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Author Topic: Lesser ranked school w/ money vs. T1: a different take  (Read 3057 times)

sno

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #30 on: June 29, 2007, 02:11:36 PM »
Texas is known for its high salaries and low COL. Biglaw firms pay $135K+ to start so you don't even have to be going into biglaw to get to around $100K. I have quite a few friends aiming to go to Texas because they know it's a good way for them to pay their loans off quickly and still live a comfortable lifestyle.

Unless a candidate has higher grades and/or has some personal connections to TX, I'm doubtful to the career prospects of a 22-35 graduate getting a $100K+ job in TX.  Anecdotally, I've been told that an out-of-stater coming to TX has to have a better answer to the "why do you want to work in Dallas" question than "low cost of living and I like the weather."

I'm guessing that an out-of-state median candidate from a 22-35 school probably has the same career prospects as median to slightly-above median grads at SMU, Baylor, and Houston.  Median private sector salaries for those grads are roughly $70K-$80K (according to USNWR data).  Of course, I'm just BS-ing here.  What do you think?

That's the same as it is anywhere- what's your point? I doubt that the median salary in Texas for people coming from 25-35 is going to be the same as median from SMU/Baylor. My school's median salary is lower because people go to lower-cost/lower-paying markets, but it isn't anywhere near $70K.

this debate's gonna go nowhere...is it possible? yes...are there statistics to prove either position? nothing that's already been gathered (as far as i kno)...so unless people are willing to do the research themselves, this is all going to be speculation...imo, it's pretty 50/50 whether or not it's true...but let's forget the actual salary...i'm willing to bet it's easier to get a job in tx if you went to smu/baylor than if u went to a 25-35 school...one word: networking
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Beurre

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #31 on: June 29, 2007, 02:16:44 PM »
Don't sell yourself short.

Go to T1 school.
Aim as high as you can and reach your potential.
You will do well in T1 school.

Jolie Was Here

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #32 on: June 29, 2007, 02:25:58 PM »
Don't sell yourself short.

Go to T1 school.
Aim as high as you can and reach your potential.
You will do well in T1 school.

I mean this with love and respect, kid:
but aren't you still LSAT prepping?  No one should be taking advice from a -1L. 

This debate has gotten somewhat retarded.  I totally understand the value of maximizing "prestige" potential and all that.  After all, I turned down some great financial offers to attend my school at full price because of the opportunities it would afford me. 

But "prestige" is only one variable.  There are several.  Anyone who completely disregards the economics is setting himself up for serious financial woes down the road.  And what this board so often fails to take into consideration is that we all have different priorities and different tolerance for types of risk. 

I agree that at the margins there are almost-absolutes - if the OP were asking about going to Columbia or Cardozo with a desire to work in NYC, I'd be willing to strongly encourage going for Choice A.  But most cases are in gray areas rather than at the margins. 
I was referring to your intellectual penis. Which is quite robust.

Jolie is creeping up on me. 

Beurre

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #33 on: June 29, 2007, 02:52:14 PM »
yes, I am still prepping....and that is no fun.
I needed a break.

Jolie Was Here

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #34 on: June 29, 2007, 02:55:10 PM »
yes, I am still prepping....and that is no fun.
I needed a break.

I can appreciate that. :D I'm on here b/c I needed a break from brief-writing.
I was referring to your intellectual penis. Which is quite robust.

Jolie is creeping up on me. 

Beurre

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #35 on: June 29, 2007, 02:58:11 PM »
thanks for your understanding.

Really, LSAT is screwing my life.

good luck on briefing! ;D

michelle d

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #36 on: June 30, 2007, 04:01:04 AM »
The less prestigious degree and the big debt load both do the same thing: they reduce the number of opportunities you have.  Both close some doors, while the lack of debt or the prestigious degree open a lot of other ones.  Law students just need to be cognizant of that.  I think a lot of people have preconceived notions about this, and don't recognize that it's always going to be a trade off.

excellent post

very true, but also consider that you can pay off debt in five years while the name on your degree will be there forever.

Famous last words.


If you stay longer or cultivate an extravagant lifestyle and feel *obligated* to stay that's a different issue and probably indicative of problems you'd have in any field.

You can't pay off $150,000 loans in five years if you are an average student at a T1.  You probably won't get a job that allows you to do so.

Meh, depends on your debt load and grades.  If you're paying a lower in-state tuition and live very frugally it's not impossible/improbable.  I'm an "average" student, always have been, and expect to be "average" coming out of law school.  I also expect to discharge my debts in five years by living cheaply like I always have.

There is a point to limiting your options early on.  Neither one's the right answer, though.  Ultimately I elected to pay more (quite a lot more) to go to a T1 because I knew I DIDN'T want to work in biglaw and the more prestigious degree is going to afford me more options in the DOJ/gov't/possibly academia.  I realize that this means I'll have to "serve time" in biglaw, but there are worse things to do for a few years out of school.  I've know a couple people who went through med school and I'd take two or three years of biglaw over a residency.
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sno

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #37 on: June 30, 2007, 03:38:03 PM »
The less prestigious degree and the big debt load both do the same thing: they reduce the number of opportunities you have.  Both close some doors, while the lack of debt or the prestigious degree open a lot of other ones.  Law students just need to be cognizant of that.  I think a lot of people have preconceived notions about this, and don't recognize that it's always going to be a trade off.

excellent post

very true, but also consider that you can pay off debt in five years while the name on your degree will be there forever.

Famous last words.


If you stay longer or cultivate an extravagant lifestyle and feel *obligated* to stay that's a different issue and probably indicative of problems you'd have in any field.

You can't pay off $150,000 loans in five years if you are an average student at a T1.  You probably won't get a job that allows you to do so.

Meh, depends on your debt load and grades.  If you're paying a lower in-state tuition and live very frugally it's not impossible/improbable.  I'm an "average" student, always have been, and expect to be "average" coming out of law school.  I also expect to discharge my debts in five years by living cheaply like I always have.

There is a point to limiting your options early on.  Neither one's the right answer, though.  Ultimately I elected to pay more (quite a lot more) to go to a T1 because I knew I DIDN'T want to work in biglaw and the more prestigious degree is going to afford me more options in the DOJ/gov't/possibly academia.  I realize that this means I'll have to "serve time" in biglaw, but there are worse things to do for a few years out of school.  I've know a couple people who went through med school and I'd take two or three years of biglaw over a residency.

yea, but chicago is quite different from a mid to low t1 in terms of job options when you graduate...
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vap

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #38 on: June 30, 2007, 06:23:56 PM »
The less prestigious degree and the big debt load both do the same thing: they reduce the number of opportunities you have.  Both close some doors, while the lack of debt or the prestigious degree open a lot of other ones.  Law students just need to be cognizant of that.  I think a lot of people have preconceived notions about this, and don't recognize that it's always going to be a trade off.

excellent post

very true, but also consider that you can pay off debt in five years while the name on your degree will be there forever.

Famous last words.


If you stay longer or cultivate an extravagant lifestyle and feel *obligated* to stay that's a different issue and probably indicative of problems you'd have in any field.

You can't pay off $150,000 loans in five years if you are an average student at a T1.  You probably won't get a job that allows you to do so.

Meh, depends on your debt load and grades.  If you're paying a lower in-state tuition and live very frugally it's not impossible/improbable.  I'm an "average" student, always have been, and expect to be "average" coming out of law school.  I also expect to discharge my debts in five years by living cheaply like I always have.

There is a point to limiting your options early on.  Neither one's the right answer, though.  Ultimately I elected to pay more (quite a lot more) to go to a T1 because I knew I DIDN'T want to work in biglaw and the more prestigious degree is going to afford me more options in the DOJ/gov't/possibly academia.  I realize that this means I'll have to "serve time" in biglaw, but there are worse things to do for a few years out of school.  I've know a couple people who went through med school and I'd take two or three years of biglaw over a residency.

yea, but chicago is quite different from a mid to low t1 in terms of job options when you graduate...

I should have specified I did not intend to include T14 (or T15-20 for that matter).  The OP mentioned T22-35, so I was aiming my comment at that.  Granted, there are probably a few schools in that range that you could pay off $150,000 in five years after graduating at the median.  Generally speaking, it would be very unlikely from most T1 schools.

michelle d

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Re: Lesser ranked school w/ money vs. T1: a different take
« Reply #39 on: June 30, 2007, 07:48:01 PM »
The less prestigious degree and the big debt load both do the same thing: they reduce the number of opportunities you have.  Both close some doors, while the lack of debt or the prestigious degree open a lot of other ones.  Law students just need to be cognizant of that.  I think a lot of people have preconceived notions about this, and don't recognize that it's always going to be a trade off.

excellent post

very true, but also consider that you can pay off debt in five years while the name on your degree will be there forever.

Famous last words.


If you stay longer or cultivate an extravagant lifestyle and feel *obligated* to stay that's a different issue and probably indicative of problems you'd have in any field.

You can't pay off $150,000 loans in five years if you are an average student at a T1.  You probably won't get a job that allows you to do so.

Meh, depends on your debt load and grades.  If you're paying a lower in-state tuition and live very frugally it's not impossible/improbable.  I'm an "average" student, always have been, and expect to be "average" coming out of law school.  I also expect to discharge my debts in five years by living cheaply like I always have.

There is a point to limiting your options early on.  Neither one's the right answer, though.  Ultimately I elected to pay more (quite a lot more) to go to a T1 because I knew I DIDN'T want to work in biglaw and the more prestigious degree is going to afford me more options in the DOJ/gov't/possibly academia.  I realize that this means I'll have to "serve time" in biglaw, but there are worse things to do for a few years out of school.  I've know a couple people who went through med school and I'd take two or three years of biglaw over a residency.

yea, but chicago is quite different from a mid to low t1 in terms of job options when you graduate...

I should have specified I did not intend to include T14 (or T15-20 for that matter).  The OP mentioned T22-35, so I was aiming my comment at that.  Granted, there are probably a few schools in that range that you could pay off $150,000 in five years after graduating at the median.  Generally speaking, it would be very unlikely from most T1 schools.

Yeah, that's true, but I don't think any school in that range is worth that price.  (Heck, I'm not sure my school is quite worth the price but my dad talked me into it.)  In the mid/low T1 you can take advantage of v. reasonable state school tuition rates, though.  My alma mater is about $15000/year (I think the average debt at graduation is ~$50K) and places well locally because there's nothing higher ranked in a two-state radius.  So, really, you definitely don't HAVE to take on that much debt even paying full price and if you pick well geographically you can still land a pretty good gig.
U of Chicago 2010.