Law School Discussion

Poll

How much debt do you think you'll ultimately graduate with?

under 20K
4 (3.3%)
20k-40k
5 (4.1%)
40k-60k
11 (8.9%)
60k-80k
14 (11.4%)
80k-100k
32 (26%)
over 100k
57 (46.3%)

Total Members Voted: 122

Graduating with debt

Re: Graduating with debt
« Reply #40 on: April 24, 2008, 10:22:07 AM »
Looks like 80-100k depending on 2L summer.

Wait, what's so special about 2L summer??

Your best shot at a paying summer job.

Does it really pay all that much more than 1L summer?

Martin Prince, Jr.

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Re: Graduating with debt
« Reply #41 on: April 24, 2008, 12:44:21 PM »
Looks like 80-100k depending on 2L summer.

Wait, what's so special about 2L summer??

Your best shot at a paying summer job.

Does it really pay all that much more than 1L summer?

If you are interested in "biglaw" large firm work, yes, yes it does, roughly 3K a week.

TallisUmbras

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Re: Graduating with debt
« Reply #42 on: April 24, 2008, 04:38:42 PM »
Tagging this thread while I try to figure out my likely debt...

Re: Graduating with debt
« Reply #43 on: April 25, 2008, 10:45:26 AM »
Looks like 80-100k depending on 2L summer.

Wait, what's so special about 2L summer??

Your best shot at a paying summer job.

Does it really pay all that much more than 1L summer?

If you are interested in "biglaw" large firm work, yes, yes it does, roughly 3K a week.

But it doesn't really matter if you don't save any money. I made a pretty obscene amount of money my 2L summer, yet I didn't save a dime of it. Its been my experience that most people really don't save any of their summer associate money. So its not like it will "help you out" towards your debt like some people have alluded to.

Martin Prince, Jr.

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Re: Graduating with debt
« Reply #44 on: April 25, 2008, 11:27:08 AM »
Looks like 80-100k depending on 2L summer.

Wait, what's so special about 2L summer??

Your best shot at a paying summer job.

Does it really pay all that much more than 1L summer?

If you are interested in "biglaw" large firm work, yes, yes it does, roughly 3K a week.

But it doesn't really matter if you don't save any money. I made a pretty obscene amount of money my 2L summer, yet I didn't save a dime of it. Its been my experience that most people really don't save any of their summer associate money. So its not like it will "help you out" towards your debt like some people have alluded to.

Out of curiosity, are you married or engaged? How old are you? I ask not to make a moral judgement, just that I don't see myself as a 29 year old married man burning through 30K in 13 weeks. Now if I was 24 and single... Must have been a fun summer...  ;D

Re: Graduating with debt
« Reply #45 on: April 25, 2008, 02:35:31 PM »
Looks like 80-100k depending on 2L summer.

Wait, what's so special about 2L summer??

Your best shot at a paying summer job.

Does it really pay all that much more than 1L summer?

If you are interested in "biglaw" large firm work, yes, yes it does, roughly 3K a week.

But it doesn't really matter if you don't save any money. I made a pretty obscene amount of money my 2L summer, yet I didn't save a dime of it. Its been my experience that most people really don't save any of their summer associate money. So its not like it will "help you out" towards your debt like some people have alluded to.

Out of curiosity, are you married or engaged? How old are you? I ask not to make a moral judgement, just that I don't see myself as a 29 year old married man burning through 30K in 13 weeks. Now if I was 24 and single... Must have been a fun summer...  ;D

I'm engaged. With your situation, it would be a lot easier to save. (with a wife in your ear telling you what to do with the money  ;))

That being said, you do have to think about the other expenses rolled into a SA position. Also, not every market is going to pay 3 grand a week. Most markets don't pay this. It can be anywhere from 1200 a week to 3000 a week. You're also going to have to be paying double rents in many cases, and paying for two sets of utilitites unless you sub-let your other apartment/house. Then you tend to go out more, and with more of a disposable income you're going to spend more. Buy more things you wouldn't, and go out more because of the people around you. Its a lot easier to go out during the week when you don't have to worry about studying.

All I'm saying is don't think you'll be saving a lot of money with your summer associate position. You may save some, but it probably won't be enough to make it so you don't have to take out a lot less loans.

And this is all assuming that you're going to get a SA position...they really just don't give them away, and a lot of firms are cutting back on SA classes right now. Bottom line is to not count your chickens before they hatch.

Astro

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Re: Graduating with debt
« Reply #46 on: April 25, 2008, 02:49:58 PM »
You can tell in the fall the reason nobody has any money when they come back from SA -- there are brand new Audis and BMWs in the school parking lot where the '96 Civic used to be.

 :D