Questions on LRAP and Big Law specifics Forum

[Law.3.2016]

LRAPs
1. Do you know why some LRAP programs are considered "better" than others?

2. Are those who do clerkships eligible to use LRAPs?

3. If you end up getting married, would spouse's income be taken into account and disqualify you from LRAP? (I read that if you are married but file separately that you could still use LRAP, but probably not if tried to marry and file jointly--spouse income alone is over 80k)

BIG LAW
1. For BigLaw, is it the only path generally to get other desirable jobs longer term (like in house counsel?) For example, at a company like Warner Brothers, Amazon, etc...

2. Do people generally want BigLaw for the higher salaries or because it is required to have other career opps later? (seems like if it is as miserable as people say, then it must be for the later reason...because people say no money is worth the hellish hours)

3. Are there any "good"/enjoyable parts of BigLaw? Is it really as bad as they say? If you say, have a family thing you can't get out of and a partner says --no stay and work even though it's 8pm on Friday...do they just fire you if you say--no I have to go?

[twenty]

1. Do you know why some LRAP programs are considered "better" than others?

Either because the LRAP pays off the principle + interest on your loan (see HYS Columbia alt plan and old Cornell plan), because some LRAP plans have a higher earning threshold than others, or because they have a broader scope of employment eligibility.

2. Are those who do clerkships eligible to use LRAPs?

If you go from a clerkship to public interest, almost all LRAPs will consider the clerkship public interest. If you go to biglaw, probably not. But it will still count towards PSLF if you're on IBR/PAYE.

3. If you end up getting married, would spouse's income be taken into account and disqualify you from LRAP? (I read that if you are married but file separately that you could still use LRAP, but probably not if tried to marry and file jointly--spouse income alone is over 80k)

Some, yeah. I bet most of the LRAPs are going to change to meet REPAYE's new deal for spouse income.

[Tiago Splitter]

1. For BigLaw, is it the only path generally to get other desirable jobs longer term (like in house counsel?) For example, at a company like Warner Brothers, Amazon, etc...

Yes, most of the hires at these kinds of places come from law firms.

2. Do people generally want BigLaw for the higher salaries or because it is required to have other career opps later? (seems like if it is as miserable as people say, then it must be for the later reason...because people say no money is worth the hellish hours)

To be honest, it's more because biglaw is one of the few options really available to law grads. Midsize firms generally can't afford to or don't want to spend the time and money training new grads. You can see pretty quickly when you look at overall law grad hiring numbers that a significant portion of the good jobs are in biglaw. And if you go biglaw you basically have a good job locked up after one year of law school, so it's hard to turn down that opportunity.

Plenty of people who haven't gone to law school want to do big law for the wrong reasons (i.e. money) but that's not necessarily why most grads of top schools go into biglaw. There just aren't a lot of other options.

3. Are there any "good"/enjoyable parts of BigLaw? Is it really as bad as they say? If you say, have a family thing you can't get out of and a partner says --no stay and work even though it's 8pm on Friday...do they just fire you if you say--no I have to go?

You likely wouldn't get fired on the spot, and might survive a while if it's a one time thing. But chances are you won't last long.