Celebrating 10 years! 2007-2017

Pretty dumb hypothetical. Help?

Let's say you were from NYC, one of the most expensive citie shadypines10/15/18
Perform first then come back. Have a long way to go bud. See esquirewalletsmatter10/15/18
A relative of mine got one of these. It was nice and in a g nycatt10/15/18
It's just me and my husband. :) No kids, and we don't want t shadypines10/16/18
Come back when you have an offer from biglaw. dingbat10/15/18
Are you at NYU, Columbia, or in the top third at Fordham? I madathofstra10/15/18
I am in one of those three, yes. shadypines10/15/18
Then obviously stay on the housing list, work hard in school madathofstra10/15/18
Stay on the list even if you make biglaw. You might be out dingbat10/15/18
I would not plan my life around this type of lottery. It see guyingorillasuit10/15/18
Do the math: 1) Market value of 1 bedroom apt. 750K-1.25 anothernjlawyer10/16/18
Truth be told, I actually do want to clerk. My heart is shadypines10/16/18
The money is big for a reason. I know of one attorney who w dingbat10/16/18
What did he do? shadypines10/16/18
he peed his pants seriously, though, he sat at his desk w dingbat10/16/18
Why worry about this at this point? You're in law school, so specv31310/16/18
shadypines (Oct 15, 2018 - 6:23 pm)

Let's say you were from NYC, one of the most expensive cities in the US if not the world. But you've somehow gotten your name on a list for Mitchell Lama housing, a program set forth for the middle class. This is basically a miracle because it's a lottery to even get ON the list in the first place.

Once your name is called, you can purchase a 1 bedroom apartment in Yorkville (Upper East Side) for around $17,000 (not a typo). You will never have to worry about housing again. You could literally quit your job the next day and decide you want to be a greeter at a store, work 10 hours a week, and still be house secure.

The downside is that you must make under $98k by the time your name is called. Your name can be called anywhere from 5-8 years from now.

But you're also in law school and are wondering if you should get a higher paying job (gun for Big Law) rather than a moderately paid, low stress city job so you don't even need middle class housing in the first place.

However, if you did that you'd be paying both crazy student loans and crazy market rate housing costs.

So the dilemma:

Do you take a lower paying, public interest job which could cut you off from higher paying job opportunities in the future just so you can never ever EVER have to worry about housing costs again in NYC, where you're from?

Or...

Do you gun for a higher paying job so you make more money, pay market rate, and hopefully have better career exit options?

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esquirewalletsmatter (Oct 15, 2018 - 8:30 pm)

Perform first then come back. Have a long way to go bud. See below.

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nycatt (Oct 15, 2018 - 10:09 pm)

A relative of mine got one of these. It was nice and in a great location (near times square) but if you got into big law and stayed there for 8 years, paid off your debt, and saved a down payment, you wouldn't want to live there with a family. It is small. If you had no children, it isn't so bad. My relative had no kids and loves her apartment and is going to die there, but you can wait a long time for her to die. Don't alter your life around this lottery. Note that in 8 years, only about 20% of your friends will remain in big law because most firm turn a job that doesn't have to be so bad into a horror show. Work there for as long as you can bear it, take the money, and do something way lower stress. Also, many will be fired for the audacity of not bringing in millions in business. You may be out before the lottery ends:)

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shadypines (Oct 16, 2018 - 8:44 am)

It's just me and my husband. :) No kids, and we don't want them either. I would be fine living in a one bedroom. A lot to think about.

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dingbat (Oct 15, 2018 - 8:14 pm)

Come back when you have an offer from biglaw.

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madathofstra (Oct 15, 2018 - 8:21 pm)

Are you at NYU, Columbia, or in the top third at Fordham? If not, you would be lucky to get as much as a public city job. So don’t stress it.

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shadypines (Oct 15, 2018 - 9:18 pm)

I am in one of those three, yes.

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madathofstra (Oct 15, 2018 - 9:22 pm)

Then obviously stay on the housing list, work hard in school, and take yourself off the list if you make Biglaw.

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dingbat (Oct 15, 2018 - 10:29 pm)

Stay on the list even if you make biglaw. You might be out before you get the apartment

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guyingorillasuit (Oct 15, 2018 - 8:32 pm)

I would not plan my life around this type of lottery. It seems highly speculative.

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anothernjlawyer (Oct 16, 2018 - 10:48 am)

Do the math:

1) Market value of 1 bedroom apt. 750K-1.25m?
2) Salary you'll earn in 6 years of biglaw: around 1m
3) additional career earnings you'd have as result of having biglaw start: potentially millions

Don't tank your life prospects in the hopes of getting a cheaper apartment. The only possible way I would see of splitting the baby is if you can get a really high end clerkship (Circuit court) etc.. for a couple of years, and then hope that your lotto number comes up while your still clerking.

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shadypines (Oct 16, 2018 - 11:00 am)

Truth be told, I actually do want to clerk.

My heart is not really "in" to BigLaw. If I could, I would be a career clerk or just work a stress free city agency job. But the lure of BigLaw money draws me (and I suspect many others). I have a lot to think about.

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dingbat (Oct 16, 2018 - 1:12 pm)

The money is big for a reason. I know of one attorney who was told by a client that he wasn’t even allowed to go to the bathroom because the client was going to send documents “soon” and needed an immediate turnaround

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shadypines (Oct 16, 2018 - 5:34 pm)

What did he do?

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dingbat (Oct 16, 2018 - 6:04 pm)

he peed his pants

seriously, though, he sat at his desk waiting for the email to pop up. When the email arrived, he reviewed the documents and sent his approval as soon as possible.

First/second year associates aren't worth sh-t. they're not being paid because they're smart, they're being paid to be available. That client did a series of near-identical transactions that typically took no more than two or three hours of an associate's time, and they paid something like seven or eight grand per transaction so that every matter would be turned around near-instantaneously.

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specv313 (Oct 16, 2018 - 6:36 pm)

Why worry about this at this point? You're in law school, so you've got 1 to 3 years of earning less than $98K under your belt. Reevaluate your options after graduation/the bar.

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