My Situation - Advice Needed

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Arad

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Posts: 120
Joined: Thu May 08, 2014 3:17 pm

Re: My Situation - Advice Needed

Postby Arad » Mon Mar 27, 2017 6:28 pm

Lateral to DC or another non-NY market.

Voyager

Silver
Posts: 723
Joined: Sun May 06, 2007 2:52 pm

Re: My Situation - Advice Needed

Postby Voyager » Tue Mar 28, 2017 11:12 am

Anonymous User wrote:
Voyager wrote:
Anonymous User wrote:
Voyager wrote:
Anonymous User wrote:Hey everyone,

I was wondering if I could get some advice on my situation. I graduated from a T10 school with $230,000 in student loans. I was really dumb at the time and was looking to make up for bad grades in college and the financial crisis and did well enough on the LSAT to get into a good school and thought "hey, I can make great money and be totally fine".

Fast forward a few years and I am still $130,000 in debt, currently a 3rd year in NYC biglaw and I just can't take the job anymore. I have some savings (about $75,000) and some money in retirement (about $40,000), but the massive debt load still sits on my head. The reason I'm thinking about quitting is because I have ended up with massive anxiety from this job, something I never had, to the point where I have trouble sleeping and getting through the day. I wake up in the middle of the night and can't get back to sleep. I find the demands on your time completely unreasonable and I just don't think it is worth doing this anymore. I don't want my life to be controlled by my debt situation. I know I made mistakes to get to this point, but I just can't fathom doing this for another 2 years, especially as the pressure builds and you get more senior.

Have any of you encountered these feelings yourself or in friends? have any of you said "Fuck It" and just quit with high debt loads? Any advice is welcome and thanks in advance.


Gut it out, man, gut it out.

Polish off that debt over the next 3 years.

THEN look for your next gig with no debt load. You'll be much better off.

Also, from what I can tell from my friends, senior associate is when the job actually becomes interesting. You get to finally make some decisions on your own.

Finish it out.

EDIT: you could also consider changing offices. Some offices will have slightly nicer hours than others.

EDIT2: Also, as a senior associate, you will have decent in house options where the hours are way easy.


Definitely not man, I've tried gutting it out and it has left me just absolutely drained (and this is before working with the biggest asshole I've ever had to deal with in my life). Its not even about it being interesting (because it certainly isn't). I lead smaller deals now and make decisions and talk to clients and the stress is just too much to handle and the expectations of being billed out at $500/hour are just too high for someone with no idea what they are doing. Deadlines are ASAP, partners with no concept of how to treat associates, and just other things that make it hard to get up in the morning. I wasn't meant for NYC big law and i'm getting out before I ruin my relationships with people I care about or my mind (which has already begun slipping and has me questioning everything about myself). My fiance makes decent money and combined, we should be able to cut out the debt in the next 5-10 years while we actually build a life together.


Do you want to continue to practice law or are you thinking about a new career altogether?


Practicing law for the foreseeable future, but want to practice more on the company-side and get exposure to in-house roles and business people that work in actual companies. Sick of working for PE funds and investment banks. At the end of the day, I should have never been a lawyer, but if I can find a place with a decent group of people and better quality of life in a lower-COL city,then maybe it can work out for me.


Well then... what about applying to MBB?

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

Re: My Situation - Advice Needed

Postby Anonymous User » Tue Apr 04, 2017 7:37 am

OP refinance your loans ASAP, move out of NYC, get the house, dogs and baby, and LIVE YO LIFE!

Anonymous User
Posts: 316586
Joined: Tue Aug 11, 2009 9:32 am

Re: My Situation - Advice Needed

Postby Anonymous User » Tue Apr 04, 2017 7:51 am

Use some of that $75k to pay down your $130k debt then refinance. I paid my loan down to $100k and refinanced with first republic to a 15 year fix at 3.75% (I think rates have gone slightly up since then). My payment is $714 per month. My loan is now at $90k. Once it gets under six figures it is much less daunting. Good luck!



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