I must be crazy. Need advice.

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accountant
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I must be crazy. Need advice.

Postby accountant » Wed Mar 10, 2010 1:19 pm

Ty for advice
Last edited by accountant on Fri Mar 19, 2010 3:13 am, edited 2 times in total.

Slimpee
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby Slimpee » Wed Mar 10, 2010 1:25 pm

Hmm, i'd go with stay another year. Given the fact that you're going to pay sticker it would be a good opportunity to pocket a large chunk of change. Lets assume that you're able to live comfortably on 60k. For the next year continue to live that way and pocket the extra 30k (minus taxes and whatever). That'd go a looooong way towards your first year tuition payment....
Last edited by Slimpee on Wed Mar 10, 2010 1:37 pm, edited 1 time in total.

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Rowinguy2009
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby Rowinguy2009 » Wed Mar 10, 2010 1:25 pm

If it were me I would defer a year, the fact that you will be making an extra 30 grand next year means you can put away a good bit into savings, that savings will help out a lot with expenses during the three years you are in school. At the same time, if you already have enough savings that you are comfortable, I guess there is no huge reason to stay.

Edit: Didn't see the second part of the question about CCN.... the extra year would also give you a chance to retake the LSAT. If you really want Columbia or NYU I don't think your current numbers are gonna be quite good enough, despite your stellar GPA and URM status (I could be wrong, that is just my take). Get the LSAT up a couple points and you could potentially be looking at HYS.
Last edited by Rowinguy2009 on Wed Mar 10, 2010 1:27 pm, edited 1 time in total.

eru2
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby eru2 » Wed Mar 10, 2010 1:27 pm

I agree. What makes you think that this is the time rather than next year? Next year, you should feel a lot more comfortable with your decision to attend because you will have been able to save a lot more for your tuition and your family.

chocho
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby chocho » Wed Mar 10, 2010 1:28 pm

i think it comes down to whether or not 90k is worth delaying law school a year. i kno if i were you, and someone was willing to pay me 90k to delay a year and work i would do, esp if i was only making 60k prior. i understand law school is your dream, but you can think of this as a type of insurance for your law school investment, 90k will cover a good chunk of the law school debt you will accrue, and that can really be a nice thing, the only way i would advise you to go to school this fall regardless of the offer is if the 90k is not that important to you, and another year of waiting is something you desperately do not want to do.

in any case, your in a fabulous situation, your either making 90k this year and going to a t10 next year, or your going to a t10 this year. congrats.

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Snoopy1216
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby Snoopy1216 » Wed Mar 10, 2010 1:31 pm

I would defer another year. You have a family to think about. This 90K will definitely help them/you out. You are paying sticker. It's not like a scholarship is going to go away. And your 90K may make paying sticker full price a little easier. It is only a year, they are not asking you for two. If you can defer, you will have the comfort of knowing that you have and extra 30K and a nice comfy spot in a T10 waiting for you...

goingtolawschool
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby goingtolawschool » Wed Mar 10, 2010 1:31 pm

Personal considerations aside, I would advise you to not defer law school for a year for a 80k job (it is exactly a half of what you'd earn if you had this year after law school, so opportunity cost wise, it makes little sense).

But sounds like you think you'd get money from a T10 but for the ED (?). I am really not sure your numbers will get you $ at, say, UVA if you apply in regular decision. I think you should be very happy with T10 at sticker with these numbers.

If you decide to wait a year-- every law school has a different policy regarding deferral, but most schools will allow you to do it. You need to submit a written request to the Assistant Dean of Admissions and explain to them what you explained here.

viking138
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby viking138 » Wed Mar 10, 2010 1:39 pm

You might want to look into seeing if that extra 30k would change the amount of loans or government aid for which you'd be eligible. If you can't get the same amount of subsidized loans that could be significant in terms of the interest you would pay off on it in the future. I'm not sure if that would make a difference but be sure you do look into it just to be sure.

If your plan is Biglaw for the future, you're making 90k next year. If you go straight to the T10 school and get Biglaw coming out (which isn't necessarily for sure but is certainly possible) and let's say you get 140k with a 10k bonus for 150k (or perhaps more with inflation)...

You're forgoing a year of *possibly* 150k or so in the future for 90k now. Just another way to look at it if you're shooting for Biglaw.

rando
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby rando » Wed Mar 10, 2010 1:41 pm

goingtolawschool wrote:Personal considerations aside, I would advise you to not defer law school for a year for a 80k job (it is exactly a half of what you'd earn if you had this year after law school, so opportunity cost wise, it makes little sense).


Actually, when you take DPV into consideration (even though interest rates are notoriously low right now), money in hand is worth more than money 3+ years down the road, especially when paying off school loans.
Not to mention the enormous elephant in the room, but $160k/yr isn't exactly guaranteed anymore, even at a T10.

Defer.

lakerfanimal
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby lakerfanimal » Wed Mar 10, 2010 1:42 pm

On the outside looking in I think you should take the extra year. If you've waited this long, what's another year. Plus that huge increase in salary could be used to pay for law school assuming your quality of life suddenly gets more expensive in the next year, which again on the outside looking in, seems unlikely since you seem pretty settled down. If you think you can do better on the LSAT, just re-take and if you scored even 3-5 points higher I think that'd open a lot of doors with your URM and non-traditional statuses.

Good luck!

goingtolawschool
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby goingtolawschool » Wed Mar 10, 2010 1:51 pm

rando wrote:
goingtolawschool wrote:Personal considerations aside, I would advise you to not defer law school for a year for a 80k job (it is exactly a half of what you'd earn if you had this year after law school, so opportunity cost wise, it makes little sense).


Actually, when you take DPV into consideration (even though interest rates are notoriously low right now), money in hand is worth more than money 3+ years down the road, especially when paying off school loans.
Not to mention the enormous elephant in the room, but $160k/yr isn't exactly guaranteed anymore, even at a T10.

Defer.

I doubt 80k now is worth more than the PV of 160k in 3 years. I do agree that 160k isn't guaranteed nowadays, hopefully she doesn't graduate from law school in 2010.

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Joga Bonito
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby Joga Bonito » Wed Mar 10, 2010 1:52 pm

If you can defer your admission to next year then do that and then maybe retake and/or reapply. The extra money will be good and you get to look at all your options.

chocho
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Re: I must be crazy. Need advice. 3.8/163 urm

Postby chocho » Wed Mar 10, 2010 2:27 pm

goingtolawschool wrote:
rando wrote:
goingtolawschool wrote:Personal considerations aside, I would advise you to not defer law school for a year for a 80k job (it is exactly a half of what you'd earn if you had this year after law school, so opportunity cost wise, it makes little sense).


Actually, when you take DPV into consideration (even though interest rates are notoriously low right now), money in hand is worth more than money 3+ years down the road, especially when paying off school loans.
Not to mention the enormous elephant in the room, but $160k/yr isn't exactly guaranteed anymore, even at a T10.

Defer.

I doubt 80k now is worth more than the PV of 160k in 3 years. I do agree that 160k isn't guaranteed nowadays, hopefully she doesn't graduate from law school in 2010.


2013 will not be so much better than 2010 that it makes sense to readily expect a 160k....even at the t10s...people have to be below median.

JOThompson
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Re: I must be crazy. Need advice.

Postby JOThompson » Wed Mar 10, 2010 2:28 pm

Congrats on the T10 acceptance and the proposed promotion. I would defer. It'll give you another year with your family and the chance to chip away at that hefty sticker debt.

awr
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Re: I must be crazy. Need advice.

Postby awr » Wed Mar 10, 2010 3:16 pm

First off, congrats on the acceptance.

As for your question, as somebody who was accepted to law school last year and subsequently pushed it back to this year so as to bank another year of pay, I would say go now. I don't know what the "family business" is, or how much you like what you are doing, but from experience I can tell you that once you have checked into the "going to law school in a few months" boat, it is hard to mentally get off the boat and continue working, even for just one more year. Things that didn't bother you before now will, and I feel that it does, to some extent, affect your ability to do your work. The fact that you could be at law school will always be in the back of your mind.

That being said, I would also like to know what the contract says. Does the contract give the family any outs (I am sure it will)? Can they get rid of you (I am sure that there are reasons/ways for the family to dis-employ you)? What are those reasons? Will the death of your boss (who I am assuming built the company) have any effect on the reputation of the company or the business it does? Does the family seem competent enough to run the company for another year so as to be able to pay you for another year at the higher rate (or will you be left holding the reigns)? How would your responsibilities change at the company? Will you be expected to do a lot more work for the additional money, or are they merely asking you to do the same job for another year? As for the issue of money itself, would the extra money put you in a higher tax bracket? How much more money will actually be in each paycheck for you to bank?




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