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Biglaw depression
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Date: January 24th, 2013 10:01 PM Author: bateful abode background story 2nd year Biglaw in NYC. 30 and owe >200k in debt. I don't hate my job but I'm utterly uninspired by it. A "good week" at work is just one where I don't actually have to do much and get a fairly free weekend. I really enjoy living in NYC and have a good social life (to the extent I'm not working) so it's hard to say my life is bad overall. But I don't like that I'm spending my prime years of productivity in a job that doesn't engage me, that doesn't seem to get much better down the road - I look at what 4th and 5th year do and that doesn't seem any better - and that I'm essentially trapped in because of debt load. What to do? Just keep plugging away as long as it's tolerable and hope for "exit" options to materialize down the road? (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497873) |
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Date: January 24th, 2013 10:03 PM Author: dead light menage scourge upon the earth how much loans do you pay down a month? what about last year? rent? id pay down until you get down to <100k, at the very least (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497889) |
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Date: January 24th, 2013 10:06 PM Author: bateful abode background story Not enough. Was paying down like $2800 (the monthly minimum) my first year. Trying to up it to at least $4000/mo this year. Rent is $1800/mo. I know I need to really get my financial shit in order if I want to have options. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497913) |
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Date: January 24th, 2013 10:07 PM Author: Vibrant Mewling Mother Indirect Expression This is the new normal. Kids graduating in a couple years are going to routinely have $270k+ debt (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497920) |
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Date: January 24th, 2013 10:09 PM Author: dead light menage scourge upon the earth but they will be making 160k! (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497953) |
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Date: January 24th, 2013 10:10 PM Author: Vibrant Mewling Mother Indirect Expression Wouldn't be so bad but like $200k of their loans are going to be at 8% interest. Just lol at are country. thanks obama (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497958) |
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Date: January 24th, 2013 10:11 PM Author: dead light menage scourge upon the earth they are fucked
theres no point in going to grad school for anyone given student loans interest rates and tuition costs, even med students |
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Date: January 24th, 2013 10:08 PM Author: dead light menage scourge upon the earth pay down 4-5/month. rent is reasonable. you need at least two years of aggressively paying down loans to even consider leaving at all for a lower paying job. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497939) |
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Date: January 24th, 2013 10:11 PM Author: bateful abode background story Thanks. Going to make a better effort this year to throw every spare cent at loans. I wasn't living lavishly last year but was pretty free spending on weekends. What level of debt do you think would be sufficiently low that I could think about a lower paying job and not get strangled by it? (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497970) |
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Date: January 24th, 2013 10:12 PM Author: dead light menage scourge upon the earth my personal goal is ~80k. plan is to pay down aggressively until i get down to that point, then extend the remaining 80k on a 25 year plan (or whatever the remaining years are) and pay almost nothing per month for 25 years. i can afford a couple hundred a month at that point. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497977) |
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Date: January 24th, 2013 10:16 PM Author: Rambunctious topaz station mental disorder *lets 8.5% loans metastasize* (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498013) |
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Date: January 24th, 2013 10:16 PM Author: dead light menage scourge upon the earth paying down 80k on extended plan is reasonable, unlike paying down 200k on extended. its a trade off: better QOL job and lower salary v. working your butt off for six figs. and minimum payments for 80k on extended is manageable even on a 50k income.
if you pay down all of your loans in biglaw, might as well quit and not work for 5 years and travel the world imo. |
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Date: January 25th, 2013 6:48 AM Author: Carmine Legal Warrant Cuckold That's still ~$600/month. Not exactly nothing. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22500034) |
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Date: January 24th, 2013 10:17 PM Author: bateful abode background story Sounds smart - I may try for the same. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498029) |
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Date: January 24th, 2013 10:05 PM Author: Snowy Alpha You suffer like the rest of us. Loan debt strangles us all and holds us hostage in big law. I'm completely uninspired working in big law, representing corps all day. It really grates at me because I feel like I'm contributing nothing to the world. If no loans I would be out of there in a heartbeat. I don't care about money (except obviously to pay bills and live) and most people that work in big law are vile with no perspective on life or priorities. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497908) |
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Date: November 23rd, 2014 11:59 AM Author: olive office dingle berry (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26777471) |
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Date: November 29th, 2014 3:26 PM Author: olive office dingle berry (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26823259) |
Date: January 24th, 2013 10:07 PM Author: Rambunctious topaz station mental disorder All jobs suck, shitmillenial. You aren't getting paid $160K to be inspired, challenged, intellectual stimulated, and self actualized. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497924) |
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Date: January 24th, 2013 10:08 PM Author: autistic razzmatazz hell candlestick maker (guy who's never worked) (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497935) |
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Date: January 24th, 2013 10:10 PM Author: Snowy Alpha No, all jobs don't suck dickwad. And I'm not making $160k. I work for a mid-West firm and scale as a fourth year is $145k. I've been working in law firms for over 12 years (first as paralegal, then as law clerk, and now attorney). (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497955) |
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Date: November 29th, 2014 5:30 PM Author: Multi-colored Violent National To be fair, it sounds like you are actually at a good firm that doesn't make your life miserable. That's about the best you can hope for. That you have malaise & ennui from having to work all day at a job that is just pushing papers around pretty much does apply to 99% of jobs bro. It sucks but unless you are a trust fund kid that aspect of a job is always going to apply. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26823918) |
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Date: January 24th, 2013 10:25 PM Author: Umber patrolman coldplay fan PP works from home in a robe. that job does not suck. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498094) |
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Date: January 24th, 2013 10:09 PM Author: high-end charcoal base faggotry Its like a jail sentence. You need to do your time. And its a complete waste of your brain while you are there. but once you've done your time, you've proved to the citibank's of the world that you are a good little drone and won't make trouble. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22497947) |
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Date: January 24th, 2013 10:42 PM Author: Orchid forum (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498243) |
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Date: January 25th, 2013 10:18 AM Author: Umber patrolman coldplay fan (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22500272) |
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Date: November 23rd, 2014 12:02 PM Author: high-end charcoal base faggotry 180. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26777479) |
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Date: November 29th, 2014 5:35 PM Author: cerise spectacular lodge tattoo (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26823942) |
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Date: January 24th, 2013 10:22 PM Author: Multi-colored Violent National Tell me about it bro. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498070) |
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Date: January 24th, 2013 10:43 PM Author: hyperactive dilemma gaping honest q. did you not figure this out as a 1l? or was it a surprise. seriously, not trying to be a dick. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498245) |
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Date: January 24th, 2013 10:47 PM Author: bateful abode background story At that point I was already about $70k in debt, enjoyed law school, and didn't have any immediately better options. I also had no experience working in a firm. I knew I probably wasn't going to love it, but also didn't quite realize it would likely be a 6-7 year slog to get rid of my debt. I think part of it was I basically just didn't calculate what the interest would do to me - i.e., half of all my payments up till now have been going toward it. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22498279) |
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Date: January 25th, 2013 6:52 AM Author: Provocative Coffee Pot Most people currently alive have worse lives than you, and the huge majority of people who have ever lived had much, much worse lives than you.
Kill yourself and face their judgment. |
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Date: January 25th, 2013 10:39 AM Author: bistre university jew Stop paying loans, quit, find govt job and live stress free 9-5, get loans forgiven. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#22500348) |
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Date: November 29th, 2014 5:32 PM Author: Multi-colored Violent National He would still be imprisoned to his job... Would be stuck in a boring drone-like govt job for at least 10 yrs (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26823926) |
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Date: December 4th, 2014 4:49 PM Author: House-broken Jap Sweet Tailpipe he should join the French foreign legion (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26857226) |
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Date: November 23rd, 2014 12:04 PM Author: chestnut irradiated temple Did you sign up for ibr? You should really do that ASAP. Then you won't feel crushed by debt because it will just be a portion of your income You can still pay it off if you'd like but it might be better to just save up 60k the next two years and then become a teacher or some shit. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26777485) |
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Date: November 29th, 2014 3:35 PM Author: jade ticket booth This poast is 20 months old.
He's already out of debt by now, assuming he's been models & bottlesing it in BIGLAW since then, putting 100% of his pretax income to loans. |
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Date: November 23rd, 2014 12:06 PM Author: hyperactive dilemma gaping 29, just graduated, no debt, no job. rate my life as compared to yours. (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26777492) |
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Date: November 29th, 2014 5:36 PM Author: cerise spectacular lodge tattoo Do you have a huge trust fund? (http://www.autoadmit.com/thread.php?thread_id=2167503&forum_id=2/#26823950) |
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Date: December 4th, 2014 6:06 PM Author: fear-inspiring locus Be proactive. Figure out what exit options you would like to have and then figure out what experience you will need to acquire to be a viable candidate for those jobs. Also, figure out what your bottom line is in terms of annual comp. If you are willing to earn less than you are earning in biglaw, there will be many more exit options available. If you require a salary at or near what you are earning in biglaw, the options will be limited.
Use your time in biglaw to gain as much experience as possible. If you can avoid it, don't just practice in one area. Find random projects/matters to work on that are outside of your current practice area. That way, when you go to interview of in house gigs (if that is what you are interested in doing), you will have more to talk about. |