DoubleChecks wrote:after factoring debt? accounting, dentistry, pharmacy, certain types of engineering, etc.
None of those fields (except maybe dentistry) have the same potential earning power down the line. I'll have less disposable income, accounting for debt and CoL as a lawyer than as an engineer, but in 10 years when my debts are paid off I'll have a legitimate career track in-house or something instead of still making ~100k until retirement.
Re: family. My dad worked 70-80 hour weeks his whole career and has a great family life. Kids don't remember their interactions with you until they're 4-5 anyway and don't get mad for breaking dinner appointments. Don't try to structure your social life with planned shows and stuff and find a spouse who will be happy as long as he/she has your full attention during those 35 hour weeks and you'll be fine.
my lack of familiarity (along with the variability) of in-house and how that would be 10 yrs down to road makes me unable to comment on this. im genuinely curious though, how does in-house fair on avg. 10 yrs down the road? also, keep in mind i was just talking about non-partnership track biglaw (i.e. first few years), not law as a career choice.
DoubleChecks wrote:I mean, there are a number of other professions that make just as much as biglaw (excluding partnership) once you factor in average debt...but they don't have anywhere near the insane hours and unpredictability.
englawyer wrote:loan payment (150k debt, 10 yrs) = 1.6k.
big law take home = 100k or 8.3k a month.
net take home = 6.7k.
approximate before tax equivalent = (6.7*12*1.4) = 112k.
thus after factoring debt, the starting salary equivalent is roughly 112k.
you can hit that in engineering but only after a bunch of experience, and you can't go much higher (probably mid 100's). pharmacist starts at like 75k and there is a bunch of grad school debt involved. can't speak to accounting/dentistry though.
overall, biglaw is one of the more lucrative professional options in my opinion. it probably loses out to "elite" engineering (starting software engineer at facebook etc is over 90k nowadays i think?), i-banking, and consulting. maybe dentistry and some kinds of medicine too
yeah, that is why i mentioned 'certain types' of engineering. that being said, maybe you're right about pharmacy -- i dont know how the general market for pharmacy fairs; the pharmacists i know all came out of UT, which i believe is pretty highly ranked...and id say looking at 100k for that isnt too off. that leaves dentistry, accounting, and now ima start throwing things like optometry in as well lol (though that is not nearly as solid as dentistry).