Turning down Biglaw ... am I crazy? Forum

[Anonymous User]

So I just graduated and through extensive networking (have no SA experience), got a call from Biglaw re: a corp transactional gig. However, since I had nothing lined up my 3L year, I started networking into the finance/comm. real estate realm and found it to be much more interesting and exciting (real estate especially). Here comes the kicker ... I have substantial debt and corp transactional law is exactly what I hoped for when entering LS, but my heart is telling me CRE is where I should be (even with shit pay to start). Can I please get reassurance that I'm not an idiot for turning down $$$ at biglaw for shit money (potential for much if I can prove myself) and a better, more exciting lifestyle.

I hear/read all the time about ppl trying to exit out of corp transactional biglaw ... so I'm thinking I should bite the bullet now and not get accustomed to a biglaw paycheck.

[chingwoo]

Can you get into their real estate group?

[Anonymous User]

OP - MAYBE via asking for work here and there (I know the most sr. RE partner) but I wouldn't be assigned there. Not sure how realistic it is to think I can mooch assignments from another group.

[FSK]

How confindent are you that you can land a gig in CRE within next 6 months? If it isn't 90%, I'd take the biglaw jerb and look on your off time. Unless, you are independently wealthy. Then, whatever.

[Anonymous User]

I have an offer from the highest producing CRE team in my [major] mrkt. It's shit pay though for a "trial period" ... basically have a year to prove to them I'm worth being an equity member and deserve passive splits from their deals.

[thesealocust]

I'd pursue biglaw. They'll pay your bar expenses, cover you while you finalize getting admitted, give you a mix of training and "training," and help you pay down huge debt and/or get huge savings. Transitioning out of biglaw into CRE should be quite doable, and I think you'll have a much stronger foundation at that point. Plus, on the off chance you find you secretly love securities law, you'll never want to leave (the odds of this are pretty slim in my experience, but hey, you never know!).

[Anonymous User]

and no, not ind. wealthy

[Fiero85]

I'd pursue biglaw. They'll pay your bar expenses, cover you while you finalize getting admitted, give you a mix of training and "training," and help you pay down huge debt and/or get huge savings. Transitioning out of biglaw into CRE should be quite doable, and I think you'll have a much stronger foundation at that point. Plus, on the off chance you find you secretly love securities law, you'll never want to leave (the odds of this are pretty slim in my experience, but hey, you never know!).

Yeah was about ask if OP had considered (free bar exam) --> BL for 2 years or more as desired to pay down debt --> move to CRE if that's still the itch

[Anonymous User]

I guess I should add that I am very much type B personality. I say this only because pouring through dealwork for commas and signature lines may kill me internally ... especially knowing I could be expensing meals and entertainment in CRE

To the poster(s) who said Biglaw ... that's the exact, and only thing, tempting me. The money to pay debt down and I can always lateral over to CRE. However, my opp. with this team would likely pass.

[thesealocust]

If you got it with no experience I believe you could make it (or something a lot like it) happen again...

[jbagelboy]

I agree with TSL. Your options will be equal or better to what they are now after a stint in biglaw. Don't let a personality bias impact your decision making too much here. I don't even see it as primarily a money thing. It's nearly impossible to jump onto the large law firm train after 2L/3L recruiting, whereas once at a firm, other opportunities will still present themselves.

[Anonymous User]

OP- thanks guys. Sounds like it's a landslide in favor of Biglaw.

Will update with a final decision.

[jchiles]

I worked in this field prior to law school, and i get that it comes across as exciting and it definitely can be lucrative when you get to a certain point. But it can also be just as much a grind as big law, and there is a lot more uncertainty involved with what your compensation for that time will actually look like.

This opportunity probably won't be around later, but I'm guessing you will be able to find something in the field, and possibly a better opportunity, a few years down the line with big law experience. At least in my market there is a ton of commercial leasing and new construction activity going on right now, but that can change at any time and new listings will disappear.

[Anonymous User]

OP- Yea, I know the hours will be just as consuming, but it's different day to day grind – more geared to my personality. As far as money, consistency needs to be thrown out the window asap, game of commission. Little scary, but have no choice but to succeed if go that route

I was really hoping at least one person would say CRE .. sadly it didn't happen

[gp86]

Don't waste your time in law if you already plan to go into something else. I wouldn't even bother taking the bar.

[Anonymous User]

Bar is paid for and studied up this point, so mine as well study for three more days and show up. But your point about exiting is main issue ... If I want to leave in two years, why not "leave" now before I get accustomed to the BIglaw paycheck and get trapped into staying for the $$$

[Foghornleghorn]

What's your debt level and what is your "crap level of pay"? That will help solicit more useful feedback.

[thesealocust]

Bar is paid for and studied up this point, so mine as well study for three more days and show up. But your point about exiting is main issue ... If I want to leave in two years, why not "leave" now before I get accustomed to the BIglaw paycheck and get trapped into staying for the $$$

Just don't get accustomed to the paycheck or trapped for the money? That's what I did - ate a shitload of dollar pizza and ramen, took cheap vacations, had a roommate, aggressively attacked debt and took advantage of retirement investment tax savings, etc. A+ would do it for the money again.

[chingwoo]

Bar is paid for and studied up this point, so mine as well study for three more days and show up. But your point about exiting is main issue ... If I want to leave in two years, why not "leave" now before I get accustomed to the BIglaw paycheck and get trapped into staying for the $$$

You probably can lateral in at a higher level from biglaw if you do real estate. I've been looking into working in real estate (law side) and from what I understand its one of the only fields that you can lateral to the business side.

Note I am a 2L and others feel free to criticize this.

[Anonymous User]

Debt: Probably around 150k once you factor in capitalization

40K + bonus (could be as high as 200% ... all output determinative). yr 2 will receive passive splits which will be around 80k for doing nothing, plus what biz I produce + bonus. I'm not guaranteed "equity" status at end of yr 1 though.

If it was a JoeSchmo firm/team I wouldn't be debating this, but it's a rockstar team team that on avg make approx 1MM/ea

[Clearly]

Man up. You took out a lot of debt. You have two options, one with a lot of money and one with very little money. Do the right thing.

[Fiero85]

Bar is paid for and studied up this point, so mine as well study for three more days and show up. But your point about exiting is main issue ... If I want to leave in two years, why not "leave" now before I get accustomed to the BIglaw paycheck and get trapped into staying for the $$$

Just don't get accustomed to the paycheck or trapped for the money? That's what I did - ate a shitload of dollar pizza and ramen, took cheap vacations, had a roommate, aggressively attacked debt and took advantage of retirement investment tax savings, etc. A+ would do it for the money again.

Man up. You took out a lot of debt. You have two options, one with a lot of money and one with very little money. Do the right thing.

Yeah this is the better way to look at it, OP.

If you act responsibly, you won't be living like you make BL salary at all. That's because you really don't: debt got you to that job, so paying the debt back is part of the equation. Live like you're making 60k gross instead of 160k gross and you'll chip away at the debt real fast.

Pimping yourself out with a purpose is the right way to go here, then reevaluate in a few years.

[Anonymous User]

OP- Debt includes undergrad ... nonetheless, my debt.

I see the overwhelming maj. say Biglaw. Will update will final decision sometime in the near future. Thanks all!

[chingwoo]

Debt: Probably around 150k once you factor in capitalization

40K + bonus (could be as high as 200% ... all output determinative). yr 2 will receive passive splits which will be around 80k for doing nothing, plus what biz I produce + bonus. I'm not guaranteed "equity" status at end of yr 1 though.

If it was a JoeSchmo firm/team I wouldn't be debating this, but it's a rockstar team team that on avg make approx 1MM/ea

As a self aligned B type personality, do you think you can produce business?

[Anonymous User]

Absolutely ... already have some lined up (not a big whale by any means, but something to show). Also have the advantage of just having to get the foot in the door. The senior guys will likely close if I get them that far.

Glad to hear there is another B'er trolling the forums