00 pm

I'm very interested in this as well; although with a different scenario. What do people think about this idea if I did only 1 year (maybe 2 max) in biglaw, then 2 clerkships, and went into gov from there? Better to pay the minimum on loans for my time in biglaw then hit LRAP+PSLF for the clerkships and gov?

User avatar
sunynp
Posts: 1899
Joined: Tue May 24, 2011 2:06 pm

Re: Biglaw and then PSLF? Feasible?

Postby sunynp » Tue Sep 25, 2012 11:52 pm

Anonymous User wrote:I'm very interested in this as well; although with a different scenario. What do people think about this idea if I did only 1 year (maybe 2 max) in biglaw, then 2 clerkships, and went into gov from there? Better to pay the minimum on loans for my time in biglaw then hit LRAP+PSLF for the clerkships and gov?


Do you have biglaw now? What practice group?

My feeling is that you are counting on getting 3 different highly competitive jobs. I guess you could pay the basic 10 year payment and then use your savings to pay down a lot of you loan if you don't get the 2 clerkships.

Why do you want to do this other than to get loan forgiveness?

Anonymous User
Posts: 273137
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw and then PSLF? Feasible?

Postby Anonymous User » Wed Sep 26, 2012 12:21 am

Desert Fox wrote:I'm calling flame on PI making six figs as a 5th year attorney.


FWIW, the highest paid staff member (exec director) at the Legal Aid org I used to work at made around 80k. There were also multiple attorneys who had been there for 30+ yrs and were making in the 60-75 range. It was located in a Rural state tho

User avatar
rayiner
Posts: 6184
Joined: Thu Dec 11, 2008 11:43 am

Re: Biglaw and then PSLF? Feasible?

Postby rayiner » Wed Sep 26, 2012 1:31 am

Anonymous User wrote:
Desert Fox wrote:I'm calling flame on PI making six figs as a 5th year attorney.


FWIW, the highest paid staff member (exec director) at the Legal Aid org I used to work at made around 80k. There were also multiple attorneys who had been there for 30+ yrs and were making in the 60-75 range. It was located in a Rural state tho


This environmental PI organization I've worked with pays $90-$130k for senior attorneys, though the top end of the range is ~10 years out.

pasteurizedmilk
Posts: 460
Joined: Wed Oct 29, 2008 8:12 pm

Re: Biglaw and then PSLF? Feasible?

Postby pasteurizedmilk » Wed Sep 26, 2012 7:02 am

Desert Fox wrote:You Gtown '12 right? Why not just cop dat LRAP right now. Don't they cover all your loans 100%?

hmmm. I'm not sure. my theory was i wouldn't be able to save as much if i did lrap/PI right away but looking at the opportunity cost of hte 3 years w/o forgiveness, etc. I'm not sure that makes sense.

i wish i had crunched these numbers before i effectively decided the course of the first years of my legal career. *sigh* my own fault.

Anonymous User
Posts: 273137
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw and then PSLF? Feasible?

Postby Anonymous User » Wed Sep 26, 2012 7:51 am

Desert Fox wrote:I'm calling flame on PI making six figs as a 5th year attorney.

I'm including DA/PD in PI. Could be where the misunderstanding is coming from.

Anonymous User
Posts: 273137
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw and then PSLF? Feasible?

Postby Anonymous User » Wed Sep 26, 2012 10:22 am

sunynp wrote:
Anonymous User wrote:I'm very interested in this as well; although with a different scenario. What do people think about this idea if I did only 1 year (maybe 2 max) in biglaw, then 2 clerkships, and went into gov from there? Better to pay the minimum on loans for my time in biglaw then hit LRAP+PSLF for the clerkships and gov?


Do you have biglaw now? What practice group?

My feeling is that you are counting on getting 3 different highly competitive jobs. I guess you could pay the basic 10 year payment and then use your savings to pay down a lot of you loan if you don't get the 2 clerkships.

Why do you want to do this other than to get loan forgiveness?
Yes, current 3L with biglaw lined up for next year (litigation group). I completely understand that clerkships and gov are not easy to obtain but this is my ideal plan and I think I have good enough stats to at least have a fighting chance.

Any other thoughts on this situation? Is it better to just focus on saving most of my biglaw salary since I'll only be there for 1/2 years?

pasteurizedmilk
Posts: 460
Joined: Wed Oct 29, 2008 8:12 pm

Re: Biglaw and then PSLF? Feasible?

Postby pasteurizedmilk » Fri Oct 19, 2012 9:28 pm

So I've spent some more time thinking about this, and I'm not sure the risk is so great.

If you merely accumulated cash for 3 years instead of paying off loans, and then decided not to go public interest, you could simply put that cash to loans at that point, 3 years out. Even with my enormous debt burden that would be, at most, an extra 9-11K in interest, and the possible benefit could be much more substantial.

Anonymous User
Posts: 273137
Joined: Tue Aug 11, 2009 9:32 am

Re: Biglaw and then PSLF? Feasible?

Postby Anonymous User » Fri Oct 19, 2012 9:53 pm

This thread raises a more general question for me, which is, loan forgiveness issues aside, how feasible is it actually to go from BigLaw into a PI job? I'm talking more Legal Aid orgs / EJW type jobs, rather than clerking/prosecutor/PD. I thought these jobs were very difficult to get in the first place -- I can't imagine they'd be much easier after you've begun a private sector career? I ask because I've always been interested in that kind of work, but am on the BigLaw career path right now. I understand that a longstanding demonstrated dedication to public interest is important -- so does starting out your legal career in BigLaw put an end to those hopes?




Return to “Legal Employment”

Who is online

The online users are hidden on this forum.