Top Law Schools

TheHarvardLawRecord wrote:Hey, corporate lawyers! Are you sick and tired of your public interest classmates always talking about how they're "saving the world"? Have we ever got a deal for you! Starting now, for the low, low price of 25% of your post-tax Biglaw income, you too can save the world, rub it in their smug faces and feel validated in your career choice! Well, what are you waiting for? Start Biglaw today!

patogordo wrote:yea except of the $500 donated, $2 goes to pay for the soup kitchen and $498 goes to "overhead"

zweitbester wrote:the typical college grad who just started at an ibank

he thinks that he ought to be able to pay off student loans, contribute to retirement savings vehicles, build equity, drive new cars, live in a big expensive house, send his children to private school, and still have plenty of cash at the end of the month for the $200 restaurant meals, the $1000 a night resort hotel rooms, and the $75,000 automobiles.

dixiecupdrinking wrote:I complain about biglaw as much as the next guy but it's preposterous to say that biglaw attorneys aren't "well paid."

zweitbester wrote:

dixiecupdrinking wrote:I complain about biglaw as much as the next guy but it's preposterous to say that biglaw attorneys aren't "well paid."

just looking at salaries isnt enough. $160k without debt is A LOT of money, and id consider biglaw attorneys well paid along those lines.

But $160k with $250k student loans? no way.

Anonymous User wrote:

zweitbester wrote:

dixiecupdrinking wrote:I complain about biglaw as much as the next guy but it's preposterous to say that biglaw attorneys aren't "well paid."

just looking at salaries isnt enough. $160k without debt is A LOT of money, and id consider biglaw attorneys well paid along those lines.

But $160k with $250k student loans? no way.

Sorry, but dixiecupdrinking is right. You could be faced with $250K student loans on a lot less than BigLaw salary, or even no job at all. Don't complain about having to service your loans with $160K salary. Imagine servicing it on $50 or $60K.

dixiecupdrinking wrote:1. It's not biglaw salary that's the problem, it's law school costs. Should firms pay $500k/year to people who haven't even been admitted yet because their law school deans force people to bill 2500+ just because their partners want a third vacation home?

1. It's not biglaw salary that's the problem, it's law school costs. Should firms pay $500k/year to people who haven't even been admitted yet because their law school deans want a third vacation home?
2. Having to live on like $60k net of taxes and loans is like the definition of a first world problem.

zweitbester wrote:and lets do quick math here:

First year salary NYC: $160,000
After tax: $93,600
After loan payments (assuming $250k, 10 year repayment): $36k/year, so $57,600.

That's bullshit to live in NYC on. Somehow, you also need to save money, live in an apartment (and not necessarily luxury, just an apartment), and feed yourself.

Anonymous User wrote:

zweitbester wrote:and lets do quick math here:

First year salary NYC: $160,000
After tax: $93,600
After loan payments (assuming $250k, 10 year repayment): $36k/year, so $57,600.

That's bullshit to live in NYC on. Somehow, you also need to save money, live in an apartment (and not necessarily luxury, just an apartment), and feed yourself.

I've been doing this for a year as a biglaw associate. I will say that I had the good fortune of having no debt left other than parental debt (to which I pay $1k/month). However, I am a crazy hoarder and sock away $2.5k/month in savings, so it's not much different from paying $3.5k/month in loans. I live in a fancy luxury apartment building. I don't spend a lot of money on going out or on vacations, but I'm not exceptionally thrifty, either. I'm also contributing 11% to my 401(k) (which maxes out the tax-exempt contribution) in addition to my taxable savings. I do just fine. You shouldn't be trying to keep up with the Joneses in your first few years. Just pay down your debt and keep your head down.

I've been doing this for a year as a biglaw associate. I will say that I had the good fortune of having no debt left other than parental debt (to which I pay $1k/month). However, I am a crazy hoarder and sock away $2.5k/month in savings, so it's not much different from paying $3.5k/month in loans. I live in a fancy luxury apartment building. I don't spend a lot of money on going out or on vacations, but I'm not exceptionally thrifty, either. I'm also contributing 11% to my 401(k) (which maxes out the tax-exempt contribution) in addition to my taxable savings. I do just fine. You shouldn't be trying to keep up with the Joneses in your first few years. Just pay down your debt and keep your head down.

zweitbester wrote:

1. It's not biglaw salary that's the problem, it's law school costs. Should firms pay $500k/year to people who haven't even been admitted yet because their law school deans want a third vacation home?
2. Having to live on like $60k net of taxes and loans is like the definition of a first world problem.

1) There both intertwined. No doubt law schools saw it fit to raise tuition because (a) law firm salaries are so high and (b) there are market distortions based on government intervention (i.e., guaranteeing all student loans).

2) Living on $60k in Houston is a breeze. Living on $60k, for your career job, in NYC, is not at all.

I guess I just disagree but it's a matter of perspective. I don't remotely find it a hardship to live in NYC and service loans. I could live better elsewhere I guess, and I wish I weren't throwing money down the federal loan toilet, but I'm maxing 401(k) and haven't ever had to worry about being able to afford anything.