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Messages - Forget Money, Read a Book

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61
Where should I go next fall? / Re: American and Living in DC
« on: April 08, 2007, 05:22:38 PM »
The older lawyers came into the legal profession at a different time.  Biglaw isnt the same thing it use to be in the 70's 80's.  Very different.

BIGLAW was still BIGLAW...regardless of the time.  Everything is relative when it comes to the financing of law school and lawyering.  Back in the day, law school was cheaper and wages were lower for new associates, but cost of living was also considerably lower.  If you take a look at the trends of wages for first year associates and compare it to the rising cost of law school, you'll see that market wages are increasing to match the cost of LS.  BIGLAW in DC and NY are offering a starting salary of $160k + a $30k bonus = $190k.  Even if AU grads aren't super competitive in BIGLAW (many of them are), the rising market rate for BIGLAW still affect the starting rate for MIDLAW firms.

It's simple economics.  If top firm A has raised their billable rate from $500/hr to $600/hr, then mid firm B is going to raise as well.  It's a simple trickle down affect.  Much like your leading markets for law are NYC and DC, cities like Baltimore, LA, Miami, SF are beginning to up starting salary to become more attractive and competitive to graduates.  Supply and Demand my friend.  Even MIDLAWS are offering a salary package of $130-150k now.

So yes, American is expensive...but the opportunites that abound from there are endless.  Whether it be private, public, Gov't, NPO or whatever - DC is one of the best cities in American to network for law students.


This is all true.  I'd add that DC has the highest concentration of attorneys per capita than any other city in the country.  Yes AU grads are competitive, but don't think you can go there and not study.  I know everyone on here is motivated- you wouldn't have gotten into AU if you weren't, I'm just saying.  Employers aren't going to go as deep into the AU class as they will at other schools.  Just something to keep in mind. 

62
General board for soon-to-be 1Ls / Re: Univ. of Miami anyone?
« on: April 08, 2007, 05:15:05 PM »
While weather is a definite plus for UMiami, we all know cost is not.  I'm sure some of you have probably seen this, but for those that haven't and may be concerned about the hefty price tag, I thought this may help.  Basically think of it as an incentive to work that much harder as a 1L.

http://www.lawfirmdiscussion.com/compensation/miami07salary.php


hopefully getting one of these will help us pay back our loans asap!

63
I'm going to UM and I'm still 21.  You'll be fine.  It's a young campus and much younger than some of the others I visited (eg Lewis and Clark).

This was my experience also...I'll also add that, from what I've heard, students at UM Law are really good at balancing the studying at the partying....I went out after ASW and had a good time....I think you'll like.

That's how I am. Because when it comes down to it, life is about enjoying yourself.  I am one of those people that always tries to balance things out, I study some, then i go out and party some, keeps me healthy.  I feel bad for the people that study all day long, and have nothing else going on.

I feel bad for those types too.  I like to be ambitious, but I like a nice quality of life too.  I think that is one of UM and Miami's greatest strengths.  I tried not too size people up too much, but just like an earlier poster said, I didn't feel like the dumbest one at ASW- far from it actually.  I did get the feeling though that there are more students that know how to have a good time than those that don't.

64
Where should I go next fall? / Re: American and Living in DC
« on: April 07, 2007, 06:35:02 PM »
yea but where are you trying to go afterward? if its DC, keep in mind that although AU might be third, miami isnt even on the radar up here.

you dont have to "wish" you could believe AU grads get good jobs. heres the proof which reflects the post above-- about 40% wind up in private firms, half of those being firms with 100+ attnys
http://www.wcl.american.edu/career/2005employstats.pdf?rd=1


I don't have anything to add, but can I ask why she says you should choose UMiami? Because of the "it's still expensive but there's a lot less competition" thing? Or are there other reasons particular to her experience at WCL? My biggest fear is running across somebody who's like, "I go to WCL and it's HELL, DON'T GO!" Because, ya know, I'm pretty much going. 



Sorry....She said this because I want to end up in South Florida.  We were debating the whole, "go to the highest ranked school you get into" argument. 

"I go to WCL and it's HELL, DON'T GO!" Because, ya know, I'm pretty much going. 



No, she didn't say this at all.  She's high in her class so she definitely likes it.  Her advice, for my exact situation, was to go to UM because its a little cheaper and its in the city in which I want to practice.

65
I'm going to UM and I'm still 21.  You'll be fine.  It's a young campus and much younger than some of the others I visited (eg Lewis and Clark).

This was my experience also...I'll also add that, from what I've heard, students at UM Law are really good at balancing the studying at the partying....I went out after ASW and had a good time....I think you'll like.

66
I heard that the max amount of student loans one can have is for $135K........Would anyone be able to speak on this?

$138,500 is the lifetime maximum for federal loans.

http://www.cofc.edu/finaid/aid/loans/fdsl.php


damn....it is true!  Thanks.

67
Where should I go next fall? / Re: American and Living in DC
« on: April 05, 2007, 08:13:36 PM »
My advice is to be mindful of the costs of attending WCL. I knew many WCL alum with temp/contracting jobs (not of their own choice, but they couldn't find anything else and the loan payments came due) and over 150k in LS debt. I know 150k might not be uncommon, but WCL prides itself on PI work- the type of work that doesn't pay much. I know that WCL alum can work at DC firms, where the pay is higher, but I have yet to meet such a WCL alum. I would be remiss if I did not mention that, no, I have not met every and all WCL alums, but I have met many.
Thus: Buyer Beware

WCL is very expensive and unfortunately has the reputation of not giving out a lot in terms of scholarships/financial aid.  WCL does pride itself on PI work, however the majority of its grads *don't* go into PI after graduation.  I currently work at a large DC law firm and we have about a dozen or so WCL alums.  I've talked to a lot of them personally and also to a few current 2nd & 3rd year students.  The impression I've gotten is that DC is a competitive market, but if you're in the top 20% of your class and on a journal, you should be fine getting job offers from major firms.  FYI, I'm probably sending American my deposit next week.   


I wish I could believe this....I'm in at WCL and UMiami($$$).....I'd rather be in DC as its my favorite on the east coast but a friend of mine who is a 2L there says if she were me, she'd go to UMiami...Its still expensive but there is a LOT less competition for good jobs....DC is a larger market, but WCL is third best in the district...that scares me.


68
I heard that the max amount of student loans one can have is for $135K........Would anyone be able to speak on this?

69
General board for soon-to-be 1Ls / Re: Univ. of Miami anyone?
« on: April 05, 2007, 11:36:41 AM »
I'll be in once I finally pony up and pay the deposit....

70
General board for soon-to-be 1Ls / Re: Univ. of Miami anyone?
« on: April 04, 2007, 09:51:25 PM »
I'm from Seattle, that's why my head is in the clouds.

I'm actually in Seattle this week...its my first time and its pretty awesome....Miami will definitely be alot different from what you're used to.


In terms of your question about getting beer with your classmates....The students I spoke to party pretty hard and I know a few kids from UG that went to grad school and UM and said the Law Students definitely party....The night of ASW was there Barrister's Ball (law prom) and I ran into a few people in formal attire at some of the bars in the grove.  It seemed like everyone knew how to relax and have a good time....

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