Also very important to note. But for some reason I don't get the impression Big Shrimpin is on that track.Tiago Splitter wrote:Obviously if you intend to stay in private practice for the long term and can get a 4% reduction it's a pretty easy choice. But for someone set on getting into some kind of PI or government work after a couple of years in Biglaw keeping the PSLF option open is pretty important.dixiecupdrinking wrote:Also anyone in biglaw aggressively paying down loans is pretty far from being eligible for forgiveness. I get that risk aversion might lead you to want the IBR safety net, but at a certain point you're paying more than that's worth. IMO a 4% interest rate reduction is past that point.
Biglaw Bonus Watch (2013) Forum
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- Old Gregg
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Re: Biglaw Bonus Watch (2013)
- 84651846190
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Re: Biglaw Bonus Watch (2013)
Access to these discounts requires a fairly high amount of investment, which I wouldn't be able to do. I know this for sure because I've spoken with JPMorganChase bankers about it.zweitbester wrote:Thanks bud. Also, JPMorgan Private Bank gives clients access to their inhouse ETFs and Mutual Funds at discounted loads, some of which are pretty competitive with Vanguard.thesealocust wrote:Yeah, your info is way off base here. One of my favorite options is the Fidelity Spartan S&P 500 fund, which is common in 401(k) plans and charges 0.05%in fees per annum. That's basically free: literally 20-40x less than a lot of shitty funds out there.Biglaw_Associate_V20 wrote:With respect to mutual funds/ETFs, it was my understanding that most of them charge pretty ridiculous fees. I looked at a chart of some of the best performing ETFs and people weren't making out with much of a return due to the fees. Maybe this has changed? In any event, I plan on living maybe 2-3 more years given my current lifestyle, so I should probably just spend everything on hookers and blow.
As the artist currently known as zweitbester mentions, Vanguard is another great option for absurdly low fee mutual funds and ETFs.
Fidelity Spartan sounds like TCR, but I'm trying to save up for a home purchase and don't want my nest egg pwnd by the next downturn.
Finally, my 3.5% rate is pretty sweet, but another reason I'm paying down as quickly as possible is because the guy who loaned me the money is kind of a dickhead and feels like he can treat me like somewhat of a bitch every time I see him since I'm indebted to him. So I'd like to remove myself from this situation as quickly as possible.
- Old Gregg
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Re: Biglaw Bonus Watch (2013)
Really? Because I have an account and I definitely don't have the assets or wealth for it. Associates at most biglaw firms can get one for free.Access to these discounts requires a fairly high amount of investment, which I wouldn't be able to do. I know this for sure because I've spoken with JPMorganChase bankers about it.
- 84651846190
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Re: Biglaw Bonus Watch (2013)
Hmmm... this particular banker didn't know I was a biglaw associate. Maybe if I flash some PRESTIGE at him with my business card, he'll hook me up.zweitbester wrote:Really? Because I have an account and I definitely don't have the assets or wealth for it. Associates at most biglaw firms can get one for free.Access to these discounts requires a fairly high amount of investment, which I wouldn't be able to do. I know this for sure because I've spoken with JPMorganChase bankers about it.
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Re: Biglaw Bonus Watch (2013)
Has Davis Polk announced yet?911 crisis actor wrote:Looks like bonus season is done
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Re: Biglaw Bonus Watch (2013)
I don't think DPW has ever SHATTERED the market or even come close to lightly denting it
Could be wrong though
Could be wrong though
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Re: Biglaw Bonus Watch (2013)
Your firm might have an existing relationship with a private bank. Ask your HR department. Associates are often also allowed to open an account with the bank.Biglaw_Associate_V20 wrote:Hmmm... this particular banker didn't know I was a biglaw associate. Maybe if I flash some PRESTIGE at him with my business card, he'll hook me up.zweitbester wrote:Really? Because I have an account and I definitely don't have the assets or wealth for it. Associates at most biglaw firms can get one for free.Access to these discounts requires a fairly high amount of investment, which I wouldn't be able to do. I know this for sure because I've spoken with JPMorganChase bankers about it.
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Re: Biglaw Bonus Watch (2013)
Also, the Dow is up about 20% this year. While average overall returns haven't been great over the last 7 years, that also includes one of the larger recessions since WWII.
You could use your bonus $ to open a Fidelity account. In addition to the fund TSL identified, they have numerous no load funds.
You could use your bonus $ to open a Fidelity account. In addition to the fund TSL identified, they have numerous no load funds.
- Big Shrimpin
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Re: Biglaw Bonus Watch (2013)
I was speaking in a more hypothetical sense, but agree with what you said generally because that was the case.zweitbester wrote:Before ITE, nobody I know in biglaw paid off their loans that aggressively because before ITE they were getting loans at pretty competitive interest rates. Back then, many private lenders were offering competitive variable interest rate loans. Most of my loans for law school were with a private lender (who now no longer provides student loans) and they were hovering close to 2% interest when I graduated.Before ITE, 2-3 years was doable. Now, not so much with these shitbonuses (unless you're at BSF/WLRK/etc.).
- Big Shrimpin
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Re: Biglaw Bonus Watch (2013)
DOW being up 20% is just more reason for me not to invest.run26.2 wrote:Also, the Dow is up about 20% this year. While average overall returns haven't been great over the last 7 years, that also includes one of the larger recessions since WWII.
You could use your bonus $ to open a Fidelity account. In addition to the fund TSL identified, they have numerous no load funds.
I'm not taking what little money I have and basically exposing it to market downside risk. That cash, for me relative to my risk tolerance, is better spent reducing debt.
But if I could qualify for a 4% rate or lower, I'd do it. Problem is just that I was never approved for such a low rate and switching now doesn't make much sense if there isn't a very strong possibility of the rate going down from what they quoted me.
- thesealocust
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Re: Biglaw Bonus Watch (2013)
Yeah, it really doesn't make sense to invest instead of paying down high interest loans (which is economically equivalent to leveraged investing, which is a horrible idea for pretty much everyone pretty much all the time, unless you're playing with Other People's Money (TM))
- 84651846190
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Re: Biglaw Bonus Watch (2013)
It's a lot more complicated than "if your student loan rate is X%, you should invest, otherwise, pay down your debt."
1) Before you invest anything, you need to set aside enough liquid funds for an emergency. The amount depends on your family size, risk tolerance, and a bajillion other factors.
2) Before you start throwing your money into shit that's going to require you to pay short-term capital gains tax (if you withdraw it prematurely), you should set aside another set of funds in low-risk, semi-liquid assets (and by that I mean your money is not going to have to be locked up for >1). Again, how much you save in this basket depends on your situation: For example, are you saving up for a house or some other large expensive?
3) When you finally invest for retirement (lol @ Millennials ever being able to retire), you have to do it with the mindset that you're not going to touch the money for a few years at least (or decades).
1) Before you invest anything, you need to set aside enough liquid funds for an emergency. The amount depends on your family size, risk tolerance, and a bajillion other factors.
2) Before you start throwing your money into shit that's going to require you to pay short-term capital gains tax (if you withdraw it prematurely), you should set aside another set of funds in low-risk, semi-liquid assets (and by that I mean your money is not going to have to be locked up for >1). Again, how much you save in this basket depends on your situation: For example, are you saving up for a house or some other large expensive?
3) When you finally invest for retirement (lol @ Millennials ever being able to retire), you have to do it with the mindset that you're not going to touch the money for a few years at least (or decades).
- Tiago Splitter
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Re: Biglaw Bonus Watch (2013)
There's really no reason to be investing outside of retirement accounts unless you're really putting a lot away. Use a Roth IRA as your emergency fund and if the emergency doesn't happen you can invest a whole lot of money tax free. If you need it the contributions come out tax and penalty free.Biglaw_Associate_V20 wrote: 2) Before you start throwing your money into shit that's going to require you to pay short-term capital gains tax (if you withdraw it prematurely),
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- 84651846190
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Re: Biglaw Bonus Watch (2013)
Agreed.Tiago Splitter wrote:There's really no reason to be investing outside of retirement accounts unless you're really putting a lot away. Use a Roth IRA as your emergency fund and if the emergency doesn't happen you can invest a whole lot of money tax free. If you need it the contributions come out tax and penalty free.Biglaw_Associate_V20 wrote: 2) Before you start throwing your money into shit that's going to require you to pay short-term capital gains tax (if you withdraw it prematurely),
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Re: Biglaw Bonus Watch (2013)
RATE how dumb (or shrewd) it would be to clerk in a major-ish market DCt after a year of biglaw and a debtload of like 150k or so.
And a kind of expensive apartment in NYC.
With the hoaps of going right back into biglaw after.
Edit: biglawyers need only opine.
And a kind of expensive apartment in NYC.
With the hoaps of going right back into biglaw after.
Edit: biglawyers need only opine.
- thesealocust
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Re: Biglaw Bonus Watch (2013)
federal clerkship? totally fine / good plan.
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Re: Biglaw Bonus Watch (2013)
Bonus memo dropped today. No SHATTERING to be had (except for high billers, but I dunno how many people that actually effects since I've heard different things).
For the person who wants to clerk - sure, go for it.
For the person who wants to clerk - sure, go for it.
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- Big Shrimpin
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Re: Biglaw Bonus Watch (2013)
Are you at K&E?keg411 wrote:Bonus memo dropped today. No SHATTERING to be had (except for high billers, but I dunno how many people that actually effects since I've heard different things).
For the person who wants to clerk - sure, go for it.
Fuck, my bone-us memo hasn't dropped yet. Scurred.
Rilly on the clerking thing? Sounds dumb if you're strapped for cash doe?
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Re: Biglaw Bonus Watch (2013)
LOLno. I was just mocking ATL since they like to make it sound like every firm is going to SHATTER THE MARKET.Big Shrimpin wrote:Are you at K&E?keg411 wrote:Bonus memo dropped today. No SHATTERING to be had (except for high billers, but I dunno how many people that actually effects since I've heard different things).
For the person who wants to clerk - sure, go for it.
Fuck, my bone-us memo hasn't dropped yet. Scurred.
Rilly on the clerking thing? Sounds dumb if you're strapped for cash doe?
As for the clerking, I don't think it's something you do for the $$$$. You do it for the preftige points. Although the poster could always wait since I know people who are doing alumni clerkships even 3-4 years out.
- thesealocust
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Re: Biglaw Bonus Watch (2013)
Stopping big law for a year, getting a modest pay cut and then collecting a giant bonus and going back to biglaw is hardly going to lead to financial ruin.
- 84651846190
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Re: Biglaw Bonus Watch (2013)
You'll be fine.Anonymous User wrote:RATE how dumb (or shrewd) it would be to clerk in a major-ish market DCt after a year of biglaw and a debtload of like 150k or so.
And a kind of expensive apartment in NYC.
With the hoaps of going right back into biglaw after.
Edit: biglawyers need only opine.
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- Old Gregg
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Re: Biglaw Bonus Watch (2013)
Cahill and Kaye Scholer bucking the trend.
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Re: Biglaw Bonus Watch (2013)
There should be associate-wide collusion to rig the Vault rankings to align with bonuses. After all, it is an associate rating system, right?zweitbester wrote:Cahill and Kaye Scholer bucking the trend.
- thesealocust
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Re: Biglaw Bonus Watch (2013)
Cahill is either kind of new on the bonus wars scene or there was a gap in my due diligence during recruiting. I don't remember hearing anything about them every paying above market comp back in the day, but it seems quite regular now.
- Blindmelon
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Re: Biglaw Bonus Watch (2013)
Preftige > $. Go big vault or go home.thelawyler wrote:There should be associate-wide collusion to rig the Vault rankings to align with bonuses. After all, it is an associate rating system, right?zweitbester wrote:Cahill and Kaye Scholer bucking the trend.
Seriously? What are you waiting for?
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