Is the big law experience different for people who were poor before law school?

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Hikikomorist
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Re: Is the big law experience different for people who were poor before law school?

Postby Hikikomorist » Tue Aug 22, 2017 12:33 am

elendinel wrote:
Hikikomorist wrote:
Pneumonia wrote:
Hikikomorist wrote: But there are other, better options.

But the original point was about QoL. Arguably—and I think definitely for the discussion in this thread—saving and investing have a minor effect on QoL once they are occurring at a level sufficient to maintain one's lifestyle upon retirement.

How soon one can reasonably expect to retire probably has an impact on one's QoL, right? Like, I'm going to be happier if I know I can retire next year than if I expect to have to work until I'm 70.


Is that because it's objectively better to retire early, or because biglaw sucks so much you'd hate to have to do it until you're 70, tho?

I think the ability to retire early is objectively better than the inability.

pricon
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Re: Is the big law experience different for people who were poor before law school?

Postby pricon » Tue Aug 22, 2017 10:58 am

People are bringing up pertinent circumstances. If you have $300k in debt going into biglaw and pay it off ASAP, then, for four years, you won't actually have more disposable income or be accruing more assets than a PI lawyer would be using PSLF and LRAP. After that, those lateraling out of biglaw go down in salary, the PI's salary has increased slightly, and the difference between that and your biglaw lateral's is no longer make-or-break ($90k vs. $150k, e.g.), especially when you compare the sacrifices made by the biglaw lateral and the PI up until that point.

This issue is even harder for me. I have three years accumulated in the PSLF program pre-law school, so my post-school PSLF commitment would only be seven years. Wondering if biglaw is worth it. Nonetheless, coming from a person who grew up poor, starting out at $70k in PI seems like a life-long commitment to being vulnerable, and that sounds worse than being unhappy.

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UVAIce
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Re: Is the big law experience different for people who were poor before law school?

Postby UVAIce » Tue Aug 22, 2017 11:19 am

In some ways, and maybe I'm alone here, but the salary from big law was underwhelming and something of a disappointment. Yes, I don't have to worry about my month-to-month bills as I will always have enough to pay for the rent/mortgage, utility bills,, minor auto repair, etc. Short-financial insecurity has been swapped for long-term debt concerns. I do worry about is dealing with my student loan payments over the next ~5 years. That changes your perspective in terms of what you can and cannot do with your law degree. Of course you could very well talk to me in 5 years and I could be singing a different tune.

Big law is not *that* bad, but it essentially kills what you can do with your personal life. I have just enough time free with my schedule to spend time with my family and that is it. New friends (outside of work) are essentially not going to happen (at least you won't spend time with them). Keeping up with established friendships is something like a long-distance relationship. Even hobbies are something I fantasize about.

RSolano
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Re: Is the big law experience different for people who were poor before law school?

Postby RSolano » Tue Aug 22, 2017 1:01 pm

Keep finding myself daydreaming about how good it would feel to get a full tuition scholarship and then do some years in big law... The three years COL debt could be paid off first year and then the budget for saving for retirement would be wide open. What a dream lol

pricon
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Re: Is the big law experience different for people who were poor before law school?

Postby pricon » Tue Aug 22, 2017 1:13 pm

RSolano wrote:Keep finding myself daydreaming about how good it would feel to get a full tuition scholarship and then do some years in big law... The three years COL debt could be paid off first year and then the budget for saving for retirement would be wide open. What a dream lol


You and engineers-turned-lawyers across the country.

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First Offense
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Re: Is the big law experience different for people who were poor before law school?

Postby First Offense » Tue Aug 22, 2017 1:31 pm

UVAIce wrote:In some ways, and maybe I'm alone here, but the salary from big law was underwhelming and something of a disappointment. Yes, I don't have to worry about my month-to-month bills as I will always have enough to pay for the rent/mortgage, utility bills,, minor auto repair, etc. Short-financial insecurity has been swapped for long-term debt concerns. I do worry about is dealing with my student loan payments over the next ~5 years. That changes your perspective in terms of what you can and cannot do with your law degree. Of course you could very well talk to me in 5 years and I could be singing a different tune.

Big law is not *that* bad, but it essentially kills what you can do with your personal life. I have just enough time free with my schedule to spend time with my family and that is it. New friends (outside of work) are essentially not going to happen (at least you won't spend time with them). Keeping up with established friendships is something like a long-distance relationship. Even hobbies are something I fantasize about.

I was confused because this perfectly encapsulates my experience, and I didn't remember posting it. What free time I have I spend with my wife and dog, and I *maybe* get a brunch or two a month with some of my other friends. I don't worry about bills, but I do worry about savings/student loans/etc for when I burn out (which will happen - it's a matter of when not if).

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landshoes
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Re: Is the big law experience different for people who were poor before law school?

Postby landshoes » Thu Aug 24, 2017 12:06 am

pricon wrote:People are bringing up pertinent circumstances. If you have $300k in debt going into biglaw and pay it off ASAP, then, for four years, you won't actually have more disposable income or be accruing more assets than a PI lawyer would be using PSLF and LRAP. After that, those lateraling out of biglaw go down in salary, the PI's salary has increased slightly, and the difference between that and your biglaw lateral's is no longer make-or-break ($90k vs. $150k, e.g.), especially when you compare the sacrifices made by the biglaw lateral and the PI up until that point.

This issue is even harder for me. I have three years accumulated in the PSLF program pre-law school, so my post-school PSLF commitment would only be seven years. Wondering if biglaw is worth it. Nonetheless, coming from a person who grew up poor, starting out at $70k in PI seems like a life-long commitment to being vulnerable, and that sounds worse than being unhappy.


yup, this is how I feel.

it's not just money, it's also liquidity/cash flow. not having $50 when you need it can really ruin your week/month/year, and so even with student loans, the sheer cash flow generated by biglaw is very appealing




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