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The Myth of the "rich" BIGLAW lawyer

Think the few of your classmates who get BIGLAW have it made...
Apoplectic talented library trump supporter
  05/05/12
glad i have parents who saved enough to pay for my tuition. ...
passionate aggressive indian lodge factory reset button
  05/05/12
Greetings, boomer menace
Ruby razzle bbw
  05/06/12
This.
Marvelous gunner
  05/06/12
...
adventurous house water buffalo
  05/07/12
...
Stimulating Garrison Really Tough Guy
  09/14/20
you're forgetting that these people get the opportunity to w...
Chrome stirring dog poop hell
  05/05/12
ty
violent pervert fortuitous meteor
  05/06/12
I would also like to say thank you. How do lawyers alwa...
Snowy public bath
  05/06/12
Tyvmft. I feel better nao.
Beady-eyed At-the-ready Ladyboy
  05/06/12
lololol
razzmatazz insane heaven
  05/06/12
...
adventurous house water buffalo
  05/07/12
stfo
cracking university
  05/07/12
...
Stimulating Garrison Really Tough Guy
  09/14/20
very true
Rusted Boyish Rehab
  05/06/12
...
Fragrant flirting shrine
  05/07/12
Not even remotely accurate. 2nd year (20 mos in). Of my N...
Curious School Cafeteria Fanboi
  05/11/12
"After just 2 years almost half of them will leave and ...
sinister organic girlfriend
  05/05/12
It is accurate
Pale old irish cottage
  05/05/12
Sounds about right, though it's not as if they are all heade...
autistic rose piazza
  05/06/12
This is pretty accurate. I know 1-2 that are sorta on the b...
Rusted Boyish Rehab
  05/07/12
...
Rusted Boyish Rehab
  05/06/12
it's pretty much spot on, retard
Coiffed Theater Milk
  05/06/12
maybe it was 5 years ago, in NYC. in 2012, in non-NYC biglaw...
floppy principal's office pistol
  05/06/12
the VAST majority of people wash out in under three years an...
Coiffed Theater Milk
  05/06/12
are you pulling these numbers out of your ass?
vigorous sanctuary famous landscape painting
  05/06/12
he capitalized vast and called me a retard so i'm sure he's ...
sinister organic girlfriend
  05/06/12
if you had ever been anywhere near an actual biglaw office y...
Coiffed Theater Milk
  05/06/12
work in one. Firm makes >5 homegrown partners a year. Cla...
vigorous sanctuary famous landscape painting
  05/06/12
In regional BigLaw, there are plenty of offices with like 70...
mentally impaired state therapy
  05/06/12
Regional biglaw is called midlaw
adventurous house water buffalo
  05/07/12
Your characterization of the outcomes is pretty credited, bu...
Pink slap-happy set messiness
  05/07/12
yea, but a lot of people that leave big law are like earl an...
Chrome stirring dog poop hell
  05/05/12
jinx faggot
sinister organic girlfriend
  05/05/12
they will have BIGLAW on their CV and can lateral to any fir...
trip fear-inspiring kitty cat puppy
  05/05/12
after 3 years, all loans would be paid off most likely; less...
azure regret
  05/05/12
nobody in big law is tossing $50k/year towards loans
Chrome stirring dog poop hell
  05/05/12
False. Depends on priorities. I paid off 150K+ in loans i...
azure regret
  05/05/12
amazing that must have taken some discipline
Chrome stirring dog poop hell
  05/05/12
I'm married so rent and expenses were sort of shared (me pay...
azure regret
  05/05/12
christ, i'm doing it wrong
Chrome stirring dog poop hell
  05/05/12
your monthly takehome was $9K @ $160K?
Rusted Boyish Rehab
  05/06/12
slightly less maybe--i think was around $8700 or $8800
azure regret
  05/06/12
how much were you putting down a month? and what is your wei...
vigorous sanctuary famous landscape painting
  05/05/12
How'd you end up paying over $20k/year in interest alone? Fu...
180 silver people who are hurt son of senegal
  05/05/12
...
vigorous sanctuary famous landscape painting
  05/05/12
My monthly payments were like $1200. I had 20 year repayment...
azure regret
  05/05/12
Most people aren't. They're all idiots. I pay 60k+/yr.
cerise unholy jap friendly grandma
  05/05/12
doesn't your wife throw in some money for rent and shit? th...
excitant dark partner private investor
  05/05/12
Not until she starts her residency in June.
cerise unholy jap friendly grandma
  05/05/12
well, doing what your doing isn't easy. i pay 45k/yr (inter...
excitant dark partner private investor
  05/05/12
Yeah, were it not for your 401K contributions we would likel...
cerise unholy jap friendly grandma
  05/05/12
do you really think taxes will go down by the time you retir...
vigorous sanctuary famous landscape painting
  05/05/12
tax free accumulation, breh
sinister organic girlfriend
  05/06/12
o and how much interest on interest have you earned so far?
vigorous sanctuary famous landscape painting
  05/06/12
STFU my 401k is up almost 3% since 2006. TAX FREE baby.
Beady-eyed At-the-ready Ladyboy
  05/06/12
lol exactly.
vigorous sanctuary famous landscape painting
  05/06/12
cr
Jet-lagged Red Meetinghouse Philosopher-king
  05/06/12
Yes, because when I'm retired I won't be earning a 160K sala...
flesh native
  05/06/12
I say this as kindly as possible: get a book on personal fin...
Black Hunting Ground Shitlib
  05/06/12
and if your tax rate is massively higher when you withdraw i...
Glittery Amber Office
  05/06/12
that's what these idiots keep ignoring. you think the treasu...
vigorous sanctuary famous landscape painting
  05/06/12
if you don't have kids, what's stopping you? your income sti...
Painfully Honest Incel
  05/06/12
...
vigorous sanctuary famous landscape painting
  05/06/12
explain, law school costs $250k now.
razzmatazz insane heaven
  05/06/12
tl;dr I didn't get biglaw and I am jelly as fukkkkkkk
Sick Stead Giraffe
  05/05/12
after 3 yrs most will have left the law? LOL i wish biglaw o...
amethyst stage
  05/06/12
LOL, I think your just aspie. MOST normal people in Biglaw e...
flesh native
  05/06/12
(doesn't understand mean versus median guy)
Lascivious tanning salon
  05/06/12
...
razzmatazz insane heaven
  05/06/12
You fucking idiot, the class of 1990 is not remotely indicat...
provocative orchestra pit codepig
  05/06/12
...
razzmatazz insane heaven
  05/06/12
yeah, things were totally different then... that was when be...
Insecure Histrionic Yarmulke
  05/06/12
...
Rusted Boyish Rehab
  05/06/12
believe that was average household income. Probably a decent...
Jet-lagged Red Meetinghouse Philosopher-king
  05/06/12
Nope, it's "Mean Annual Salary for Respondents Working ...
flesh native
  05/06/12
lol what the guys above said
Clear lodge
  05/06/12
The original post is worthless if it doesn't state what the ...
swashbuckling walnut juggernaut hospital
  05/06/12
nowadays u can choose between: radioshack joining arm...
salmon greedy national sweet tailpipe
  05/06/12
true only a few survive, but if they do they build a substan...
Startling business firm halford
  05/06/12
LOL man, not sure ppl who stay in BIGLAW more than 10 years ...
salmon greedy national sweet tailpipe
  05/06/12
the people who last all the way to 8th year are usually the ...
Rusted Boyish Rehab
  05/07/12
law school costs $250k. explain how you pay that off in 3-4 ...
razzmatazz insane heaven
  05/07/12
Man, this keeps on getting more exaggerated. It's 120K in tu...
flesh native
  05/07/12
Tuition + books/fees is actually ~$150k with some schools cl...
Mauve idiotic locus
  05/07/12
How the fuck do you make 60k as a summer?
Shaky pearl corn cake
  05/11/12
Two summer associate jobs, one day, one night.
laughsome goyim parlour
  05/11/12
1L
flesh native
  05/11/12
http://www.law.berkeley.edu/6943.htm $78k per year (this ...
razzmatazz insane heaven
  05/11/12
-----now imagine you got the job in NYC, since that's where ...
Flatulent Cerebral Becky
  05/11/12
240k debt is payable in 5 years. By year 5 you make 250k all...
Angry National Security Agency Antidepressant Drug
  05/11/12


Poast new message in this thread



Reply Favorite

Date: May 5th, 2012 10:43 PM
Author: Apoplectic talented library trump supporter

Think the few of your classmates who get BIGLAW have it made?

Think Again!!!!!

After just 2 years almost half of them will leave and they will mostly have 80-100K in student loans remaining.

After just 3 years half will have left BIGLAW, most the law altogether, with about 50K in student loans.

After 5 years, 80% of them will be out of BIGLAW, half out of the law altogether. Their loans will mostly be paid off. Congratulations to them... they are now back to square 1.

After 7 years, 90% will be gone, their hopes of partnership shattered and they will have a measly 100K in savings (not counting 401K).

The few that make partner will be miserable forever.

Think they have it made? Think again.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624197)



Reply Favorite

Date: May 5th, 2012 10:54 PM
Author: passionate aggressive indian lodge factory reset button

glad i have parents who saved enough to pay for my tuition. just hope i can do the same for my kids one day.

the thing that boggles my mind are classmates of mine whose parents can afford to help them out but dont. fuck, i'd at least give my kids a 0 interest loan instead of watching them get railed by 8% interest on the unsubsidized shit.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624290)



Reply Favorite

Date: May 6th, 2012 12:34 AM
Author: Ruby razzle bbw

Greetings,

boomer menace

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624980)



Reply Favorite

Date: May 6th, 2012 4:17 PM
Author: Marvelous gunner

This.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628590)



Reply Favorite

Date: May 7th, 2012 8:46 AM
Author: adventurous house water buffalo



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20634549)



Reply Favorite

Date: September 14th, 2020 9:58 PM
Author: Stimulating Garrison Really Tough Guy



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#40920848)



Reply Favorite

Date: May 5th, 2012 10:58 PM
Author: Chrome stirring dog poop hell

you're forgetting that these people get the opportunity to work on some of the most important and challenging deals and cases of our time

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624318)



Reply Favorite

Date: May 6th, 2012 9:09 AM
Author: violent pervert fortuitous meteor

ty

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626565)



Reply Favorite

Date: May 6th, 2012 2:11 PM
Author: Snowy public bath

I would also like to say thank you.

How do lawyers always say this all the time without bursting into laughter?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627668)



Reply Favorite

Date: May 6th, 2012 2:17 PM
Author: Beady-eyed At-the-ready Ladyboy

Tyvmft. I feel better nao.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627697)



Reply Favorite

Date: May 6th, 2012 2:21 PM
Author: razzmatazz insane heaven

lololol

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627719)



Reply Favorite

Date: May 7th, 2012 8:46 AM
Author: adventurous house water buffalo



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20634551)



Reply Favorite

Date: May 7th, 2012 2:06 PM
Author: cracking university

stfo

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20635896)



Reply Favorite

Date: September 14th, 2020 9:58 PM
Author: Stimulating Garrison Really Tough Guy



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#40920851)



Reply Favorite

Date: May 6th, 2012 3:49 PM
Author: Rusted Boyish Rehab

very true

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628329)



Reply Favorite

Date: May 7th, 2012 1:44 PM
Author: Fragrant flirting shrine



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20635789)



Reply Favorite

Date: May 11th, 2012 1:58 PM
Author: Curious School Cafeteria Fanboi

Not even remotely accurate.

2nd year (20 mos in). Of my NYC biglaw class of about 25, only 4 have left. All but one left for other biglaw.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20669925)



Reply Favorite

Date: May 5th, 2012 10:55 PM
Author: sinister organic girlfriend

"After just 2 years almost half of them will leave and they will mostly have 80-100K in student loans remaining.

After just 3 years half will have left BIGLAW, most the law altogether, with about 50K in student loans.

After 5 years, 80% of them will be out of BIGLAW, half out of the law altogether. Their loans will mostly be paid off. Congratulations to them... they are now back to square 1."

link? salary and career prospects on departure at each level?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624294)



Reply Favorite

Date: May 5th, 2012 11:10 PM
Author: Pale old irish cottage

It is accurate

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624391)



Reply Favorite

Date: May 6th, 2012 10:30 AM
Author: autistic rose piazza

Sounds about right, though it's not as if they are all headed to the breadline. Most of these people are very happy to take a paycut for a BIGFEDGOV, MID/SMALLLAW or in-house counsel job after 3-5 years in biglaw, and that is considered a good result that may not have been possible right out of law school.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626690)



Reply Favorite

Date: May 7th, 2012 3:07 PM
Author: Rusted Boyish Rehab

This is pretty accurate. I know 1-2 that are sorta on the breadline, and others that just saved enough $ and had no loans to be comfortable doing part time work

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20636272)



Reply Favorite

Date: May 6th, 2012 3:49 PM
Author: Rusted Boyish Rehab



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628333)



Reply Favorite

Date: May 6th, 2012 4:48 PM
Author: Coiffed Theater Milk

it's pretty much spot on, retard

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628862)



Reply Favorite

Date: May 6th, 2012 4:50 PM
Author: floppy principal's office pistol

maybe it was 5 years ago, in NYC. in 2012, in non-NYC biglaw, these numbers are not even close to accurate.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628882)



Reply Favorite

Date: May 6th, 2012 4:56 PM
Author: Coiffed Theater Milk

the VAST majority of people wash out in under three years and leave biglaw with substantial debt. partnership is less than a 1% shot, more like 0.1%, and it's completely accurate to say that it's a miserable lifestyle for most normal people. you can quibble over the numbers if you want, but the substance of the post is completely reflective of reality.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628938)



Reply Favorite

Date: May 6th, 2012 4:59 PM
Author: vigorous sanctuary famous landscape painting

are you pulling these numbers out of your ass?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628959)



Reply Favorite

Date: May 6th, 2012 5:59 PM
Author: sinister organic girlfriend

he capitalized vast and called me a retard so i'm sure he's right

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20629493)



Reply Favorite

Date: May 6th, 2012 10:13 PM
Author: Coiffed Theater Milk

if you had ever been anywhere near an actual biglaw office you would know that 1/100 shot at partner is not an exaggeration.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20631563)



Reply Favorite

Date: May 6th, 2012 10:21 PM
Author: vigorous sanctuary famous landscape painting

work in one. Firm makes >5 homegrown partners a year. Class size even in the boom was ~100

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20631621)



Reply Favorite

Date: May 6th, 2012 10:22 PM
Author: mentally impaired state therapy

In regional BigLaw, there are plenty of offices with like 70 partners, 70 associates, and maybe 5 incoming associates per year. Chances at partnership have to be way higher than 1/100.

My firm made 10 partners last year, and typically has only 12-15 summers.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20631627)



Reply Favorite

Date: May 7th, 2012 8:56 AM
Author: adventurous house water buffalo

Regional biglaw is called midlaw

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20634565)



Reply Favorite

Date: May 7th, 2012 7:47 AM
Author: Pink slap-happy set messiness

Your characterization of the outcomes is pretty credited, but I don't see people washing out at the numbers you describe. I'd say:

First 3 years: 30%

First 5 years: 50%

First 7 years: 70%

The rest either make partner or counsel at my firm. I'd say partnership odds are around 20% of the incoming class (much higher if you manage to stick around long enough to be eligible, but which is easier said than done).

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20634477)



Reply Favorite

Date: May 5th, 2012 10:55 PM
Author: Chrome stirring dog poop hell

yea, but a lot of people that leave big law are like earl and end up with jobs that still pay pretty well

even low-paying in house is still six figs early on with great hours

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624295)



Reply Favorite

Date: May 5th, 2012 10:56 PM
Author: sinister organic girlfriend

jinx faggot

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624300)



Reply Favorite

Date: May 5th, 2012 10:56 PM
Author: trip fear-inspiring kitty cat puppy

they will have BIGLAW on their CV and can lateral to any firm though, instead of small/mid-law associates that are competing with them ITE.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624306)



Reply Favorite

Date: May 5th, 2012 11:04 PM
Author: azure regret

after 3 years, all loans would be paid off most likely; less than 3 years if not NYC

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624348)



Reply Favorite

Date: May 5th, 2012 11:06 PM
Author: Chrome stirring dog poop hell

nobody in big law is tossing $50k/year towards loans

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624359)



Reply Favorite

Date: May 5th, 2012 11:07 PM
Author: azure regret

False. Depends on priorities.

I paid off 150K+ in loans in just under 3 years and two of my friends did as well.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624364)



Reply Favorite

Date: May 5th, 2012 11:10 PM
Author: Chrome stirring dog poop hell

amazing

that must have taken some discipline

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624390)



Reply Favorite

Date: May 5th, 2012 11:18 PM
Author: azure regret

I'm married so rent and expenses were sort of shared (me paying more but still better than going at it alone) and we had good sized apartment in Manhattan for very good rent (~2k) because it was rent stabilized.

I don't feel like I sacrificed much. In spare time, we did a lot of stuff like playing soccer with friends, riding bikes, going hiking, etc. which are not very costly. We like to cook a lot so restaurant outings were only once or twice a week tops and our social circle usually had house parties/dinner parties so no real bar/club outings.

I would say that in first year I was banking about half of my monthly post-tax paycheck ($4-4.5k+ a month). Also helped that my wife's job had good medical coverage so I just went on her plan (monthly medical coverage costs are based on income so this was way cheaper). Married filing jointly rate obviously helped.

If we chose to live in Hoboken or somewhere like that I would have saved myself another $20K or so with no city tax over that period.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624466)



Reply Favorite

Date: May 5th, 2012 11:31 PM
Author: Chrome stirring dog poop hell

christ, i'm doing it wrong

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624544)



Reply Favorite

Date: May 6th, 2012 3:53 PM
Author: Rusted Boyish Rehab

your monthly takehome was $9K @ $160K?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628365)



Reply Favorite

Date: May 6th, 2012 4:53 PM
Author: azure regret

slightly less maybe--i think was around $8700 or $8800

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628913)



Reply Favorite

Date: May 5th, 2012 11:10 PM
Author: vigorous sanctuary famous landscape painting

how much were you putting down a month? and what is your weighted average rate?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624397)



Reply Favorite

Date: May 5th, 2012 11:16 PM
Author: 180 silver people who are hurt son of senegal

How'd you end up paying over $20k/year in interest alone? Full price/full debt for both college and law school?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624443)



Reply Favorite

Date: May 5th, 2012 11:19 PM
Author: vigorous sanctuary famous landscape painting



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624474)



Reply Favorite

Date: May 5th, 2012 11:21 PM
Author: azure regret

My monthly payments were like $1200. I had 20 year repayment I think. I would just pay that minimum until I banked enough to pay off one of the higher rate gov loans in full (had that money in PIMCO bond ETFs in mean time). Rinse and repeat. Then moved on to lower interest private loans. This was all after I had saved about $25k as my rainy day fund (which I left untouched).

I don't remember exact numbers, but I had approximately 90K in private at ~3% avg and approximately 60K gov at 5% - 6.8%.



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624491)



Reply Favorite

Date: May 5th, 2012 11:35 PM
Author: cerise unholy jap friendly grandma

Most people aren't. They're all idiots. I pay 60k+/yr.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624578)



Reply Favorite

Date: May 5th, 2012 11:37 PM
Author: excitant dark partner private investor

doesn't your wife throw in some money for rent and shit? that would help

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624590)



Reply Favorite

Date: May 5th, 2012 11:38 PM
Author: cerise unholy jap friendly grandma

Not until she starts her residency in June.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624595)



Reply Favorite

Date: May 5th, 2012 11:40 PM
Author: excitant dark partner private investor

well, doing what your doing isn't easy. i pay 45k/yr (interest and principal) and there's not a ton left over (but then i do put money in the 401k, which might be dumb, and i didn't make bonus last year)

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624614)



Reply Favorite

Date: May 5th, 2012 11:46 PM
Author: cerise unholy jap friendly grandma

Yeah, were it not for your 401K contributions we would likely be in the same place.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624654)



Reply Favorite

Date: May 5th, 2012 11:55 PM
Author: vigorous sanctuary famous landscape painting

do you really think taxes will go down by the time you retire? explain to me this herd-like mentality with lawyers and their insistence on contributing to a 401k, despite crushing student loan debt

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624727)



Reply Favorite

Date: May 6th, 2012 12:04 AM
Author: sinister organic girlfriend

tax free accumulation, breh

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624790)



Reply Favorite

Date: May 6th, 2012 12:06 AM
Author: vigorous sanctuary famous landscape painting

o and how much interest on interest have you earned so far?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624802)



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Date: May 6th, 2012 2:20 PM
Author: Beady-eyed At-the-ready Ladyboy

STFU my 401k is up almost 3% since 2006. TAX FREE baby.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627711)



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Date: May 6th, 2012 3:54 PM
Author: vigorous sanctuary famous landscape painting

lol exactly.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628377)



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Date: May 6th, 2012 12:08 AM
Author: Jet-lagged Red Meetinghouse Philosopher-king

cr

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624816)



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Date: May 6th, 2012 4:53 PM
Author: flesh native

Yes, because when I'm retired I won't be earning a 160K salary, I'll just be taking distributions to meet living expenses (and I own a home, those will be tiny)

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628906)



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Date: May 6th, 2012 11:28 PM
Author: Black Hunting Ground Shitlib

I say this as kindly as possible: get a book on personal finance. Allowing interest to compound tax-free is a massive benefit. If you invest money tax free vs. investing it post-tax, you get a huge benefit, even if the rate at which it is taxed when you withdraw it from your 401K is the same. For instance, 10K invested now tax-free is probably worth double what its worth invested post-tax, even if you factor in the same tax rate when you withdraw it.

The original post is right: biglaw sucks. But save your money. If you're not putting 50-60K a year towards loans/savings, you're doing it wrong.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20632150)



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Date: May 6th, 2012 11:31 PM
Author: Glittery Amber Office

and if your tax rate is massively higher when you withdraw it?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20632192)



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Date: May 6th, 2012 11:33 PM
Author: vigorous sanctuary famous landscape painting

that's what these idiots keep ignoring. you think the treasury can just keep borrowing to service the deficit? they sure as hell wont be cutting spending, given the trend of both parties over the last 20 years.

the other thing is that the markets are so bad their big tax free compounded rate of return isn't even beating inflation, let alone coming near what the govt is charging on student loans.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20632221)



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Date: May 6th, 2012 12:25 AM
Author: Painfully Honest Incel

if you don't have kids, what's stopping you? your income still allows for a decent quality of life unless you have really niggerish spending habits

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624922)



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Date: May 6th, 2012 12:25 AM
Author: vigorous sanctuary famous landscape painting



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624916)



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Date: May 6th, 2012 10:44 AM
Author: razzmatazz insane heaven

explain, law school costs $250k now.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626728)



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Date: May 5th, 2012 11:26 PM
Author: Sick Stead Giraffe

tl;dr I didn't get biglaw and I am jelly as fukkkkkkk

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20624519)



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Date: May 6th, 2012 4:12 AM
Author: amethyst stage

after 3 yrs most will have left the law? LOL i wish biglaw opened those kinds of doors. the sad truth for the vast majority is if you want to keep making 6 figures or even high 5 figures u have to stay in law

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626322)



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Date: May 6th, 2012 4:30 AM
Author: flesh native

LOL, I think your just aspie. MOST normal people in Biglaw end up wealthy by any reasonable standard.

Just look at the UVA Law longitudinal study - 16 years out for the class of 1990, the mean annual salary for men was:

Large private law firm: 536,000 (30.7%)

Small private Law firm: 286,000 (14.0%)

Government -----------: 138,000 (16.7%)

Business/financial----: 374,000 (25.3%)

Other ----------------: 268,000 (13.3%)

So let's say 62% started in BigLaw - a full half were still pulling down 500K there. And even if, after a few years, they opted for 9-5 Midlaw or chill in-house, still got a cool 250K+ (and in the South, not overpriced MFH)

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626381)



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Date: May 6th, 2012 10:42 AM
Author: Lascivious tanning salon

(doesn't understand mean versus median guy)

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626720)



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Date: May 6th, 2012 10:45 AM
Author: razzmatazz insane heaven



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626731)



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Date: May 6th, 2012 11:31 AM
Author: provocative orchestra pit codepig

You fucking idiot, the class of 1990 is not remotely indicative of what today's grads face

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626868)



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Date: May 6th, 2012 11:31 AM
Author: razzmatazz insane heaven



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626872)



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Date: May 6th, 2012 11:34 AM
Author: Insecure Histrionic Yarmulke

yeah, things were totally different then... that was when being a lawyer was a career not a survival of the fittest like it is now.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20626882)



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Date: May 6th, 2012 3:52 PM
Author: Rusted Boyish Rehab



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628360)



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Date: May 6th, 2012 12:36 PM
Author: Jet-lagged Red Meetinghouse Philosopher-king

believe that was average household income. Probably a decent number of single income families, but significant number likely dual-income families.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627109)



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Date: May 6th, 2012 2:59 PM
Author: flesh native

Nope, it's "Mean Annual Salary for Respondents Working Full Time."



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20628060)



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Date: May 6th, 2012 2:24 PM
Author: Clear lodge

lol what the guys above said

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20627749)



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Date: May 6th, 2012 6:00 PM
Author: swashbuckling walnut juggernaut hospital

The original post is worthless if it doesn't state what the typical exit opps are for people leaving biglaw. Anyone care to elaborate what they are?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20629511)



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Date: May 6th, 2012 10:23 PM
Author: salmon greedy national sweet tailpipe

nowadays u can choose between:

radioshack

joining army and going to iraq

professional barista

prostitution

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20631634)



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Date: May 6th, 2012 10:24 PM
Author: Startling business firm halford

true only a few survive, but if they do they build a substantial amount of wealth slowly but surely through middle age.

and you are a little off about how long it takes to get back to square one. probably an average of 3-4 years with full loans but less if you had some help.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20631641)



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Date: May 6th, 2012 11:43 PM
Author: salmon greedy national sweet tailpipe

LOL man, not sure ppl who stay in BIGLAW more than 10 years really even save that much money since they usually are horrible with money and live an outlandish lifestyle.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20632365)



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Date: May 7th, 2012 3:00 PM
Author: Rusted Boyish Rehab

the people who last all the way to 8th year are usually the worst with money, they spend like crazy to offset their miserable existence

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20636222)



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Date: May 7th, 2012 9:46 AM
Author: razzmatazz insane heaven

law school costs $250k. explain how you pay that off in 3-4 years?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20634658)



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Date: May 7th, 2012 1:31 PM
Author: flesh native

Man, this keeps on getting more exaggerated. It's 120K in tuition. You'd have living expenses even without law school (and likely higher ones). You'll make 35K-60K during the summers. And except at HYS, you'll likely get some merit aid.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20635730)



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Date: May 7th, 2012 1:54 PM
Author: Mauve idiotic locus

Tuition + books/fees is actually ~$150k with some schools closer to $160k.

You point about living expenses existing without law school is irrelevant to total debt accumulated in law school. We're not comparing law school vs. not law school, opportunity costs, etc.

But your point about scholarships and money from summers is true.



(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20635840)



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Date: May 11th, 2012 2:24 AM
Author: Shaky pearl corn cake

How the fuck do you make 60k as a summer?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20667732)



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Date: May 11th, 2012 10:14 AM
Author: laughsome goyim parlour

Two summer associate jobs, one day, one night.

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20668576)



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Date: May 11th, 2012 12:23 PM
Author: flesh native

1L

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20669404)



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Date: May 11th, 2012 10:53 AM
Author: razzmatazz insane heaven

http://www.law.berkeley.edu/6943.htm

$78k per year (this does include living expenses, but if you were working a job instead of going to law school you wouldn't be incurring debt for those expenses). at $78k per year, that's $234k. now add in the interest that accumulates while you're in school and you're up to around $260k. if you want to subtract out summer money, ok, but again after living expenses you're going to max be able to put $20k to it with one summer internship. if you get a 1L summer, maybe you're down at $220k.

even in your best case scenario of $220k and someone in biglaw paying $50k per year towards loans (well above average, and about 50% of take home), you're still looking at minimum 4 years to pay it off, assuming you put all raises and bonuses towards loans as well - remember, you're still accumulating $15k to $20k in interest alone each year.

assuming you can last that long, thats 4 years of brutal hours while living off of the equivalent of $50k / year just to get back to zero. that's best case scenario. now imagine you got the job in NYC, since that's where most biglaw jobs are, and you only got one summer internship, like most people. now it's closer to 6-7 years, which you likely won't make, which means you'll get pushed out while you still have $100k of debt. save up to buy a house? lol, nope.

also, "other than at HYS you'll get some merit aid." orly?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20668842)



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Date: May 11th, 2012 5:24 PM
Author: Flatulent Cerebral Becky

-----now imagine you got the job in NYC, since that's where most biglaw jobs are, and you only got one summer internship, like most people. now it's closer to 6-7 years -------

I don't quite follow, how did it get from 4yr to 6-7yr?

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20671237)



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Date: May 11th, 2012 5:53 PM
Author: Angry National Security Agency Antidepressant Drug

240k debt is payable in 5 years. By year 5 you make 250k all in and of corp have some decent 6 fig exit opps. Problem is making it to Y5....

(http://www.autoadmit.com/thread.php?thread_id=1941423&forum_id=2#20671400)