Discussion in 'Business, Careers & Education' started by El Argentino, Nov 2, 2011.
The more I study it out, this is the conclusion I come to.
Have to agree with Moo. Having worked in "biglaw" it does matter. Our clients and the interactions we had with them led to exit oppertunities that you just don't have as an attorney in a smaller regional firm. Further, Moo's idea of biglaw is different than sns23's. I think moo's idea of what firms are "biglaw" is probably more in line with reality, there are certainly less than 50 truly prestigious big firms.
Can you elaborate on this? What makes one case a higher "quality" from another case, and why do you think that you are more likely to get higher quality cases at a big law firm?
clients ... fortune 500 go to the best firms. even amongst the top firms, certain ones are known for particular fields
for example - hostile takeovers, m&a, leveraged buyouts of large global comps typically go for skadden and wachtell
I am a lawyer in Canada.
We dont make the money you guys do south of the border.
Anyway, I occassionally get the eager beaver college kid asking me about the practice of law and law school.
I tell them if they just want to make a lot of money (nothing wrong with that aim), they would be better off getting an MBA from an ivy league school and head to Wall Street.
What no one appreciates until they are in it, is the sheer huge hours that have to be logged at the office and of course billed. No one, also, understands that while you may spend 14 hours at the office, you may bill much less to client files. The constant pressure to bill can get to some people.
Had to do it again, I would have done the MBA . . . and headed into M&A or investment banking (I know it is not a bed of roses either, but the money is better).
"death nail" ?
I think this is a pretty good assessment but don't forget that lawyers tend to be risk averse. Historically, biglaw provided much more security than did investment banking. The crash of 2008 altered that dynamic a bit but I still think the odds of losing your job in biglaw are lower than losing your job at, for example, Goldman.
As to the other points raised in the thread, if you don't go T14 and graduate in top 50%, your odds of biglaw today are very small. Lots of kids in the bottom half of Northwestern and Georgetown scrambling for jobs that pay enough to make a dent in the loans. If you go below T14 but still decent (for example, Vandy or Illinois), you better be top 5 (people, not percent). There are exceptions to every rule but I wouldn't gamble $200K in loans on it. For the guy saying top 100 is ok, I hope you have a parent with a booming PI practice who can take you in after graduation. Remember those loans are no longer dischargeable in BK.
I actually got paid to go to law school. Full ride plus regular paychecks for the two years of being a teaching assistant. Seven years of school, zero loans, zero debt.
yes we know... you told us before. And I asked "at what school?" if you don't mind my asking?
only three sensible choices:
don't go to law school
T14 (or UCLA/UTAustin if you plan on practicing in LA or Austin respectively) and then work your ass off to be in the top X percentile needed to get an actual job as an attorney (percentile varies by school) + you drop out IMMEDIATELY first semester (or any semester, for that matter) if you aren't in that percentile
full ride scholarship at a lower-ranked school + you plan on practicing in that city + you drop out IMMEDIATELY if you lose your scholarship money due to low grades. even better if you go to law school at night and keep working your FT job to avoid racking up loans for living expenses
very good summary
the death nail is on a financial chart when the company basically goes almost vertically straight down with corresponding volume spike straight up. no coming back from that.
i work full time while going to school. no loans, and I can still save every paycheck while forking over the cash for too many shell aldens.
Is it bad that when I meet people who say they're in law school, I immediately feel sorry for them and then think they're stupid (esp. when they aren't at a top law school)?
I mean, I don't know jack shit about law, but at least I know that the job market for law school is SHIT. How come these kids don't know?
I have friends who definitely weren't in the top X% in college, and are currently at mediocre law schools and probably aren't the top X% there either. I just can't help but think how reckless it was for them to decide that they should decide to go to law school with massive debt and even hope to make the big bucks without a huge stroke of luck.
How good is Northeastern law school?
From my research, the law market is bleak but not as terrible as most make it out to be. IE not only top 5% get good jobs from T50 schools.
Before the crash, about 1/3 of the students at Hastings were getting good jobs via OCI. It certainly has dropped but down to about 15. (Those numbers could be wrong, I got them from other Hastings students.)
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