Biglaw Bonus Watch (2013) Forum

[Big Shrimpin]

Looks like bonus season is done

Now it's done

Yep. I'm starting to get nervous that my firm won't match/give bonuses at all. We traditionally match, but this year, Iono.

ETA: if I dont get dat bonus, ill be INSOLVENT. fmlfmlfmlfmlfmlfmlfmlfml

[Old Gregg]

Looks like bonus season is done

Now it's done

Yep. I'm starting to get nervous that my firm won't match/give bonuses at all. We traditionally match, but this year, Iono.

ETA: if I dont get dat bonus, ill be INSOLVENT. fmlfmlfmlfmlfmlfmlfmlfml

WTF why not?

[Big Shrimpin]

Re getting paid, iono, just knowing my luck this would be the first year that such a thing might happen.

Re being insolvent, I'm in MFH and put a LOT to loans. It's a risk play that depends on bonus to get me through to the new year.

[Old Gregg]

Gotcha. You should strongly consider SOFI if your credit is good bro.

[Big Shrimpin]

Gotcha. You should strongly consider SOFI if your credit is good bro.

The possibility of being SHITCANNED is just so palpable doe.

Like, what happens?

I've done some brief research about it but iono.

[WhirledWorld]

Maybe look into 0% intro APR credit cards? I know Chase has some, though if liquidity is tight it might be hard to be approved or to get a meaningful credit limit.

BTW did S&C pay spring bonuses this year?

[Big Shrimpin]

Maybe look into 0% intro APR credit cards? I know Chase has some, though if liquidity is tight it might be hard to be approved or to get a meaningful credit limit.

BTW did S&C pay spring bonuses this year?

Wtf are you talking about 0% APR credit cards dooder?

[Old Gregg]

Gotcha. You should strongly consider SOFI if your credit is good bro.

The possibility of being SHITCANNED is just so palpable doe.

Like, what happens?

I've done some brief research about it but iono.

Yeah, there's always that risk. But they put you on a 10 year plan and, to be sure, you should have no trouble finding a job that'll help you make payments if you are fired.

[Liam]

Maybe look into 0% intro APR credit cards? I know Chase has some, though if liquidity is tight it might be hard to be approved or to get a meaningful credit limit.

BTW did S&C pay spring bonuses this year?

Wtf are you talking about 0% APR credit cards dooder?

Presumably intro rates.

[Big Shrimpin]

Gotcha. You should strongly consider SOFI if your credit is good bro.

The possibility of being SHITCANNED is just so palpable doe.

Like, what happens?

I've done some brief research about it but iono.

Yeah, there's always that risk. But they put you on a 10 year plan and, to be sure, you should have no trouble finding a job that'll help you make payments if you are fired.

I just like the idea of being able to cop dat PAYE.

[Big Shrimpin]

Maybe look into 0% intro APR credit cards? I know Chase has some, though if liquidity is tight it might be hard to be approved or to get a meaningful credit limit.

BTW did S&C pay spring bonuses this year?

Wtf are you talking about 0% APR credit cards dooder?

Presumably intro rates.

No I get how CCs work. Is the presumption that one pay loans on a CC and play interest rate arbitrage on the no-APR for a year? Cuz that sounds like partial-downs logic. Unless I'm missing something which is possible because the poaster has yet to elaborate.

[WhirledWorld]

Maybe look into 0% intro APR credit cards? I know Chase has some, though if liquidity is tight it might be hard to be approved or to get a meaningful credit limit.

BTW did S&C pay spring bonuses this year?

Wtf are you talking about 0% APR credit cards dooder?

Presumably intro rates.

No I get how CCs work. Is the presumption that one pay loans on a CC and play interest rate arbitrage on the no-APR for a year? Cuz that sounds like partial-downs logic. Unless I'm missing something which is possible because the poaster has yet to elaborate.

Yeah, intro 0% apr. Max it out while liquidity is tight to make sure you don't miss a loan payment, then pay down the balance after your salary goes up or you cut costs for awhile. Just a suggestion.

[Big Shrimpin]

Short term band-aid. Understood, and yeah, that makes sense.

Just hoaping I don't get to that point

[Old Gregg]

The 0% credit card thing is OK, but there's fees on balance transfers (unless you do Chase Slate), and if you have a ton of loans, it won't make a huge different with such a low credit limit.

Shrimpin--you shouldn't be paying so much money toward interest. If your credit score is excellent, your interest rate could be as low as 2.95%. You can legit just start paying minimum payments and save the rest (or you could still be making your enormous payments, even though that would be ill advised, and your payments will pack so much more punch).

[Big Shrimpin]

2.9%....fixed or variable? SOFIE? Something else? I pay over 3.5k/mo now, started at 183k and am at 149k now.

I tend to think of myself as moderately aware of how finance works, albeit very risk-averse.

I'd love to save money and would love to hear the loan repayment analysis for a 2012 biglaw grad in constant fear of being shitcanned. tytytyty

[Old Gregg]

2.9%....fixed or variable? SOFIE? Something else? I pay over 3.5k/mo now, started at 183k and am at 149k now.

I tend to think of myself as moderately aware of how finance works, albeit very risk-averse.

I'd love to save money and would love to hear the loan repayment analysis for a 2012 biglaw grad in constant fear of being shitcanned. tytytyty

SOFI. It's variable, but capped at 8.5%. Based on LIBOR of course, but it ain't going too up any time soon.

Your payments should be to the tune of around $1.5k a month on the 10 year plan with SOFI. If fired, I'm sure you'll find a job that'll let you make at least that much of a payment.

[Big Shrimpin]

"Not going up any time soon" = famous last words.

They offered me like an effective 2% interest rate reduction (I'm at like an effective 8% right now), but the downside risk just keeps me up at night.

[09042014]

Can you pay ahead on SOFI?

[Old Gregg]

Can you pay ahead on SOFI?

Yeah.

[Old Gregg]

"Not going up any time soon" = famous last words.

They offered me like an effective 2% interest rate reduction (I'm at like an effective 8% right now), but the downside risk just keeps me up at night.

I mean, if you're a money nerd, it's pretty easy to tell when rates are going up. And the worst case scenario is not that far at all from your interest rate right now.

[Anonymous User]

.

[Rams55]

Can someone give a quick summary of risks associated with a variable interest rate loan from sofi vs a traditional fixed? I've managed to pay down to 100k after 1 year of big law, and all loans are 6.8%, if that helps. Thanks.

[keg411]

Re getting paid, iono, just knowing my luck this would be the first year that such a thing might happen.

Re being insolvent, I'm in MFH and put a LOT to loans. It's a risk play that depends on bonus to get me through to the new year.

Don't some firms pay out in January? Since right after bonus time is when most people lateral? Unless you're at a weird black box firm, I wouldn't worry if I were you.

(That said, I'm also putting a ton towards loans and living in MFH and it's pretty painful)

[Old Gregg]

Can someone give a quick summary of risks associated with a variable interest rate loan from sofi vs a traditional fixed? I've managed to pay down to 100k after 1 year of big law, and all loans are 6.8%, if that helps. Thanks.

Variable rate is based on LIBOR. This is a chart of historical LIBOR rates:

[84651846190]

I mean, if you're a money nerd, it's pretty easy to tell when rates are going up.

Uh, why the fuck did you go to law school if you're a money nerd who can easily tell when interest rates are going up? You should be running the biggest hedge fund in NYC with that kind of financial acumen.

Seriously though, I'd like to see the actual contracts SOFI is putting out. They have this in all caps on their website: "SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE." Lulz.