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Messages - luckyboy

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Current Law Students / Re: Working During 2L Year
« on: June 16, 2007, 12:54:51 PM »
i just finished my 2L year, i worked the whole year, averaging like 18-19 hours a week of work and taking 15 credits both semesters, it takes time management, schedule your classes in bunches, i worked 2 days a week for like 5 or 6 hours (8-2), we didnt have class on friday and worked a full day, my grades actually went up too, just mark sure you dont take all hard classes, but my drinking time suffered considerably

Current Law Students / Re: OCI and Biglaw
« on: May 22, 2007, 11:49:44 AM »
on a related note, im at a t2 and just finished 2L year, and have some potential interviews for the fall.  A lot of the firms interview 90% 2Ls and 10% 3Ls.  Are they interviewing the 3Ls for fun or just in case one of their summer associates bails, or is there a real need?  I assume a firm that interviews 50% 2Ls and 50% 3Ls actually plan on hiring a 3L.  Is there some place where I can find the number of 3Ls a firm hires that weren't their summer associate?

Current Law Students / Re: Law Firm Partner Salary/Pay
« on: May 13, 2007, 05:12:50 PM »
Yes.  Salary is always ordinary income.  But lets say the partner recieves 750,000 a year.  I think its quite plausible that say half is for salary, for the services he provides, but the rest is generated from associates under him.  And thus more of a return from investment, and a capital gain.

Since I originally posted, thought about it some more.  I don't think it matters all that much.  The main difference is whether there is employment taxes???  The partners would probably pay the 35% regardless of what its called since it would be ordinary income for the partnership.  I need to drink lots to stop thinking about things like this!!

Current Law Students / Law Firm Partner Salary/Pay
« on: May 13, 2007, 12:37:36 PM »
Ok, so I just finished my corporation/partnership tax class.  If you are a partner in a law firm, are you paid a salary which would be ordinary income, or would it be considered a capital gain, or a combination of the two?  Just a random question, but meaningful since that 20% tax difference would be nice...

Current Law Students / Classes with no final or paper...
« on: April 25, 2007, 01:16:50 PM »
anyone have classes that are graded strangley.  OBviously a test or paper isn't odd.  Im in a 3 credit class, that is curved, half the grade is participation and half is on a 7 minute argument.  I have a hard time believing that 7 minutes accounts for a credit and a half of a grade.  Not to mention there is a severe lack of grading criteria.  Next semester, I'm taking classes with finals, then I at least know what I have to do.

Current Law Students / Re: SCOTUS book
« on: March 19, 2007, 09:41:26 AM »
thanks, just what I was looking for, now i just need summer to get here so i have time to read.

Current Law Students / SCOTUS book
« on: March 15, 2007, 01:04:32 PM »
anyone know/read/recommend any good books about the politicing of the supreme court, preferrably with an emphasis in the last 40 years opposed to new deal and before?

Current Law Students / Re: cum laude and other honors
« on: February 22, 2007, 01:42:32 PM »
i was stating that at my school top 15% is cum laude, which is a t2 is an honor and well deserved, but i was just saying that at a t4 where they give it to the top third, it doesnt seem to be nearly as prestigious, just saying that its all relative

Current Law Students / cum laude and other honors
« on: February 22, 2007, 12:32:58 PM »
I heard that a Tier 4 school gives the distinction to graduates in the top 1/3, plus or minus a person, cum laude.  My school, T2, the cutoff is a GPA requirement which I hear translates into about the top 15% getting the honor.  What is the norm?  All I know is that now I don't think as highly as Cum Laude, well I might just be a little suspect.  Any truth to this?

Current Law Students / Re: "Our firm pays $xxx,xxx and a 'bonus'...."
« on: February 22, 2007, 12:30:11 PM »
bonuses are taxed at the same as your ordinary income.  The only exception would be if the bonus is bug enough to push you into the next tax bracket, then your tax rate will go up and hence more taxes on the bonus, the max tax rate is 35%, but if you are just starting, you wont be in that bracket yet, but the increase of tax would be either from 25% to 28% or 28% to 33% depending on your income.  Thanks Federal Income Tax.

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