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ITT: You tell me how to save 500k quickly in BIGLAW
Poast new message in this thread
Date: March 12th, 2008 11:19 PM Author: amethyst heaven So I'm curious....
Is it possible to save up 100k a year in biglaw? If not, how long would it take to save up 500k
assume no school loans or debt
also assume that I'm in whatever market I need to be to save the quickest....would this be houston (low col), nyc maybe? (higher pay scale in later years)
advice is much appreciated, i hope to start my own business someday and would like to have a nice cushion |
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Date: March 12th, 2008 11:20 PM Author: Boyish cuckoldry garrison No, taxes will take a huge amount of that salary you think you're going to get. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470569) |
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Date: March 12th, 2008 11:26 PM Author: Sickened multi-colored dragon pocket flask Stay the hell out of NYC if that's your goal. You need to go somewhere like Houston, Charlotte, maybe even Chicago. After that, no secret, just live cheap. Live in a safe but small and apartment in a non-trendy neighborhood. Wear Jos. A Bank instead of bespoke, MTM, or even Brooks Brothers (although you should have at least one proper suit). Put a rolling chick magnet out of your mind, it's a Corolla or 4 cyl. Accord for you.
I think 195K is like 110k takehome, depending on where you live (check paycheckcity.com to see for sure). So maybe more like 50K/year to start. If you don't increase your spending in subsequent years, you can get to 100K/year by 3rd or 4th year, assuming NYC scale and bonus.
Just live cheap and save, dooder. Good luck. |
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Date: March 12th, 2008 11:30 PM Author: amethyst heaven So If I choose to live in Houston or Chicago, is there a signing bonus of 10k in both cities?
Also, I have read that the bonus for the houston firms are only 5k? Would I be better off going to Charlotte or Chicago? I didnt think charlotte paid 160? |
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Date: March 12th, 2008 11:38 PM Author: apoplectic university I think Mayer Brown, CWT, and maybe Dechert pay 160 in Charlotte. Dewey as well, but I think they just opened their office and have like 5 attorneys. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470627) |
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Date: March 12th, 2008 11:42 PM Author: Razzmatazz voyeur candlestick maker Mayer Brown, hahahaha. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470643) |
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Date: March 12th, 2008 11:50 PM Author: apoplectic university Did something happen to Mayer Brown? I haven't been paying attention. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470680) |
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Date: March 12th, 2008 11:57 PM Author: Razzmatazz voyeur candlestick maker No, they're still irrelevant. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470714) |
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Date: March 13th, 2008 12:20 AM Author: Ruddy plaza are u the real 174? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470816) |
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Date: March 13th, 2008 12:21 AM Author: Razzmatazz voyeur candlestick maker Sure am. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470826) |
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Date: March 13th, 2008 12:24 AM Author: Ruddy plaza hey dood, you still uber prestigious? where have you been? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470839) |
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Date: March 13th, 2008 12:25 AM Author: Razzmatazz voyeur candlestick maker I'm basically retired. I came back to the board because of the lawsuits. Interesting stuff to read about. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470849) |
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Date: March 13th, 2008 1:12 AM Author: Motley office patrolman still a tacky poor? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471081) |
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Date: March 12th, 2008 11:38 PM Author: Sickened multi-colored dragon pocket flask Sorry, I can't give you many specifics on these markets. There's not much of a signing bonus anywhere, so I wouldn't worry about that (not clerking are you?). You'll need to ask the board (or maybe Greedy Texas) about bonus structure at specific firms in Houston. There are a handful of true biglaw firms in both Houston and Charlotte that I think are on full 160 uncompressed scale. Those jobs are probably harder to get, however, than most NYC market jobs.
How do you feel about Delaware? There's always Skadden Wilimington.
COL is probably lower in Charlotte (I'm guessing, there are various tools you can use to check) but market base and bonus are more plentiful in Chicago. So if you can get a firm on the 160 scale in Charlotte, I'd go there. If not, try Chicago. |
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Date: March 12th, 2008 11:49 PM Author: amethyst heaven very helpful info, thanks (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470675) |
Date: March 12th, 2008 11:22 PM Author: Internet-worthy Reading Party your take home pay will probably be right around 100k your first year, friend. The only way to save that is to live on a cot in your office and beg for food scraps (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470573) |
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Date: March 12th, 2008 11:23 PM Author: amethyst heaven even if i work in houston with no state income tax? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470577) |
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Date: March 13th, 2008 2:59 AM Author: Pale glittery immigrant tanning salon Why the fuck haven't you checked Paycheckcity.com yet? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471337) |
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Date: March 12th, 2008 11:27 PM Author: Electric parlour filthpig if you're married and your wife works an average job, you can do it in 6-7 years and live comfortably still. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470589) |
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Date: March 12th, 2008 11:29 PM Author: Crawly Deranged Legal Warrant first year take home is 100K. live on 30. take the rest and bet it on commodities. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470595) |
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Date: March 12th, 2008 11:32 PM Author: Orchid bateful shrine mother You don't take home 100K. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470608) |
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Date: March 12th, 2008 11:31 PM Author: Orchid bateful shrine mother You won't even take home 100K per year for the first few years much less be able to save it. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470604) |
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Date: March 12th, 2008 11:33 PM Author: amethyst heaven so for all you biglaw dudes, is it really that bad? am i going to hate my life? or it the reputation on how bad it is overrated? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470610) |
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Date: March 12th, 2008 11:34 PM Author: Orchid bateful shrine mother It's really bad. The people with the jobs that everyone dreams of - you know, the equity partners? They are the most depressed and miserable of all. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470613) |
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Date: March 12th, 2008 11:37 PM Author: amethyst heaven seriously?
how much do you work, and how much do partners typically work? |
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Date: March 12th, 2008 11:38 PM Author: Razzmatazz voyeur candlestick maker It's not how "much" you work. The problem is that you do terrible, mindless work and are constantly surrounded by horrible people. It's a miserable existence, and you will be miserable. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470628) |
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Date: March 12th, 2008 11:46 PM Author: Orchid bateful shrine mother You also get blamed for shit you didn't do, and don't get credit for stuff you do do.
Every time you get on a project that is being handled by a senior associate (and it happens all the time) just fucking spread your cheeks and expect the worst. They will always pass the blame and always keep the credit for everything.
If you get put on a good project some other associate will try to weasel it away from you. Possibly they will do it behind your back by smooth talking the person in charge of the project. |
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Date: March 12th, 2008 11:48 PM Author: Razzmatazz voyeur candlestick maker ty (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470672) |
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Date: March 12th, 2008 11:37 PM Author: Razzmatazz voyeur candlestick maker You're going to hate it. Everyone does. Even if you like it once in awhile, the overwhelming feeling will be constant despair. And when you find out the money isn't even that good, the hate for life really starts to take control. Soon, you will be wishing to be murdered on the subway. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470619) |
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Date: March 12th, 2008 11:39 PM Author: amethyst heaven what makes it so bad? the people? partners? hours? is the work boring? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470633) |
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Date: March 12th, 2008 11:41 PM Author: Razzmatazz voyeur candlestick maker Yes. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470641) |
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Date: March 12th, 2008 11:39 PM Author: trip volcanic crater casino No, it's fine. Just work 50 hours a week. If you're smart and motivated, you can do a good enough job in that timeframe. Maybe worry about working more if you're a 6th year and want to make partner. Learn how to turn down work.
Also, an NYC first year last year made well over 100k take home. |
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Date: March 12th, 2008 11:41 PM Author: Razzmatazz voyeur candlestick maker Billing 50 is safe advice if you have no desire to stay at the firm for more than 3 years. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470640) |
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Date: March 12th, 2008 11:42 PM Author: unhinged stage honestly though, who does? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470644) |
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Date: March 12th, 2008 11:45 PM Author: amethyst heaven why? do they kick ya out? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470656) |
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Date: March 12th, 2008 11:45 PM Author: Razzmatazz voyeur candlestick maker Not exactly. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470659) |
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Date: March 12th, 2008 11:46 PM Author: unhinged stage of course not, they just ask the partners to pick up your slack. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470661) |
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Date: March 12th, 2008 11:47 PM Author: Razzmatazz voyeur candlestick maker well-played (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470666) |
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Date: March 13th, 2008 12:28 AM Author: trip volcanic crater casino I will bill 2000 hours at V10 NYC biglaw for at least 5 or 6 years; we'll see what happens after that. I'm not unusual. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470868) |
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Date: March 13th, 2008 12:29 AM Author: Razzmatazz voyeur candlestick maker You're so cool. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470872) |
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Date: March 13th, 2008 12:45 AM Author: trip volcanic crater casino Plenty of people bill those levels of hours. You're not going to get fired from Cleary for a 1900 year. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470953) |
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Date: March 12th, 2008 11:44 PM Author: Internet-worthy Reading Party link to well over 100k? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470653) |
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Date: March 12th, 2008 11:49 PM Author: Sickened multi-colored dragon pocket flask http://www.paycheckcity.com/netpaycalc/netpayCalcResult.asp
This is NYC, takehome 111K. I figured $100/paycheck for healthcare. There is ZERO 401k or any other kind of deduction
Edit: Doesn't look like I can link right to result. Have to fill it in yourself. With 7% 401k (about maxes out) you come to 104.5k takehome. |
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Date: March 12th, 2008 11:43 PM Author: unhinged stage GREAT NEWS!!!!!
you're going to vandy, you don't have to worry about it. |
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Date: March 12th, 2008 11:45 PM Author: Razzmatazz voyeur candlestick maker *high five* (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470655) |
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Date: March 12th, 2008 11:47 PM Author: amethyst heaven you dont think i can get market out of vandy?
i can still choose duke or gulc at full cost, but that kindof defeats the purpose of trying to save up enough to start my own business |
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Date: March 12th, 2008 11:56 PM Author: unhinged stage at least you're smart enough to realize that the only way to make money is to own your own business. what business you starting up?
btw, take uva you dipshit. |
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Date: March 13th, 2008 12:02 AM Author: amethyst heaven i want to buy an existing business in money management...possibly buy the book of a financial advisor
it makes sense for me to take my 90k at vandy over uva if i dont expect to be in law past 7,8 years....i just want to save up as much as possible and have the freedome to start my own business, i dont want to have to work an additional year or two paying down student loans when i can get a market job at vandy if i finish above the median, which i will |
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Date: March 13th, 2008 12:05 AM Author: unhinged stage yeah houston biglaw loves median kids at vandy. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470749) |
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Date: March 13th, 2008 12:09 AM Author: amethyst heaven i know students who got jobs there at the median in biglaw
do you not realize that vandy places well nationally in biglaw firms? it places arguably the best out of all of the schools outside the T14 |
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Date: March 13th, 2008 12:14 AM Author: unhinged stage I know black muslims who have won the democratic primary for President. I guess that means all black muslims will win the democratic primary for the presidency. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470798) |
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Date: March 13th, 2008 7:56 AM Author: cocky telephone You're on fire in this thread. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471642) |
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Date: March 13th, 2008 12:09 AM Author: Motley office patrolman I eagerly await the "Just lost all my savings when my startup failed, link to contract work?" thread a few years down the line! (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470770) |
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Date: March 13th, 2008 12:09 AM Author: amethyst heaven you'll be waiting a long time (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470773) |
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Date: March 13th, 2008 12:13 AM Author: Motley office patrolman I know, you probably won't be able to scrape that money together for a while, especially when you get bottom25%pwned and end up in Nashville small law. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470791) |
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Date: March 13th, 2008 12:19 AM Author: amethyst heaven bottom 25% gets nashville biglaw
plus your forgetting that students at vandy dont get ranked....employers have a tough time even figuring out if a student is below the median, let alone bottom 25% |
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Date: March 13th, 2008 12:21 AM Author: Motley office patrolman I'm sure wearing a tie-died DMB shirt to interviews is going to set you apart. LOL at your notion that bottom 25%'ers at TTT Vandy are getting BIGLAW. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470822) |
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Date: March 13th, 2008 12:27 AM Author: amethyst heaven i forgot, you would know because you go there, right?
look at past threads on here and you will see that I am right. Ive done my research, unlike you. |
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Date: March 13th, 2008 12:29 AM Author: Motley office patrolman LOL, as I said, I look forward to you detailing your future crushing failures for us (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470869) |
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Date: March 13th, 2008 8:04 AM Author: cocky telephone This post is retarded. First off, most schools that don't rank DO place an estimated GPA for each quartile on their transcripts so employers will know. Even without that, most firms interviewing at Vandy will probably have a Vandy alum interviewing and he/she will know. If they don't send a Vandy alum, the recruiting coordinator will CERTAINLY know.
Also, lol at students in the bottom 25% getting any biglaw, much less "biglaw" in such a small market. What you don't understand is that it becomes harder and harder to get biglaw jobs the smaller the market, ESPECIALLY when that market is being flooded by grads from your school with better grades. Perversely, Nashville may be the most difficult market for you to get biglaw coming from Vandy with so-so/bad grades. Nashville firms will have a tiny number of spots open for all your Vandy friends with better grades who always wanted to practice in Nashville, AND for all of the T-14 grads from Tenn who want to move back home. Plus, those firms would much rather take top 5% from the local TTTs than your bottom-feeding Vandy ass. GL with that.
I enjoyed your flame though. |
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Date: March 13th, 2008 12:11 PM Author: amethyst heaven Unless you have connections to nashville....which i do already (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9472309) |
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Date: March 13th, 2008 2:31 PM Author: cocky telephone &toh I see, so when you said "bottom 25% gets Nashville biglaw; you really meant you have connections so you'll get it with any GPA. If it's the case that u have all these connections, why not just go to a TTT, bc bottom quarter at Vandy will pretty much put you in the same place.
And wow, your dad must be a managing partneror some shit bc it'd take some serious connections to overcome those grades. A frat brother who just started as a first year ain't gonna cut it
Rereading your post, are you simply talking about connections to the city? If so, firms will still care about grades
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Date: March 13th, 2008 12:15 AM Author: unhinged stage you would know. maybe you should hire this guy for your used honda/computer business. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470800) |
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Date: March 13th, 2008 12:17 AM Author: Motley office patrolman Good point, i'll put him in chage of the S.East
*sends a used honda and windows '98 era computer to dmbfan* |
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Date: March 13th, 2008 12:28 AM Author: bisexual cerebral selfie giraffe That doesn't really sound like "your own business" as much as it would make you self-employed. You'd still be providing professional services, and limited to making what you can charge people for your advice/work.
"Your own business" of the sort people usually talk about--the sort that might allow you to accumulate serious wealth--generally means you need to actually have other people working for you, so you can grow the business beyond the services that you, personally, are able to provide. |
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Date: March 13th, 2008 3:04 AM Author: Pale glittery immigrant tanning salon "you can grow the business beyond the services that you, personally, are able to provide."
It's almost like owning a law firm. |
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Date: March 13th, 2008 8:52 AM Author: titillating painfully honest center I'm not sure who's dumber, you or dumbfan.
People hire people to work for them in financial services believe it or not. |
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Date: March 13th, 2008 12:37 AM Author: Cracking primrose chapel try K&E chicago or something. keep asking for more work. bill 2800 hours. last year a few at K&E got 160 + as high as 70 or 80 in bonsu i think.
might be a problem since there won't be a special bonus this year, but even at $205k you take home like $115. I think on the $205 scale it went $205, $220, $245, $265, $275 or so. In Chicago you probably could live on $40k no prob. Just guessing, but you could save $75 first year, $85 second, $100 third, $120 fourth, $130 fifth, BAM!
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Date: March 13th, 2008 12:37 AM Author: Charismatic carmine old irish cottage Wait, so you are going to LS with plans to leave law after five years? Why not just get a decent job in a low COL city and save what you can while building some sort of business skill. Then find some investors for your business instead of investing your hard-earned biglaw $$$? It will be a lot harder than you think to part with 500K once it has taken years to accumulate. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470907) |
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Date: March 13th, 2008 1:11 AM Author: light stage you can seriously get as high as $240 as a non-WLRK 1st-year?
*spreads my buttcheeks* |
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Date: March 13th, 2008 12:49 AM Author: Excitant Public Bath Lateral to IBanking or PE. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9470968) |
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Date: March 13th, 2008 12:59 AM Author: Bespoke Adventurous Range Look, you aren't going to have a problem getting a market job from Vanderbilt. Seriously. But please lay off the constant threads. |
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Date: March 13th, 2008 12:10 PM Author: amethyst heaven why do you say that? do you go there?
all of these other assholes seem to think nobody but top 1/3 gets it |
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Date: March 13th, 2008 1:19 AM Author: learning disabled brilliant temple Why do you want to start a financial advisory business? It seems like you'd be better suited to open up your own law shop (or with a couple of other people). Hell I think owning/operating a restaurant/bar would be much more fun than what you mentioned. Do you have any skills/knowledge in that field? I always thought opening up a vinyard would be fun :) (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471109) |
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Date: March 13th, 2008 7:44 AM Author: Iridescent concupiscible library sneaky criminal What's the best way to make a small fortune with a vineyard?
Start with a large fortune.
By the way, financial advisors are generally community college kids who can't get a real job, so they go into "business" selling insurance and brokerage services. They are essentially freelance sales people. |
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Date: March 13th, 2008 12:07 PM Author: amethyst heaven which is why I would rather buy a financial advising business
-i would skip the sales part -the law degree would separate me from the competition |
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Date: March 13th, 2008 12:09 PM Author: amethyst heaven successful financial advisers make way more than lawyers
ive met regular advisers who work 20 hours a week making 800k a year.....you would be surprised how much these people make, if you can get past the 93% failure rate |
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Date: March 13th, 2008 1:58 PM Author: Hot sepia ticket booth partner I'll vouch for this. A close family friend just started in the business last year (after several failed small businesses) and works <40 hours and will make about $300K this year. And it's fairly self-perpetuating, so that it should multiply down the road without that much more additional effort. But he's a very good salesman, and tons of people at his company struggle along for a year or so with no income, and finally drop out. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9472833) |
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Date: March 13th, 2008 12:14 PM Author: amethyst heaven -i have past finance experience -some advisors do real work about 20 hours a week -opening a restaurant is definately an idea too, however i have no real restaurant experience and wouldnt want to take a gamble like that |
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Date: March 13th, 2008 8:56 AM Author: irate church do not pay your taxes (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471717) |
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Date: March 13th, 2008 9:08 AM Author: exhilarant sable fat ankles boiling water yes, make sure to take the 100% "always bet on black" deduction (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471738) |
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Date: March 13th, 2008 9:13 AM Author: Tan Flatulent Lay It is important to have a nest egg stashed away in case of an unexpected tragedy or firing. This is particularly important in the economy, when the probability of being fired rises exponentially. (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9471745) |
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Date: March 13th, 2008 2:04 PM Author: wonderful philosopher-king In 5 years 500k won't mean shit. Inflation is at what, 20% right now? (http://www.autoadmit.com/thread.php?thread_id=783272&forum_id=2#9472865) |