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Interesting Effects of Debt and Biglaw
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Date: July 31st, 2014 12:58 AM Author: very tactful location mediation 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. |
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Date: July 31st, 2014 12:59 AM Author: Indecent coral hospital I am glad I have and had no debt. The stain of my xoxo TTT state school remains, but I have no ball and chain. (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26033134) |
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Date: July 31st, 2014 2:00 AM Author: Cracking azure weed whacker how bad of a state U r we talkin
a legit T1 state U with no debt is CRRR |
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Date: July 31st, 2014 9:31 AM Author: shivering aphrodisiac half-breed abode he went to a T14 for LS but an actual TTT for ug (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034311) |
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Date: July 31st, 2014 1:07 AM Author: Appetizing nubile twinkling uncleanness national security agency #2 is correct and funny.
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Date: July 31st, 2014 1:27 AM Author: very tactful location mediation Seems counter intuitive but I see it all the time. I think theres a sense of satisfaction at seeing your bank account constantly grow. I don't think there's any sense of satisfaction at seeing a negative number become a little less negative, and also paying a large amount of money each month just to keep that number from going further backward. (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26033273) |
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Date: July 31st, 2014 9:29 AM Author: Salmon clown parlour (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034308) |
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Date: July 31st, 2014 9:32 AM Author: Salmon clown parlour (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034313) |
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Date: July 31st, 2014 12:02 PM Author: Dark Wrinkle Corner (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034972) |
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Date: July 31st, 2014 1:10 AM Author: Snowy Property 179 observation, -1 for reign/rein confusion (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26033193) |
Date: July 31st, 2014 9:17 AM Author: scarlet free-loading jew I agree with both, but I think you overestimate the number of people in biglaw with bigdebt. I'd say about half of the people either start with no debt, a minor amount (like 40-50k), or only "debt" owed to Mom and Dad. (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034274) |
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Date: July 31st, 2014 9:24 AM Author: Salmon clown parlour 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. |
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Date: July 31st, 2014 9:54 AM Author: comical love of her life business firm Partners at my firm preparing for a mass exodus when PAYE for all kicks in (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034362) |
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Date: July 31st, 2014 10:06 AM Author: Twinkling bull headed water buffalo feces #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. |
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Date: July 31st, 2014 10:52 AM Author: marvelous kitty headpube (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034610) |
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Date: July 31st, 2014 12:01 PM Author: very tactful location mediation Most xo people will call flame but this is the case at my v100. V10s are poaching transactional associates left and right. People have started leaving at 530 daily and refusing to work for certain asshole partners. Firm cannot do anything about it because they are so far downstream. We literally cannot replace these people with biglaw folks. If you are a transactional associate from these years, I encourage you to stop being a bitch like I was being and start pushing back, the firm literally has no choice but to cave to your demands. (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034963) |
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Date: July 31st, 2014 10:50 AM Author: marvelous kitty headpube (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034594) |
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Date: July 31st, 2014 10:57 AM Author: Mint private investor (http://www.autoadmit.com/thread.php?thread_id=2632566&forum_id=2#26034633) |