Law School Discussion

Non top school 0Ls - please read this

GW2L

Re: Non top school 0Ls - please read this
« Reply #20 on: March 06, 2007, 07:10:32 PM »
there is some truth to his underlying point ...

GW2L

Re: Non top school 0Ls - please read this
« Reply #21 on: March 06, 2007, 07:24:30 PM »
i think that the basic, underlying point is that not everyone in law school is going to end up in biglaw. given that there seems to be a general misconception amongst 0Ls that biglaw employment is more or less preordained, it's good to be at least semi-cognizant of the fact that for even those amongst the t14, employment in these firms is not guaranteed.

certainly not everyone who goes to law school does so with the idea of jumping on teh big law boat. i say more power to those who are assuming big time debt with ambitions of public interest employment - but the rest of us (who happen to be the vast majority) who want to enter the high-paying realm of the big law firm, be wary of the fact that the competition is out there.

but it can be done - if i can do it, i'm pretty sure that the rest of you can too ;)

GW2L

Re: Non top school 0Ls - please read this
« Reply #22 on: March 06, 2007, 07:33:06 PM »
hahaa

well in that case

as you were

Re: Non top school 0Ls - please read this
« Reply #23 on: March 06, 2007, 08:24:52 PM »
Itís really sad to see three simple questions arouse such anger. It says a lot about human psychology and finances. If you donít want to think about these things now you will definitely have to think about them in three years, but by then it will be too late to do anything about it.

Re: Non top school 0Ls - please read this
« Reply #24 on: March 06, 2007, 09:42:39 PM »
Itís really sad to see three simple questions arouse such anger. It says a lot about human psychology and finances. If you donít want to think about these things now you will definitely have to think about them in three years, but by then it will be too late to do anything about it.

I'll be going to T3 school and will probably leave 150k or so in debt. There, now lets here what you have to say.

Re: Non top school 0Ls - please read this
« Reply #25 on: March 06, 2007, 10:28:38 PM »
Itís really sad to see three simple questions arouse such anger. It says a lot about human psychology and finances. If you donít want to think about these things now you will definitely have to think about them in three years, but by then it will be too late to do anything about it.

I'll be going to T3 school and will probably leave 150k or so in debt. There, now lets here what you have to say.

Just so you know it'll probably be around 165k. The debt accrues interest while you're in school. So if you borrow 50k for your first year, by the time you graduate it will have grown to like 58k.

How much money do you think you'll make in your first job?

Re: Non top school 0Ls - please read this
« Reply #26 on: March 06, 2007, 10:34:59 PM »
stop. oh please stop. i just want to go badly into debt in peace.

Re: Non top school 0Ls - please read this
« Reply #27 on: March 06, 2007, 10:47:36 PM »
Here's analysis I just did for some poor guy about to sacrifice his future on Pepperdine. He's borrowing for law school and expects to start out at around $50k when he graduates:

I don't you think you can afford the 10 year replayment plan so your payments are going to be $1,300 per month for 30 years. I'm not even counting your UG loans.

So you'll make $50k. That's about $2,500 per month after taxes. Not bad at all. I could totally live on that. But law school loan payments will shrink that to a measily $1,200. Ouch. So you'll be working 50 hour stressful weeks as a lawyer, for a measily $1,200 per month - $300 per week. Due to the loans you're making less than a highschool kid. Each year you'll get about a $5,000 raise, but that's only another $75 per week. You expect to live in Santa Monica on that?

Now let's see what happens if you don't go to law school. First of all you will be making money for the next three years. In total well over $100,000. That money could pay off all your undergraduate loans. You won't be spending your nights and weekends studying grueling material and taking stressful exams. In three years you will probably make as much as you would have had you not gone to law school. Except now you won't have Sallie Mae biting $1,300 out of your bank account each month - for 30 years.

I don't know. I'd think about this decision. Maybe go to a lower ranked school on scholarship. Pepperdine isn't going to place any better than a 4th tier school. Why pay them all that money if you don't have to?


http://www.lawschooldiscussion.org/prelaw/index.php/topic,83789.msg2049921.html#msg2049921

Re: Non top school 0Ls - please read this
« Reply #28 on: March 06, 2007, 11:01:27 PM »
stop. oh please stop. i just want to go badly into debt in peace.

Why do you care? You got into NYU, so you'll easily make enough to pay off your debt and live comfortably.

Re: Non top school 0Ls - please read this
« Reply #29 on: March 07, 2007, 12:02:13 AM »
Itís really sad to see three simple questions arouse such anger. It says a lot about human psychology and finances. If you donít want to think about these things now you will definitely have to think about them in three years, but by then it will be too late to do anything about it.

you don't seem to get it. this is not about people not thinking about their finances, it's about them not wanting to share with you or anyone else.