Point of Big Law? Forum

[Wolfie91]

I'm just trying to give him realistic advice here. He's ultimately going to make the decision. But if your thought process is "I'm gonna go to SMU with 200k in loans, get in the top 1/4, go into big law, and use 50% of my salary to pay off my loans in 4 years" is just not a realistic way to look at this.

[UnicornHunter]

FULL Disclaimer: I haven't read any of the posts ITT.

The point of biglaw is enable corporate officers to maximize shareholder value without going to jail.

[MAPP]

I'm just trying to give him realistic advice here. He's ultimately going to make the decision. But if your thought process is "I'm gonna go to SMU with 200k in loans, get in the top 1/4, go into big law, and use 50% of my salary to pay off my loans in 4 years" is just not a realistic way to look at this.

Didn't know we were talking about SMU... I would definitely not finance 200k there. BigLaw from SMU probably isn't starting at 160k either, it's probably the smaller biglaw firms, so we're talking around 120k

[Wolfie91]

There were a fair amount of students in my class that started at 160 if they stayed in Dallas. But ya you're more realistically looking at a 100-120k salary for mid- lower scale big law, which many students land, but still.

200k is a lot at t14, never mind SMU after interest hits. I was lucky to get like a 66% scholly and live at home for free during law school, but 90% of the class ended up taking out loans.

[MAPP]

There were a fair amount of students in my class that started at 160 if they stayed in Dallas. But ya you're more realistically looking at a 100-120k salary for mid- lower scale big law, which many students land, but still.

200k is a lot at t14, never mind SMU after interest hits. I was lucky to get like a 66% scholly and live at home for free during law school, but 90% of the class ended up taking out loans.

I guess I haven't done my homework when it comes to loans, but is it difficult to get loans from the school and gov to cover the 150k-200k borrowed? Because getting a high interest rate loan would suck

[kalvano]

I would find another career before I took out $200,000 in loans to pay for SMU. That's nuts. You have a very limited opportunity for Biglaw from SMU, and even if you make, you likely won't last 3-4 years.

$200,000 is life-crippling debt.

[zot1]

It isn't bad if you want to stay in Dallas. But you'll have trouble going anywhere else with ties. I had ties to Houston, so I was a little bit lucky with SMU's Houston OCI program as far as callbacks. But it depends what you want to do. Dallas is a huge market and I had several friends with bad grades get jobs of some kind here. I think starting salary is right around 95-100k, which is just about the average mid-sized firm's rate. I was right around the top 1/3rd and I was able to get a mid-sized firm job for 110k with pretty good bonus opportunities and room for growth.

My situation was different from others though. If you go to SMU, 90% of the time you are taking out pretty substantial loans. So some students really were big law or bust here when I went. Keep in mind, this info might be dated by now as the market is slightly better than when I graduated.

Thank you for answering my question. well, I really dont want to go anywhere other than DFW. Since I didnt have any debts in my life, 200k debts for the rest of my life wont be too bad. I prefer to work for some big international firms as in-house because I speak read and write 3 languages, I feel like thats my advantages.

Since I haven't been sick most of my life, having cancer for the rest of it won't be so bad.

[laggyking]

It isn't bad if you want to stay in Dallas. But you'll have trouble going anywhere else with ties. I had ties to Houston, so I was a little bit lucky with SMU's Houston OCI program as far as callbacks. But it depends what you want to do. Dallas is a huge market and I had several friends with bad grades get jobs of some kind here. I think starting salary is right around 95-100k, which is just about the average mid-sized firm's rate. I was right around the top 1/3rd and I was able to get a mid-sized firm job for 110k with pretty good bonus opportunities and room for growth.

My situation was different from others though. If you go to SMU, 90% of the time you are taking out pretty substantial loans. So some students really were big law or bust here when I went. Keep in mind, this info might be dated by now as the market is slightly better than when I graduated.

Thank you for answering my question. well, I really dont want to go anywhere other than DFW. Since I didnt have any debts in my life, 200k debts for the rest of my life wont be too bad. I prefer to work for some big international firms as in-house because I speak read and write 3 languages, I feel like thats my advantages.

Since I haven't been sick most of my life, having cancer for the rest of it won't be so bad.

bad analogy, 200k debt is fixable, and cancer is not.

[zot1]

It isn't bad if you want to stay in Dallas. But you'll have trouble going anywhere else with ties. I had ties to Houston, so I was a little bit lucky with SMU's Houston OCI program as far as callbacks. But it depends what you want to do. Dallas is a huge market and I had several friends with bad grades get jobs of some kind here. I think starting salary is right around 95-100k, which is just about the average mid-sized firm's rate. I was right around the top 1/3rd and I was able to get a mid-sized firm job for 110k with pretty good bonus opportunities and room for growth.

My situation was different from others though. If you go to SMU, 90% of the time you are taking out pretty substantial loans. So some students really were big law or bust here when I went. Keep in mind, this info might be dated by now as the market is slightly better than when I graduated.

Thank you for answering my question. well, I really dont want to go anywhere other than DFW. Since I didnt have any debts in my life, 200k debts for the rest of my life wont be too bad. I prefer to work for some big international firms as in-house because I speak read and write 3 languages, I feel like thats my advantages.

Since I haven't been sick most of my life, having cancer for the rest of it won't be so bad.

bad analogy, 200k debt is fixable, and cancer is not.

You do know some people overcome cancer, right?

But, for the record, I don't really care how good or bad it is. I was trying to make the point that you don't want debt just because you didn't have it before. I don't care if OP or you or whomever else get into debt for law school. I'm already set in my career, so good luck getting through law school, 0L.

[laggyking]

I would find another career before I took out $200,000 in loans to pay for SMU. That's nuts. You have a very limited opportunity for Biglaw from SMU, and even if you make, you likely won't last 3-4 years.

$200,000 is life-crippling debt.

I was just exaggerated the total amount there, and I dont understand why suddenly everyone is talking about this.

[zot1]

I would find another career before I took out $200,000 in loans to pay for SMU. That's nuts. You have a very limited opportunity for Biglaw from SMU, and even if you make, you likely won't last 3-4 years.

$200,000 is life-crippling debt.

I was just exaggerated the total amount there, and I dont understand why suddenly everyone is talking about this.

Maybe because we actually have that debt and we know know how problematic it is... Specially when you're dumping that kind of money to SMU.

[zot1]

You do know some people overcome cancer, right?

But, for the record, I don't really care how good or bad it is. I was trying to make the point that you don't want debt just because you didn't have it before. I don't care if OP or you or whomever else get into debt for law school. I'm already set in my career, so good luck getting through law school, 0L.

wow, why people are so mean. well, im pretty sure you will have a success career, but I am also sure we wont be neighbors for a while, since I believe no matter how success you are, your salary wont be enough for a house in my neighborhood any time soon.

Lol. Dude, you belong in law school. Please go to SMU and take the maximum amount of loans.

I don't want to live in your neighborhood. The fact that you need to say that to feel better about yourself... Good luck. You're beyond help.

[laggyking]

You do know some people overcome cancer, right?

But, for the record, I don't really care how good or bad it is. I was trying to make the point that you don't want debt just because you didn't have it before. I don't care if OP or you or whomever else get into debt for law school. I'm already set in my career, so good luck getting through law school, 0L.

wow, why people are so mean. well, im pretty sure you will have a success career, but I am also sure we wont be neighbors for a while, since I believe no matter how success you are, your salary wont be enough for a house in my neighborhood any time soon.

Lol. Dude, you belong in law school. Please go to SMU and take the maximum amount of loans.

I don't want to live in your neighborhood. The fact that you need to say that to feel better about yourself... Good luck. You're beyond help.

Im just trying to talk in your tone, feel bad? I mean I know 200k is bad, and I wish you good luck with your career. BTW, I dont have an expensive house I was just kidding there.