I’m planning on taking the LSAT in October, and hoping for NYU where I might get $45,000 in financial aid. I work as a teacher in a private high schoool, get paid very little and really don’t like my job.
I know I probably won’t be cut out for big law longterm. My plan was to work as an associate for several years, then move to a corporate counsel position with more control over my schedule. Because of my age, I’ll be 33 when I start in big law, which doesn’t leave me much time if I want to get Associate work out of the way before starting a family.
How feasible a plan is this? With law school expenses totaling $81k a year, even with considerable financial aid, I would leave with $200k in debt. Would it be enough to commit to big law for just a few years? Or would I have to stay in for longer? How easy is it to pay off loans working in-house counsel somewhere?
Also, are there alternatives to starting in big law that would allow me to pay of loans and still be well off financially? The more I read about these firms, the more I’m afraid to work at them.
If I might make a suggestion, worry about all these things in reverse order. First worry about acing the LSAT, then look at your options and weigh your debt, then graduate and worry about getting biglaw at all, then worry about exit options.. Also, whats your undergrad GPA?
200k is an absolute crushing amount of loans, while biglaw, literally your ONLY chance of paying off that amount is a 50 % crapshoot at any school below HYS AT BEST.
LSAT pts are 170+, 3.54 GPA. But taking the LSAT doesn’t even make sense if the best case scenario won’t even work. If I can’t find out how I would pay back debt with exit options, there’s no point in dropping $243k for law school, or even the $180 to register for the LSAT.
I had similar concerns, being of similar age - I passed on the 200K+ bomb. On top of the practical considerations, like not being able to save for retirement until age 40 or beyond, I think it would add a ton of pressure to a life experience already prone to stress inducement. As an above poster said though, you have to worry about the LSAT first - it’s tough to get a great bargain. Nobody pays COL, so even a half-ride leaves you with 150K.
To say those are the odds of all schools except HYS AT BEST simply isn’t true. Penn places 66.7% biglaw, plus another 10.4 in clerkships that will end up in biglaw anyway. 77%>55.34
Chi biglaw+clerkships = 70%, NYU = 65%
Look, law school isn’t always a wise decision, but hyperbole isn’t helping anyone.
OP, you have a below median GPA. Even with a 175 NYU wouldn’t likely give you much money, even if you got in.
Because law school admissions are so number based it is impossible to advise you without a score.
You are correct. Biglaw is the only way to pay off this debt unless you opt for a 20 year repayment plan coupled with loan forgiveness and tax liability.
Since I’m asking about exit options, not about my chances at a particular school, what options are there for someone with $200k in debt who makes it into biglaw?
Also, what is the average amount of debt people leave with?
Both, but if I could find a high paying job without going to law school (e.g. finance), I’d take it. And honestly, of the successful lawyers I know who work at the top NY firms, most went in for the money.
You need to not be so caught up in the idea of going to NYU before you’ve even taken the LSAT. If you are a woman and wish to give birth to children in the near future, you’re better off limiting your debt and going to a school in a market that is halfway to family friendly (so cheaper than NYC and without preschool related insanity). Penn? Chicago? Duke? Texas if you’re a texan?
If I were in your shoes, I’d be trying to limit my debt to 100k or 150k, which is easier with a better scholarship and a lower cost of living during the 3 years of law school. If you graduate with 100k and get big law even in a non-160k market, you can work there for 2 years, get pregnant and go on maternity leave, then come back for a few months to a year while you look for something less time intensive. You don’t need to get them down to 0 before you leave, just a manageable level (maybe 50k-80k).
But with 200k+ in debt, it’ll be really difficult to leave after a few years, it’ll be difficult to stay past a few years, and you’ll still be drowning in debt even if you’re one of the 50% or 70% or whatever that gets a biglaw job. I don’t think it’s worth it, given your goals, to take on that much debt. Take the LSAT. Apply. Be ready to say no to any school that is going to leave you in an untenable situation at graduation, either from student loans or job prospects or both.
This is helpful, but I said above I was male. I mention family because I think it would be very hard to be a good father ir husband in biglaw. Apart from family, my concern is how much debt would hurt future earnings.
If you can really destroy the LSAT you might have a shot at Northwestern’s Early Decision, which comes with a full ride. Short of that you’re probably looking at 150K+ in debt if you want a worthwhile chance at BigLaw even if you score a 180.