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I have an SA offer through OCI with a non-biglaw (50-100 attorneys). Salaries are based on billable hours but seems like starting will amount to 120k a year. Can I realistically pay off my debt with this income, or should I keep plugging away for biglaw and the 160k salary?

Anonymous User wrote:I have an SA offer through OCI with a non-biglaw (50-100 attorneys). Salaries are based on billable hours but seems like starting will amount to 120k a year. Can I realistically pay off my debt with this income, or should I keep plugging away for biglaw and the 160k salary?

What market? Depends on COL.

well i crunched the numbers and it sounds like you'd be making $40k/yr more in biglaw before taxes.

patogordo wrote:well i crunched the numbers and it sounds like you'd be making $40k/yr more in biglaw before taxes.

basically this place does the kind of work i want to be doing and i'd be happy to work there. what i'm wondering is if the 160k a year biglaw salary is the bare minimum you need in order to realistically pay off law school debt, or if something less (say 120k) is doable.

Anonymous User wrote:

patogordo wrote:well i crunched the numbers and it sounds like you'd be making $40k/yr more in biglaw before taxes.

basically this place does the kind of work i want to be doing and i'd be happy to work there. what i'm wondering is if the 160k a year biglaw salary is the bare minimum you need in order to realistically pay off law school debt, or if something less (say 120k) is doable.

This question is literally impossible to answer without knowing (1) how much debt you'll have, and (2) where you will be living to evaluate COL...Did you expect us to just look in our crystal ball and know?

.

This depends entirely on the market, it's it's NYC or DC 120k isn't close to market and COL is high. If it's the South or Midwest, you could live like a king...

You've pretty much missed the big law boat at this point.

If you’re paying 2k a month in tuition then figure your income level is comparable to someone earning $90k (with no college debt).

mr.hands wrote:This depends entirely on the market, it's it's NYC or DC 120k isn't close to market and COL is high. If it's the South or Midwest, you could live like a king...

This. You really need to look up things like post-tax take home pay based on the city and state you're working in (calculators are all over the internet), what rent is going to cost you, and the like. I found that in the market I really wanted to be in, making $95k pre-tax would allow me to put as much toward my loans as $160k in NYC would.

Now, $120k in NYC is a whole different story. But $120k in a lot of the country is making a killing and will allow you to pay down your loans.

Actus Reus wrote:You've pretty much missed the big law boat at this point.

I am still awaiting decisions on CBs, so no, ship hasn't sailed.

Market: LA
Debt at graduation: 170k

I'm not really sure what the question is. If this is your only option, obviously take it. Are you hypothetically asking if you should choose a big firm if you get an offer at one?

Anonymous User wrote:

Actus Reus wrote:You've pretty much missed the big law boat at this point.

I am still awaiting decisions on CBs, so no, ship hasn't sailed.

Market: LA
Debt at graduation: 170k

Take the offer. Waiting on callbacks at this point means you were a second choice. Meaning you won't make partner.

I agree with above poster u obvi dont have that partner "it" factor, time 2 bow out.

LA on 120 is easily doable with 170k in loans.

Actus Reus wrote:

Anonymous User wrote:

Actus Reus wrote:You've pretty much missed the big law boat at this point.

I am still awaiting decisions on CBs, so no, ship hasn't sailed.

Market: LA
Debt at graduation: 170k

Take the offer. Waiting on callbacks at this point means you were a second choice. Meaning you won't make partner.

Is this actually true? Are partnership prospects that much better for those with a very quick CB --> offer turnaround? I guess it makes sense, I just hadn't heard that before.

Um, really? What else are you going to do? Turn it down? Puh-lease. Of course you can live off of $120,000 !!! Even in New York! Are you that naive. Acting like you were offered $30,000 in Boston. You should be blessed. The average salary in America is $45,000.

If you can't make $120,000 work then you have other issues. You better get an apartment close to work so you can a) ride your bike, b) take a bus, or c) buy a cheap mo-pad, or d) a used-car under $5,000 and trade up after you paid down your debt.

$120K salary. Damn dude, that's rough. Straight homeless level.

Anonymous User wrote:

Actus Reus wrote:

Anonymous User wrote:

Actus Reus wrote:You've pretty much missed the big law boat at this point.

I am still awaiting decisions on CBs, so no, ship hasn't sailed.

Market: LA
Debt at graduation: 170k

Take the offer. Waiting on callbacks at this point means you were a second choice. Meaning you won't make partner.

Is this actually true? Are partnership prospects that much better for those with a very quick CB --> offer turnaround? I guess it makes sense, I just hadn't heard that before.

This is my favorite thread.

I make under 50k as a state court law clerk in a major metro with similar a similar debt-load and I'm making it by. I mean, I got holes in my shoes and shit, but I have a place to live and get laid sometimes. Shit, I'm salivating at the $70k I'll make as a federal clerk next year. PAYE is a beautiful thing.

Anonymous User wrote:

Actus Reus wrote:You've pretty much missed the big law boat at this point.

I am still awaiting decisions on CBs, so no, ship hasn't sailed.

Market: LA
Debt at graduation: 170k

It's doable in LA, but you won't be living like a king or anything like that (unlike if it was $120k /year in the midwest or in the south). It's much better than 120k /year in NYC or SF, though. Even if you don't get biglaw now, you can try to lateral later (assuming your practice area lines up with a practice area in biglaw). $120k /year in LA really isn't a bad place to be... And you get to live in SoCal.

sparty99 wrote:Um, really? What else are you going to do? Turn it down? Puh-lease. Of course you can live off of $120,000 !!! Even in New York! Are you that naive. Acting like you were offered $30,000 in Boston. You should be blessed. The average salary in America is $45,000.

If you can't make $120,000 work then you have other issues. You better get an apartment close to work so you can a) ride your bike, b) take a bus, or c) buy a cheap mo-pad, or d) a used-car under $5,000 and trade up after you paid down your debt.

i agree in large part but its a little trickier since it seems OP might be entering a commission-style payment structure. if "paid based on hours" means billable hours, then there's no guarantee he or she will have sufficient billable work to net that $120K paycheck. unless the contract says you'll make $120K as an exempt/salaried employee. I'm very skeptical of this kind of shit because I've had friends who took work (admittedly in other industries), where their actual yearly pay wound up way lower than their better months would suggest.

jbagelboy wrote:

sparty99 wrote:Um, really? What else are you going to do? Turn it down? Puh-lease. Of course you can live off of $120,000 !!! Even in New York! Are you that naive. Acting like you were offered $30,000 in Boston. You should be blessed. The average salary in America is $45,000.

If you can't make $120,000 work then you have other issues. You better get an apartment close to work so you can a) ride your bike, b) take a bus, or c) buy a cheap mo-pad, or d) a used-car under $5,000 and trade up after you paid down your debt.

i agree in large part but its a little trickier since it seems OP might be entering a commission-style payment structure. if "paid based on hours" means billable hours, then there's no guarantee he or she will have sufficient billable work to net that $120K paycheck. unless the contract says you'll make $120K as an exempt/salaried employee. I'm very skeptical of this kind of shit because I've had friends who took work (admittedly in other industries), where their actual yearly pay wound up way lower than their better months would suggest.

I mean, yeah, but he/she has got to play the hand he/she has been dealt, yeah? The OP should probably try to come up with a better situation but if this is the best they get then they've gotta roll with it.

Was that what the OP was asking? Whether they should keep mass mailing? I seriously don't understand what this thread is.

sparty99 wrote:Um, really? What else are you going to do? Turn it down? Puh-lease. Of course you can live off of $120,000 !!! Even in New York! Are you that naive. Acting like you were offered $30,000 in Boston. You should be blessed. The average salary in America is $45,000.

If you can't make $120,000 work then you have other issues. You better get an apartment close to work so you can a) ride your bike, b) take a bus, or c) buy a cheap mo-pad, or d) a used-car under $5,000 and trade up after you paid down your debt.

OP here. Was really just looking for anecdotal references, anyone who was in a similar boat and if it worked out for them.