Interesting Effects of Debt and Biglaw
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Date: July 31st, 2014 12:58 AM Author: Cracking ruby menage digit ratio
Some random observations on how crazy student debt seems to be effecting Biglaw.
1. I think the most obvious one is biglaw partners now know they have free reign to treat everyone like shit because there is no escape hatch. I honestly do not think firms could continue to operate this way otherwise.
2. People with the worst debt are also the worst spenders and vice versa. The people I know without debt in Biglaw generally live college student lifestyles and are cheap as fuck just accumulating a nest egg to leave. People with massive debt literally seem to be in YOLO mode. Most people I know in this category live in lavish apartments and take world class vacations.
Curious to hear what other people think.
(http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26033131) |
Date: July 31st, 2014 9:24 AM Author: Odious Gay Wizard
Yeah, no question the system would collapse but for debt-shackled associates.
That being said, I do think most firms have a strong contingent of decent partners who do wish they worked in a better place. But the incentive structures in most places reward the ones who do not give a fuck about your worklife balance and the people who recognize that probably view the debt-saddled associates as just another aspect of the system to be worked. I can imagine the worst partners specifically asking about debt-loads and signing those people up to his team so they can bill 2600 on his matters so that he can get a few extra points and make $40k more this year.
As for the lavish life of the associates who are most debt-addled, I think there are a lot of things that go into that. One, those associates work harder and are therefore better positioned to actually make partner. Two, even if not, there's a sort of nihilism in owing $250k while making $160k. You just don't give a fuck and by the time you're a seventh year it's too late to give a fuck.
(http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034291) |
Date: July 31st, 2014 10:06 AM Author: duck-like fuchsia site
#1 is a little overstated, my firm and many others are facing a huge associate shortage as the 2008-2012 class years which are decimated reach positions of responsibility.
it's a buyer's market for those class years - any associate treated like shit leaves and resurfaces at an equal or better firm immediately. partners have literally been told to treat these class years with kid gloves.
(http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034415) |
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