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Messages - NOTaPepsiFan

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Current Law Students / 100% Financing for Attorneys
« on: March 01, 2011, 01:45:22 PM »
Hey dudes.

So, if I pass the bar this summer, I'm going to be an attorney.  I have a job lined up (not one of those super-fancy biglaw ones, but one I am very excited about), and I would like to buy a house ASAP.  Some of you will probably be all like, "omg you can't buy a house because you need to save up a ton, you could lose your job, etc."  Some concerns might be valid, but I think they are outweighed by the fact that (a) home prices are expected by most analysts to start rising about 3.5%+ starting mid-2012, (b) owning a home means mortgage interest deductions, which means about 1/4 of the monthly payment is given back, (c) about 1/10 of the payment is saved in principal, and most importantly, (d) most analysts expect interest rates to start rising pretty significantly.  A 2% rise in interest rates is a big difference in monthly payments. 
Now, some of you folks might be all like, "analysts are stupid!!  they were wrong recently!!"  Well, yes, but if you just assume everything is totally random and equally likely and just ignore what the experts think because they've been wrong in the past, then I think your strategy is bad.

So, anyway, the point of this is to post nice banks that offer predatory loans with 100% financing, preferably specifically for Attorneys so that they offer better rates.  So far, I have found one:
RBC Centura.  No PMI payments, 100% financing to Professionals (doctors, lawyers, etc.)

Does anyone else know of any banks that offer 100% financing mortgages to entry-level attorneys?

I haven't browsed these forums in awhile, but I recall a discussion about these charts.

While they are extremely valuable, they aren't perfect.  I think the general consensus was that schools that do well in the south got shafted a bit, because although there are firms that pay big money, a relatively high percent of them are not reflected in the NLJ250.

I'll probably forget about this thread and fail to reply to it.

Incoming 1Ls / Re: 1L SA Positions....
« on: July 06, 2008, 07:57:59 PM »
I think Emory gives something like $5k for volunteer legal work or something like that.  Would that definitely be a better deal than going back to work for my current firm in a non-legal role, but getting paid a little over twice as much?

I'm trying to decide how to approach things -- I have one week of work left.  My manager (non-lawyer) said he'd promise me a good job when I came back.  I originally thought this meant an attorney-like job, but after talking to him he was kind of like "wtf?  you'd have no skills, you don't learn anything in law school anyway" -- so it seemed like he was talking more about something a little better than what I currently do.  So, basically I'm trying to decide if it's worth talking to one of the managing attorneys about the equivalent of an SA position, or if that's basically considered the same thing as what I'd be doing in a "non-legal" role at a law firm anyway...

Hopefully that was somewhat coherent.

Incoming 1Ls / 1L SA Positions....
« on: July 06, 2008, 11:34:47 AM »
I currently work for a foreclosure firm.  I'm about to finish and start my 1L year at Emory.  My firm is pretty big -- we have ~175 employees in our building, however only about 7 of the employees are lawyers.  In most respects, it's like a typical (non-law) office.

I'm interested in possibly going back to work for them next summer, however I'm not sure exactly what I "should" be doing in regards to advancing my career.

So, a few questions...
For students outside of the top-10, I realize it's very rare to get a paying 1L SA position (and apparently it's still tough even for students at the very best schools).  How much do firms care what you did during 1L Summer?

What are summer 1L's allowed to do for a firm?  Does it differ in any way from 2L Summer's? (i.e. legally are 1Ls not allowed to do certain things?)

Would taking a non-paid intern "lawyer" position in a big law firm, or simply volunteering for some public interest place look better on my resume than a paid position at my current firm that has me doing things that non-lawyers do?  Am I likely to get a legitimate legal internship or legitimate legal work in public interest?

Any general advice?  Thanks.

I skipped a couple of pages in this discussion so I might have missed something important, but I actually think you should just go to NYU next year.

I finished a year early and I took the past year off.  It was the most worthless "year" (technically it has only been about 8 months) of my life and I wanted to go to LS pretty much the whole way through. 

I didn't want to be dishonest, so I made sure to explain to all potential employers that I'd be leaving mid-July.  As such, I'm not getting paid what I think I deserve and I work a job that I really feel is a bit "beneath" me.  Sorry for the arrogance, but (much moreso in your situation) when you know you are going to be making high 6 figures as soon as you get a degree that says you're smart, but you are only making low 5 figures and you're being "managed" by people that are a lot dumber than you, it is very annoying.

My personal stance is that I'd like to jump into my biglaw career early, hate it for 6 years, and then jump into a career I actually enjoy after I have some money.  I am very excited about the possibility of being a wealthy 31 year old that works a 40 hour week doing enjoyable work.  I would be even more excited at the prospect of being a wealthy 28 year old at the same place.

Also, since I didn't read this thread, I really don't know if you want to clerk/make money/go into academia ... but going to NYU this year gives you just as good prospects (in a round-about way) for the latter two than waiting a couple years and going to Harvard--which you probably won't get into anyway.  Let me explain:
After you get your J.D. from NYU, you can get your LLM and then your JSD and your teaching prospects are much better than if you just go to Harvard.  And, you'll be more educated, and a better teacher as well.
As far as biglaw, if you go to NYU you are going to get a good biglaw job, period.  So, as far as money is concerned, you are basically giving up ~110k (160-50k) every year you wait.

This all said ... if you do decide to get a job, make sure it's at a place that has a bunch of people that you like around your age.  I worked a temp job for awhile and most of the places I couldn't have handled for 8 months.  There was just nobody I enjoyed talking to.  I finally found a cool place to work that has a lot of younger people, and that is the sole reason I don't hate going to work.

Visits, Admit Days, and Open Houses / Re: Best and Worst Advice
« on: April 29, 2008, 03:46:20 PM »
Best:  If you are not a "top" prospect, consider cheaper state schools, or schools that give you a lot of money in the T1/T2 range.  If you're looking at T3/T4, you should probably re-evaluate things.

Worst:  I think that sending all sorts of worthless essays hurt me.  I had Diversity Statements and Why X's that I don't think helped in the least, and may have hurt (I'm not a "diverse" person I guess).  This does not apply to schools that specifically ask for them.

Financial Aid / Choosing a Bank/Lender for GraduatePLUS Loans?
« on: April 21, 2008, 04:17:15 PM »
I have to pay for everything myself.  After scholarships/stafford/perkins loans, I have an additional ~$9500/y that I need to take out in GraduatePLUS loans to meet the total COA.

Can anyone offer advice on which lender I should be using?

I have good enough credit to qualify for GraduatePLUS, but I don't have any real assets or anything...

Oh, also, I want to pay things off really fast.  I think I can live like a student for 6 more years.

BC right now.  I think USC with 30k would be an equal offer as far as finances/job prospects go.

Choosing the Right Law School / Re: Georgetown vs. UNC
« on: April 13, 2008, 02:57:30 PM »
I really don't know much at all about public interest jobs, but in general, Georgetown places students much, much better than UNC.

Law School Admissions / Re: UGA vs. UNC
« on: April 11, 2008, 05:22:01 PM »
I guess if you don't think the 40% is "much better" than 20%, then you are right... Also, some of the schools I got into are much more national than UNC.

UNC does do very well in NC.  I think that the fallacy people make is that a large portion lands good jobs in good-paying firms.  Instead, about 20% of the students do, and the rest are just super-respected lawyers that generally don't make a lot of money to start out.  The good lawyers will rise to the top and still make it, and the bad ones won't.

I guess I came across rather strong if you're being up tight and don't like me talking down about your school.  As a NC resident, I am seriously upset about how poorly the law school is being run.  I had wanted to go there for quite some time, and it is very annoying to find that the professors, employment, student quality (as judged by quantitative factors) and administration weren't on the same level as really any of the top 30 schools.

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