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Author Topic: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE  (Read 11962 times)

bigs5068

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #10 on: November 28, 2008, 03:38:37 PM »
I work in the legal field in New York and the team of lawyers I work for went to UPenn, University of Michigan, NYU, Columbia, Touro, CUNY Queens, and New York Law School.  Each of them started at $50,000 that is the starting salary for attorneys here no matter where you go.   They all work in Manhattan and told me right of school they were not living a life of luxury.  However, the attorneys get $5,000 a year raises. You shouldn't expect to come out of Law School making 100,000 or something no matter what school you go to you have to be trained how to practice law in the real world. There are exceptions and you might come out with a high paying 100,000 job, but that doesn’t happen often.  Every lawyer here has told me in law school you just learn the basics, but it takes a year or two before you can actually be a productive lawyer. Going to law school is a risk and you may in debt the rest of your life no matter where you go.

As for your don't go to lower than tier 1 law school a perfect example of you being wrong is that recent law graduates interviewed for a position here and there were five  candidates from the following schools Columbia, Harvard, NYU, Rutgers, and New York Law School. I got to sit in on the interviews and  the Harvard lady was the most arrogant & obnoxious person I have ever met and she did not even get past the first round of interviews.  The other four were cool and the Rutgers guy was the one who ended up taking the job.  He has done a really good job so far and I am sure the Harvard lady is still out pissing people off.   

AsteroidB12

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #11 on: November 28, 2008, 05:25:42 PM »
Above:

Judging by your post you have no idea what you are talking about.

Live Free or Die

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #12 on: November 28, 2008, 05:54:07 PM »
This thread is hilarious.

T. Durden

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #13 on: November 28, 2008, 08:42:54 PM »
haha i like to think that you're doomed either way. i'm a recent t20 grad marking market rate in nyc. look at it from this perspective: my salary is 160k; i take home ~95k of that after taxes. of that 95k, i'm paying ~28k or so on basic rent (for a studio). some may say that that is a ridic sum to pay for rent in nyc. they're probably right, though at this stage of my life i like to think that i have progressed past the 8ft by 7ft cramped-living-space-with-no-window routine ... so i pay ~28k. my studio is decent; nothing too luxurious. besides, i don't know anyone in our first year class who isn't paying at least 24k in rent (including those who commute from the outer suburbs of brooklyn). see where this is going? so my 160k, after basic rent and taxes, is more like 65-67k. Ok, that's still decent money ... right? well yeah, i guess, but oh wait, i have that 6 figure debt to pay (on top of the money borrowed to make it through this summer) and then there's living expenses and travel expenses (to see family, friends, girlfriend, whatever) and ut oh ... looks like i'm still completely broke

but wait, at least i have my bonus, right? well yeah, my firm is doing well despite the downturn so who knows, maybe i'll get used to billing 11-a-day (soul crushing) and pull a nice 40k bonus. 40k, that's awesome money ...except, under our current income tax scheme (yes, it's going to get worse in 2010), i'll take home ~17k of that. 17 of 40? yeaaaah. i'd rather stick to 8 or 9 hrs billed per day and call it even. the whole government conscript thing never held much appeal for me anyway.

at least i have raises to look forward to. once i climb the salary ladder, i'll be fine. for example at 160k, i take home 95k. at 200k i take home 110k. at 250k, i take home 125k. so wait, my salary may increase from 160 to 250 in the next 5 years or so, but my take home only increases by 30!?? oh poo, i'm DOOMED ...

... unless of course i make nyc biglaw partner. haha yeah, that's likely. i have a better statistical probabilty of, well, winning the lotto. anyone know what the powerball is up to this month? [and lets not forget the massive opportunity cost posed by taking 3 years off from work to obtain the degree + the massive loans required to do so - it will be years before i even approach the break-even point]

anyway, the point is that you're doomed no matter what you do. generating wealth through income alone is not the smart play (as the income tax bracket is brutal on both the state and fed levels). now if you could somehow make $ through capital gains (flat 15% tax rate) then you might be able to get ahead.

but yeah, don't go into the law looking to get rich. for 99.5% of us, it's not happening (and that includes those of us in biglaw)


Private David Lewis

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #14 on: November 28, 2008, 09:03:27 PM »
haha i like to think that you're doomed either way. i'm a recent t20 grad marking market rate in nyc. look at it from this perspective: my salary is 160k; i take home ~95k of that after taxes. of that 95k, i'm paying ~28k or so on basic rent (for a studio). some may say that that is a ridic sum to pay for rent in nyc. they're probably right, though at this stage of my life i like to think that i have progressed past the 8ft by 7ft cramped-living-space-with-no-window routine ... so i pay ~28k. my studio is decent; nothing too luxurious. besides, i don't know anyone in our first year class who isn't paying at least 24k in rent (including those who commute from the outer suburbs of brooklyn). see where this is going? so my 160k, after basic rent and taxes, is more like 65-67k. Ok, that's still decent money ... right? well yeah, i guess, but oh wait, i have that 6 figure debt to pay (on top of the money borrowed to make it through this summer) and then there's living expenses and travel expenses (to see family, friends, girlfriend, whatever) and ut oh ... looks like i'm still completely broke

but wait, at least i have my bonus, right? well yeah, my firm is doing well despite the downturn so who knows, maybe i'll get used to billing 11-a-day (soul crushing) and pull a nice 40k bonus. 40k, that's awesome money ...except, under our current income tax scheme (yes, it's going to get worse in 2010), i'll take home ~17k of that. 17 of 40? yeaaaah. i'd rather stick to 8 or 9 hrs billed per day and call it even. the whole government conscript thing never held much appeal for me anyway.

at least i have raises to look forward to. once i climb the salary ladder, i'll be fine. for example at 160k, i take home 95k. at 200k i take home 110k. at 250k, i take home 125k. so wait, my salary may increase from 160 to 250 in the next 5 years or so, but my take home only increases by 30!?? oh poo, i'm DOOMED ...

... unless of course i make nyc biglaw partner. haha yeah, that's likely. i have a better statistical probabilty of, well, winning the lotto. anyone know what the powerball is up to this month? [and lets not forget the massive opportunity cost posed by taking 3 years off from work to obtain the degree + the massive loans required to do so - it will be years before i even approach the break-even point]

anyway, the point is that you're doomed no matter what you do. generating wealth through income alone is not the smart play (as the income tax bracket is brutal on both the state and fed levels). now if you could somehow make $ through capital gains (flat 15% tax rate) then you might be able to get ahead.

but yeah, don't go into the law looking to get rich. for 99.5% of us, it's not happening (and that includes those of us in biglaw)



How much of your debt are you planning on paying back per year?

Also, how much are you investing? 
The main partner in their Entertainment Law group went to CLS, but he was Fiske and on LR, so be careful.  You don't want to set yourself goals that are too high.

Miss P

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #15 on: November 28, 2008, 10:17:30 PM »
haha i like to think that you're doomed either way. i'm a recent t20 grad marking market rate in nyc. look at it from this perspective: my salary is 160k; i take home ~95k of that after taxes. of that 95k, i'm paying ~28k or so on basic rent (for a studio). some may say that that is a ridic sum to pay for rent in nyc. they're probably right, though at this stage of my life i like to think that i have progressed past the 8ft by 7ft cramped-living-space-with-no-window routine ... so i pay ~28k. my studio is decent; nothing too luxurious. besides, i don't know anyone in our first year class who isn't paying at least 24k in rent (including those who commute from the outer suburbs of brooklyn). see where this is going? so my 160k, after basic rent and taxes, is more like 65-67k. Ok, that's still decent money ... right? well yeah, i guess, but oh wait, i have that 6 figure debt to pay (on top of the money borrowed to make it through this summer) and then there's living expenses and travel expenses (to see family, friends, girlfriend, whatever) and ut oh ... looks like i'm still completely broke

but wait, at least i have my bonus, right? well yeah, my firm is doing well despite the downturn so who knows, maybe i'll get used to billing 11-a-day (soul crushing) and pull a nice 40k bonus. 40k, that's awesome money ...except, under our current income tax scheme (yes, it's going to get worse in 2010), i'll take home ~17k of that. 17 of 40? yeaaaah. i'd rather stick to 8 or 9 hrs billed per day and call it even. the whole government conscript thing never held much appeal for me anyway.

at least i have raises to look forward to. once i climb the salary ladder, i'll be fine. for example at 160k, i take home 95k. at 200k i take home 110k. at 250k, i take home 125k. so wait, my salary may increase from 160 to 250 in the next 5 years or so, but my take home only increases by 30!?? oh poo, i'm DOOMED ...

... unless of course i make nyc biglaw partner. haha yeah, that's likely. i have a better statistical probabilty of, well, winning the lotto. anyone know what the powerball is up to this month? [and lets not forget the massive opportunity cost posed by taking 3 years off from work to obtain the degree + the massive loans required to do so - it will be years before i even approach the break-even point]

anyway, the point is that you're doomed no matter what you do. generating wealth through income alone is not the smart play (as the income tax bracket is brutal on both the state and fed levels). now if you could somehow make $ through capital gains (flat 15% tax rate) then you might be able to get ahead.

but yeah, don't go into the law looking to get rich. for 99.5% of us, it's not happening (and that includes those of us in biglaw)



Assuming you're paying approximately $30K/year on your loans, that's still quite a bit of discretionary income.  If you are really having trouble making your budget stretch, I recommend saving $11K/year by moving into a nice $1400/mo. studio. 
That's cool how you referenced a case.

Quote from: archival
I'm so far from the end of my tether right now that I reckon I could knit myself some socks with the slack.

just Trev

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #16 on: November 29, 2008, 01:26:46 AM »
35k is plenty to live on.

sluglaw

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #17 on: November 29, 2008, 04:58:22 PM »
Turden-
It sounds like you have your head so far up your ass that you are gonna need a colonic just to see daylight.  Let's start with the fact that you are complaining about making 160,000 fresh out of school.  Should I call the waambluance for you?  Despite the fact that you think you are "not rich" you live in a studio that costs 28k per year.  There are many many teachers in this world that have worked for over a decade and still don't make 40k a year.  Do you think they are stuck in "the 8ft by 7ft cramped-living-space-with-no-window routine" or that they somehow enjoy it?  Furthermore, you still make enough money to have a nice travel allowance and pay lots for "living expenses" which while you don't specify the general tone of your post makes me think that you are eating out at great restaurants, probably going to shows, wearing very nice threads, and taking nice classy vacations.  So, you are left over after all your playboy life expenses (bear in mind that even with you "crippling debt" you are still one of the most priveleged and lucky human beings in the history of the earth, spending-power wise) you take home "only" around 60k (again enough to pay the salary of two public school teachers who hold advanced degrees in education and work 50-60 hours a week dealing with emotionally disturbed, violent, or disabled children...again explain to me why you deserve sympathy?) which to you is somehow not enough money because you have 6 figure debt.  Now, if you were actually frugal you could probably pay of your debt within 5 years but it seems you are enjoying blowing massive wads of cash in every direction right now so that must be out of the question.  The fact that you had to borrow money to make it through the summer is also laughable, I know plenty of people who in recent months have been laid off, had hours cut, or are college grads who can't find work and yet manage to scrape by without taking out massive loans (I'm assuming you never got your living expenses below $1000/month, and OMG that's not impossible).  To add to your general arrogance, you assume you will only live an acceptable life if you make partner and compare the odds of that to winning the lotto which is clearly not the case, since the lotto is roughly 18 million to one while you already have the foot in the door at some of these firms, are from a top 20 school and seem to have it made- and while maybe its not likely odds of even say 20 to 1 or 100 to 1 are still infinitely better than the lottery, and your "fallback" prize is a 160k per year job with 40k per year bonuses- and you are complaining 112k per year after taxes because (hold on I'm starting to tear up here, let me grab some tissue) your plush 200k job actually gets taxed I mean with that extra 80k imagine how much better your life would be, I mean you could finally make it out of poverty!  Oh wait...

In short, this is exactly the sort of arrogance and hubris that makes people in this world hate lawyers, and in this case with a good amount of justification.  How about you try driving the bus for a year and see how you feel about the taxes you have to pay then?  Your 28k studio isn't gonna seem so reasonable then, I think.

Thistle

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #18 on: November 29, 2008, 05:43:18 PM »
i dont hate lawyers, but i'm getting a good hate worked up for him.
non ex transverso sed deorsum


JD

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Re: HERE IS WHAT THE 35K DOLLAR JOB MOST OF YOU WILL BE DOOMED TO IS LIKE
« Reply #19 on: November 29, 2008, 06:22:40 PM »
wise man once said we're all going to be held accountable for what we've done with what we've been given...