$120,000 to attend MVP - HOW BAD
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Date: March 23rd, 2015 10:49 PM Author: contagious overrated school cafeteria
Got a pretty generous scholarship to MVP, but even with that, I'm looking at $120,000 in total cost. No family support + savings. FML.
Only interested in BIGLAW. Worth it?
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27544401) |
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Date: March 23rd, 2015 11:01 PM Author: Hateful Heady Puppy
That's still strong.
FYI, that's the maximum amount of need-based aid that YLS offers.
But I bet we're talking about Michigan here.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27544502) |
Date: March 23rd, 2015 11:12 PM Author: lavender chest-beating menage liquid oxygen
do u want to do biglaw for a long time?
if so, it's worth it
if not, don't do it
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27544582) |
Date: March 24th, 2015 3:08 AM Author: Light diverse church digit ratio
I am a class of '09 grad that was in a similar situation to you, and I'll give you a synopsis on how things turned out for me and my classmates.
I took the scholly to MVP (not as generous as yours but better than sticker at YHS) and graduated with about 100K in debt. I graduated somewhere between cum laude and order of the coif. I went biglaw out of school, grinded for 3 years, then jumped ship to big tech in house. In those 3 yrs at biglaw, I lived frugally, paid off all of my debt and maximized retirement savings (i.e. 401k + backdoor Roth). I then went in house with a *slightly* positive net worth. Today, I have about $500K in retirement (market performance + employer match + stock grants) and save about $150K per year, which increases each year w/ salary bumps and stock bumps (all socked away towards retirement). Plan is to exit law in about 5 years because I still hate it. But its given me a path to financial independence. In the end, it's a tossup on whether I regret it. I regret it mostly because I'll end up spending my most productive professional years in a job that I genuinely do not enjoy (the alternative to law school was physical therapy school, which I would have loved to do). However, I feel financially secure, which I don't think I would've achieved had I gone down another route.
As for my classmates, there's still a good amount in biglaw as senior associates hoping to make partner. Others have also gone in-house. Almost all are very well off financially. However, I can think of none that enjoy practicing law.
Based on that (non-representative) data, I would say that in your circumstances, you have a decent shot at a financially rewarding profession. However, unless you really love law (which you won't know until you get your first taste at biglaw), it will likely be at a job that is stressful, tedious and non-fulfilling. It really all depends on what you want. For me, again, I probably do regret going to law school, but I say that from a 'grass is always greener' perspective.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27545560) |
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Date: March 24th, 2015 3:24 AM Author: mewling pungent chapel
I'm a bit older than this and this is pretty accurate, with a few notes:
1. In house (especially at big tech, whether that means Facebook or Intel) after 3 years is very rare unless you're HYP/HYS-type, in some niche, hot, etc. Being fired by that point is almost as common.
2. This dude had grades decently above the median.
3. His net worth and annual savings sound to be pretty heavily related to stock grants and employer matching. This is also rare. There are people his vintage who still have negative net worths. +$500K as a 5th-year is almost unheard of, especially at an average V100 firm, which is where the average MVP grad might expect to be 5 years after graduation.
*****
We almost all hate our day-to-day lives. I have a great wife I love, a daughter who makes me melt, a nice enough car and home (with significant equity thanks to the past 4 years), an investment portfolio that I'm not embarrassed by, healthy parents I enjoy spending time with, and yet, if you asked me if I could wake up at 55 and retired...I'd think long and hard about it.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27545594) |
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Date: March 24th, 2015 11:54 PM Author: Light diverse church digit ratio
I can think of a handful of classmates that initially got shit on by the economy when we graduated, though most have since gotten either solid small midlaw or in house. I don't think any of my friends have necessarily gotten rich from practicing law, though they appear to be financially secure and lead decently upper middle class lives - emphasis on appear, as I honestly don't know what their actual finances are...they could be struggling under a mountain of debt.
Jim_Kelly is pretty spot on in his notes. I'll admit that I somewhat lucked out. But I live cheaply (probably to a fault), but this is done with the intent that I don't plan to be practicing for the next 20 years, so I want to build my nest egg and peace out asap. One note on in house gigs though, which I think is a misconception on XO. It is certainly better in many respects than biglaw, i.e. more flexibility, better perks, less fire drills; but it's certainly not a cushy chill job in any respect. Overall it's probably more stressful because I have a lot more responsibility without the safety net of a partner or senior associate to pass any blame to if shit hits the fan. Plus, I still work a lot of hours.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27550546) |
Date: March 25th, 2015 12:21 AM Author: jade pistol
I paid about the same after scholarship for a slightly lower ranked school, and I'm a mid level now. It worked out fine financially. If I didn't get biglaw things could have really sucked, but odds were pretty good when I went. Not sure what that looks like now.
Whether you will enjoy being a lawyer is a separate question. You probably won't, but some people do.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27550659) |
Date: March 25th, 2015 12:34 AM Author: Titillating obsidian stock car sex offender
you prob won't enjoy law. you prob won't end up with a noteworthy career.
if you go to P you will prob get biglaw. if you go to M or V the chances are slimmer.
if you get biglaw and last for a few years it will most likely work out in the long term financially.
you will not get rich practicing law. best case scenario you will lead an upper middle class lifestyle and be bored out of your mind.
(http://www.autoadmit.com/thread.php?thread_id=2837409&forum_id=2#27550726) |
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