Mmmm, good questions. You'll have to forgive the length of my response because your questions do not lend themselves well to simple answers.
A. Why did I take the scholly?
1. I'm an upper-middle-class white male, so I didn't think HLS was going to offer me a lot of need-based aid, if any at all. (Though if you are faced with the same choice as I was, do try to get your HLS FinAid stuff submitted as quickly as possible so that you can get your HLS need offer before you have to accept or decline the scholly. I wasn't smart enough to do this.)
2. NYU is famous for a having a truly amazing, collegial, non-competitive student body. Most of us are really intense, and we all want to get A's, but we still always help each other out. It's just part of the culture here. Upperclassmen hand out outlines like they're nothing. You will
always get notes if you miss a class, often from multiple people—sometimes without even asking for them. Don't get me wrong: HLS has some great people, too. But NYU is something special. Our student body is on the level of Yale for collegiality and (dare I say it?) maybe even better.
3. The scholly is named, and it is not one of the schollies they give out to the PI gunners or to URMs. Unlike all the other schollies, you don't write an essay for this one. They just randomly offered it to me a few weeks after I was accepted. It's basically a full dean's scholly, and it's pretty obvious that the only way to get it is to get cross-admitted at at least one of HYS. It's the bribe they use to buy off the HYS people. Because it's named, I can put it on my résumé. Granted, not everyone knows what it means, but a good deal of people in a position to hire law students understand that this is code speak for, "I got into Harvard but they bought me away." And I've even heard it said by one poster on here (purportedly a hiring partner at a V20 or something) that a full-ride named merit scholly from CCN is more impressive than any of HYS, including Yale. He believed that it is harder to get a full-ride named merit scholly from CCN than it is to get into HYS. According to him, HYS may accept someone for any number of reasons, but they only way to get one of those schollies is to have amazing numbers and an absolutely solid record. He suggested that HYS might take a chance on a "special snowflake" and cut him some slack on GPA, but CCN will not give out $150k without an absolutely compelling reason, and they won't take any risks in doing so. Note that many hiring partners will still think that HYS > CCN $$$$. But apparently not all do, and CCN $$$$ is much cheaper for me than HYS, so it seemed the wiser decision. In this light, any marginal benefit from HYS did not seem worth $150k.
4. One-hundred fifty f***ing thousand dollars. One five zero zero zero zero. Let that sink in for a moment. That's a house in some parts of America, dude.
5. Most of my advisor figures implored me to take the scholly over Harvard. This includes one person who graduate from Harvard. A few people talked about all the extra doors Harvard could open, but I noticed these were often second-tier law school graduates. Sure, T14 opens a lot of doors that T30 doesn't. And Harvard opens doors that NYU doesn't. But maybe the difference between HLS and NYU is not as huge as the difference between NYU and, say, GW (or even Georgetown). Among the people who suggested that I take the scholly were a very recent graduate of Harvard and a much older Yale grad. As a high-ranking partner (Georgetown Law grad) in the law firm where I was working at the time said, "Free's good." When asked if his recommendation would stay the same were I to be accepted at Stanford, he again replied, "Free's good." When asked about Yale, he said, "Don't go to Yale. People go to Yale to be poor."
6. I felt like I would get a lot of attention from the administration here. They really, really care about our success. If you tell them you want to do some odd dual-degree combination, the answer is always, "We'll work with you to find a way to make this happen." The answer is never no. My primary goals include clerking and BigFed, areas in which NYU has not traditionally excelled. They appear committed to pour a lot of resources into changing this (as well as pumping out more academics—I think they're now the #3 school for generating legal academics, behind Harvard and Yale). They have a brand-new clerkship placement office (they used to not have a dedicated clerkship office separate from the Office of Career Services), and the director is
amazing and very pragmatic. When I visited for ASW, she invited me in to talk with her for about half an hour, one-on-one, before I'd even accepted NYU's offer. She was very frank and honest. She didn't tell me that I could get any clerkship I wanted from NYU if I graduated at median. She told me exactly how hard it is to get each type of clerkship.
7. The odds of me graduating at below median, while very real, are also remote. TLS common wisdom is to assume median and, given my stats and what the admissions office thought of me, the odds of me graduating above median exceed the odds of me graduating below median. (Before people yell at me, remember I said that it could definitely happen; it's just less likely.) To assume below median would be to bet against myself. If I were to assume below median, the appropriate response is, "Don't go," not, "Go to Hahvahd as 'insurance.'" Median at NYU does fine (not like über-prestigious stuff, but just fine), from what I hear from the upperclassmen. Median at NYU + very little debt > Median at HLS + mucho mucho debt. It seems to me that most of the marginal advantage of HYS over NYU is at the bottom of the class and (to a lesser extent) at the top 10%. Unlike many 0Ls, I actually happen to understand basic statistics, and statistically speaking, NYU $$$$ will likely produce a greater ROI than Harvard. (Btw, if money is your only concern, note that NYU's median mid-career salary is actually
higher than Harvard's.)
8. (Not) Location. Many people choose NYU for its admittedly amazing location. I did not. I am not a big-city guy, and I would much prefer Cambridge to New York (and I might well take New Haven over either, lol). Ann Arbor might have been my top choice for location alone. The moral of the story is you're going to spend so much time locked in your room studying that you really shouldn't pay too much attention to the school's location. Ultimately you're going to turn pasty white sitting in front of a computer screen, and it doesn't really matter whether it's in NYC or Topeka, Kansas.
9. (The single most important reason.) I will graduate with a degree from a T6 law school and the freedom to do whatever the hell I want. The scholly is more than money. It's more than a nice line on my résumé. It's freedom. If I want to go be a ski instructor
after law school, I can do it, maybe immediately and at the very least after two or three years. If I want to work for a super-low-paying PI job, I can do it. When I make fun of my corporate shill friends and tell them I want to do BigFed, they say, "Yeah, well, easy for you to say. You're not paying tuition!" Sure, people talk about LIPP and COAP and all that jazz. The long and short of it is that LRAP will
never make you as free as avoiding the debt in the first place. If I hate my boss, I can tell him to go eat a d*** and I won't have to worry about going broke. You cannot overestimate the value of freedom.
B. Career Goals
1. Federal A3 clerkship, preferably Court of Appeals.
2. BigFed/USAO or something.
3. Revolving door between BigFed and DC BigLaw after a few years in BigFed.
4. First choice of practice area: appellate lit. Second choice: regulatory. Basically I want to do legal research and write briefs all day, and I want to avoid discovery and due diligence work at all costs.
5. Maybe I'd teach law if I had the chance, but the odds of that happening are so remote.
6. Stay away from NYC BigLaw and Wall Street at all costs.
Note that these career goals are not traditionally what people do coming out of NYU. Note also that I definitely do
not want to work in NYC (DC is my first choice of locale). But NYU seems committed to changing that, so I think I will receive a lot of individualized attention. And I also have a lot less competition because so few people here want to do clerkships or BigFed.
C. How has my 1L year gone so far?
Amazingly. I had so much fun. Even exams were fun to take, if you don't count the grading pressure, the studying stress, and the all-nighters (more like all-weekers, really). My section is so awesome, and we all really love each other. Everyone here is happy. The professors are brilliant, interesting, funny, and very kind. They all do Socratic questioning to varying degrees, but they're all scrupulously careful not to humiliate anyone in class. They never say, "You're wrong!" They'll always say something like, "Well, is what you're really trying to say perhaps [the exact opposite of what the student just said]?" God help me, I even enjoy the reading. This place is fantastic, and they don't pay me to say so.
Hope this helps! Good luck with your apps, and remember to get them out ASAP. Don't be an idiot like me and submit them 20 minutes before the deadline.