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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Not OP.  But I'm interested in the same question.  I've gleaned some knowledge from the thread, but hoping you can answer a couple of specific questions.

Assuming a kid applies to law school, intends to be a lawyer of some sort, and is going to need to pay for it themselves.

1. I understand from this thread that law school is very expensive, there is really no financial aid, but there is potentially merit. 
So.
2. Students rack up a huge amount of student loans across three years.

My question is this.  What is the 'typical' process for being able to pay back the loans.

Specifically, I'd heard that internships between first and second year, and between second and third year can pay very well-- enough to cover a lot of the next year's tuition.  Is that right?

Is the starting salary for a typical law firm high enough to pay back the loan in 5 or so years?

I think there is some loan forgiveness if going into govt or non-profit work.  Does that bring down the total cost a ton?

TIA![/quote]

"Biglaw" is loosely defined as law firms with at least 500 attorneys when combining all office locations. Biglaw tends to pay market rate salaries. Biglaw market rate salaries are usually lockstep salaries for the first 8 years. First year biglaw attorneys in major US markets earn about $225,000 base salary and an end of year bonus of $20,000. Biglaw Summer associates (interns) are paid the same weekly salary as a first year associate.

Those fortunate enough to land a biglaw associate position after finishing law school can pay back their loans of $200,000 to $350,000 in 5 years as biglaw salaries rise in a lockstep manner during one's first 8 years at most biglaw firms.

2024 Biglaw lockstep pay for first 8 years:

Year 1) Base salary of $225,000 plus possible--not guaranteed--year end bonus of $20,000

Year 2) $235,000 plus $30,000

Year 3) $260,000 plus $57,500

Year 4) $310,000 plus $75,000

Year 5) $365,000 plus $90,000

Year 6) $390,000 plus $105,000

Year 7) $420,000 plus $115,000

Year 8) $435,000 plus $115,000.[/quote]

Just remember, that not all associates can make partner.  Many leave early (say after 2-3 years) because the work is boring and the hours are brutal.

Others are told over the years that they are not on partner track and they are basically given time to find their next gig and then still technically leave voluntarily.

Even after year 8, some are forced out.  At BigLaw there are revenue/relationship partners that know how to land business (there really isn’t much difference between hiring Kravath or Skadden for your IPO…so it boils down to relationships) and then execution partners.  The relationship partners make multiples of the execution partners.

There are areas where an introvert can do well.  A friend of mine’s mom was an ERISA partner…introverted woman but landed lots of business probably because her industry counterparts were similar.[/quote]

My DH started with 25 associates and he was the only one to make partner (took 8 yrs non equity and then 2 more for equity) at Big Law. All the others were either pushed out or laid off.

This thread scares me as to people accumulating debt that they don’t fully understand. I also went to law school, paid for with some merit aid, a few scholarships and private Citibank loans all in my name. It took me 8 years to pay them all off. I had about $125,000 in loans by 2000. I don’t even want to think about what that would be today

I stayed in jobs I didn’t want and passed on ones I did so I could make enough money at Biglaw to pay off the loans, pay for my wedding and eventually by a house. These loans can be crippling, depressing and feel impossible to pay unless you absolutely understand every single minute details (such as interest accrues the day your loan is funded, possibly before even your first day of class). If your DD absolutely doesn’t want to be a lawyer or thinks it would be “fun” to join a cause or make a difference (I guess that means work at a nonprofit, ngo or the fed), how will they even make enough money to LIVE much less pay off their loans to a graduate school program they took for $hits and giggles?! I’m being serious. Super serious. [/quote]

And once you're out of biglaw and into boutique or whatever, don't count on getting any salary increases. Or even bonuses.

My spouse is amazing at what they do. But we've been paying 1k a month for their loans for the past seventeen years and still owe like 30k, they haven't had a raise in eight years, becoming partner meant we had to pay for our own health insurance completely out of pocket, and it's just not that great.

They love their job and I prefer that to someone miserable at Weil or whatever, but honestly, if they'd just gone fed and made a little less money with better benefits, we'd be so much better off.

--married to former biglaw partner who is more of a worker bee than a rainmaker.

[/quote]

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