What does a "good" inhouse position look like post Biglaw? Forum

[Old Gregg]

On what point do you think we disagree?

As for the rest of your rant: I grew up in SF/SD/LA. I live in Texas. My firm pays NYC scale to all class years. I have school-age children. We found that while living a relatively modest lifestyle (especially by biglaw standards) on just one biglaw income, our first year we were able to improve net worth by mid-five figures (ignoring asset appreciation). I will never go anywhere near a high COL market if I don't have to.

Sorry, I didn't realize what side of the divide you were on (i.e., the dumbass side or the non-dumbass side).

But good call on Texas. Quality public schools in neighborhoods that aren't terribly expensive (but are still very nice), combined with good state school and still somewhat decent in-state tuition.

[dixiecupdrinking]

Saving for college is dumb. If you somehow scrape together enough to pay out of pocket, you'll just be subsidizing some other kid who is getting a bunch of need-based aid anyway. Any halfway decent college already does this and it will only become more prevalent. If your kid can't get into a school good enough to meet 100% of need with grants, then they should just go to directional state anyway.

[jbagelboy]

Saving for college is dumb. If you somehow scrape together enough to pay out of pocket, you'll just be subsidizing some other kid who is getting a bunch of need-based aid anyway. Any halfway decent college already does this and it will only become more prevalent. If your kid can't get into a school good enough to meet 100% of need with grants, then they should just go to directional state anyway.

This logic is fraught with errors though. 100% "need based" actually leaves much of the American middle class out in the cold. An entire segment of the population with relatively high income but low savings gets fucked in our system. If you own your home, you're SOL for need based aid. If you earn over $180,000 household - which working couples at a large firm necessarily would (even a single parent will) - you've blown the cutoff. Regardless of savings, unless you have multiple kids in school you're paying full freight - and if you haven't saved, you'll have to loan money even for elite schools with huge endowments. That's why you see all these middle/upper-middle class young people with student loan debt from top schools.

I agree paying your savings to subsidize other qualifying students rubs the wrong way, but your kids won't thank you for structuring your household finances such that you exceed the earnings/assets threshold for significant aid but can't help them pay tuition.

[Old Gregg]

by the time your kid has to attend college, i assume the cut-offs for need-based aid will be adjusted for inflation (even though our salaries won't be), so i assume we actually should still fall within the cutoffs.

weird that a family with $200k+ in annual earnings would qualify for need-based aid at Harvard, but that's what it's coming to.

Saving for college is dumb. If you somehow scrape together enough to pay out of pocket, you'll just be subsidizing some other kid who is getting a bunch of need-based aid anyway. Any halfway decent college already does this and it will only become more prevalent. If your kid can't get into a school good enough to meet 100% of need with grants, then they should just go to directional state anyway.

I actually think the people subsidizing education are wealthy international students whose parents have to pay full tuition.

[patogordo]

maybe law school is different than ug but i qualified for 0 need-based aid with parental income of ~100k

[EliPedDH]

by the time your kid has to attend college, i assume the cut-offs for need-based aid will be adjusted for inflation (even though our salaries won't be), so i assume we actually should still fall within the cutoffs.

weird that a family with $200k+ in annual earnings would qualify for need-based aid at Harvard, but that's what it's coming to.

Saving for college is dumb. If you somehow scrape together enough to pay out of pocket, you'll just be subsidizing some other kid who is getting a bunch of need-based aid anyway. Any halfway decent college already does this and it will only become more prevalent. If your kid can't get into a school good enough to meet 100% of need with grants, then they should just go to directional state anyway.

I actually think the people subsidizing education are wealthy international students whose parents have to pay full tuition.

With cost of attendance running at $65k-75k/year, putting 2-3 kids comfortably through Harvard or any other Ivy for college would take $600k to $1mm out of your wealth. That amount imposes burdens even for families with $200k+ in annual earnings.

[patogordo]

lol by the time our kids are going to college it's going to cost $65k a semester

[Desert Fox]

lol by the time our kids are going to college it's going to cost $65k a semester

I didn't realize you had kids in high school

[patogordo]

lol by the time our kids are going to college it's going to cost $65k a semester

I didn't realize you had kids in high school

sorry, that was a typo, i meant $65k per semester credit hour

[Old Gregg]

lol by the time our kids are going to college it's going to cost $65k a semester

I didn't realize you had kids in high school

sorry, that was a typo, i meant $65k per semester credit hour

you're not adjusting for standard deviation and that chart of likelihood of making partner. if you did the right formula, you'd be able to do a 30 year projection on your salary, sending your kid to a HYP Ivy (the others are way TTT) or a williams/swat/amherst LAC. also don't forget you need to account for sending your kid to philips exeter academy. but you'll be making [$3mm if at a V10/$1mm at some other TTT law firm], so it'll be A-OK. you also have to adjust for child support payments to former wives. that comes out to roughly $3k per month, but adjusted for the hotness of the wife (which at your income level would get you to 7.5 hotness, maybe 7.65 if you get a good bonus after billing no less than 2755 hours/year).

shit's tough bro. i have the charts all done in XLS. it'll even take into account whether or not you're a basement dwelling virgin.

[AReasonableMan]

Interior decorating and carpet cleaning are examples of in-house jobs many big law lawyers get.

[FSK]

lol by the time our kids are going to college it's going to cost $65k a semester

I didn't realize you had kids in high school

sorry, that was a typo, i meant $65k per semester credit hour

you're not adjusting for standard deviation and that chart of likelihood of making partner. if you did the right formula, you'd be able to do a 30 year projection on your salary, sending your kid to a HYP Ivy (the others are way TTT) or a williams/swat/amherst LAC. also don't forget you need to account for sending your kid to philips exeter academy. but you'll be making [$3mm if at a V10/$1mm at some other TTT law firm], so it'll be A-OK. you also have to adjust for child support payments to former wives. that comes out to roughly $3k per month, but adjusted for the hotness of the wife (which at your income level would get you to 7.5 hotness, maybe 7.65 if you get a good bonus after billing no less than 2755 hours/year).

shit's tough bro. i have the charts all done in XLS. it'll even take into account whether or not you're a basement dwelling virgin.

The real MVP of this thread.

[Anonymous User]

Op here:

So would there be anyone who WOULD take it without question or WOULD NOT take it without question?


if so please provide an explanation.

[dixiecupdrinking]

Op here:

So would there be anyone who WOULD take it without question or WOULD NOT take it without question?


if so please provide an explanation.

Did you ever provide the details of the job? Maybe I missed it.

[Anonymous User]

Op here:

So would there be anyone who WOULD take it without question or WOULD NOT take it without question?


if so please provide an explanation.

Did you ever provide the details of the job? Maybe I missed it.

Don't want to give too much info but:
secondary city... roughly 135k-140 with a small percentage of salary designated as bonus. Midcap comp. Work should be some M&A, securities, commercial agreements and some regulatory work. Possibly a small amount of non legal/financial assistance (as I have worked a little before LS). I would be the most junior attorney there. I don't want to say what industry but it is NOT financial, pharm, tech or manufacturing.

[dixiecupdrinking]

I'd probably take it if it's in an industry and city you like, you're ready to leave firm life, and think there is growth potential.

[AReasonableMan]

lol by the time our kids are going to college it's going to cost $65k a semester

You can't predict the economy in twenty-years from now. It's just as likely that as the gap between the rich and middle class continues to grow that comparable middle-class colleges bottom out in cost. I can easily envision a world where the University of Tennessee is three thousand dollars a semester, and Vanderbilt is fifty thousand a semester. Your children don't need to go to the snotty private university to have a successful career.