Regret BigLaw? Lower paying job better financially? Forum

[nealric]

Yeah, it's the nexus of Cravath scale and middling CoL that makes Houston notable. Most cities with comparable CoL do not pay associates based on the New York market.

On a separate note, arguing about monthly car payments is silly. If you are in biglaw, you shouldn't be living paycheck to paycheck, so monthlies are irrelevant. Total cost of ownership is all that matters. I'd also say it's not a good idea for a brand new biglaw associate to go out and buy a new car. Get a cheap commuting appliance until you are established and out of debt.

I was responding to the ridiculous estimate that a typical young Houston lawyer will have a $500/mo car payment. On a reasonable financing schedule, that suggests borrowing $30k or more -- but as much as it may seem like it, it's not actually a rule that a young biglaw associate has to buy a BMW, Audi, or (in Texas) pickup truck.

I agree that even spending ~$20k or less on a cheaper new car is an unnecessary luxury for most young lawyers, but that just enhances the point.

Depends on what "reasonable" financing schedule is. I did a 36 month loan on my last car purchase to get a promotional interest rate. That resulted in payments of much more than $500. But I wouldn't buy a car I couldn't pay cash for.

Somewhat off topic, but you really don't want a big pickup truck in Texas biglaw. Downtown parking garages are quite tight on space- trying to maneuver one would be quite the PITA. They are actually not that common for that reason.

[The Lsat Airbender]

Somewhat off topic, but you really don't want a big pickup truck in Texas biglaw. Downtown parking garages are quite tight on space- trying to maneuver one would be quite the PITA. They are actually not that common for that reason.

This got me thinking -- Chicago might be the most pickup-friendly major market.

[thatlawlkid]

Somewhat off topic, but you really don't want a big pickup truck in Texas biglaw. Downtown parking garages are quite tight on space- trying to maneuver one would be quite the PITA. They are actually not that common for that reason.

This got me thinking -- Chicago might be the most pickup-friendly major market.

you really think so? my buddy almost got his 2500 trapped in a garage in chi a couple years back. we eventually found an outdoor lot for it.

[The Lsat Airbender]

Somewhat off topic, but you really don't want a big pickup truck in Texas biglaw. Downtown parking garages are quite tight on space- trying to maneuver one would be quite the PITA. They are actually not that common for that reason.

This got me thinking -- Chicago might be the most pickup-friendly major market.

you really think so? my buddy almost got his 2500 trapped in a garage in chi a couple years back. we eventually found an outdoor lot for it.

The absurd number of outdoor lots that still exist in downtown Chicago is what had me thinking it lol.

LA probably similar, but I've never been to the parts of LA where a law office might be.

[LaLiLuLeLo]

Nah, LA is all underground or above ground structures.

[dabigchina]

Yeah, it's the nexus of Cravath scale and middling CoL that makes Houston notable. Most cities with comparable CoL do not pay associates based on the New York market.

On a separate note, arguing about monthly car payments is silly. If you are in biglaw, you shouldn't be living paycheck to paycheck, so monthlies are irrelevant. Total cost of ownership is all that matters. I'd also say it's not a good idea for a brand new biglaw associate to go out and buy a new car. Get a cheap commuting appliance until you are established and out of debt.

I was responding to the ridiculous estimate that a typical young Houston lawyer will have a $500/mo car payment. On a reasonable financing schedule, that suggests borrowing $30k or more -- but as much as it may seem like it, it's not actually a rule that a young biglaw associate has to buy a BMW, Audi, or (in Texas) pickup truck.

I agree that even spending ~$20k or less on a cheaper new car is an unnecessary luxury for most young lawyers, but that just enhances the point.

Depends on what "reasonable" financing schedule is. I did a 36 month loan on my last car purchase to get a promotional interest rate. That resulted in payments of much more than $500. But I wouldn't buy a car I couldn't pay cash for.

Right, but if someone is paying 500/mo in perpetuity (which the original post suggests), that person is either buying a reasonably priced new car every 3 years, or buying a very expensive car every 5 years. Either way, it's unnecessary.